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China Vanke sales rise 28% in June

2010-07-06 09:46

China Vanke Co, the country's largest property developer by market value, said Monday that its sales revenue in June rose 27.9 percent from a year earlier despite the government's tightening moves.

In a statement filed to the Shenzhen Stock Exchange, the developer said its combined sales nationwide topped 8.77 billion yuan ($1.3 billion) in June on the back of 857,000 square meters of floor space sold, a 27.8-percent increase from the same period last year.

Chinese central and local governments introduced a string of measures to cool the runaway housing market in April, as the country's property prices have skyrocketed since mid 2009.

Home prices in 70 large and medium-sized Chinese cities rose by 12.4 percent year-on-year in May. The growth rate was 0.4 percentage points lower than that of April.

A-shares of Vanke gained 0.72 percent to 6.98 yuan per share at Monday close.

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