China Vanke sales down 25% in October

BEIJING — China's top property developer saw sales fall 25 percent year-on-year in October, according to a company statement.

In a filing to the Shenzhen Stock Exchange Friday, China Vanke said its sales stood at 36.8 billion yuan last month, down from 49 billion last year.

In January-October, sales rose 39 percent year-on-year to reach 432.9 billion yuan.

In this period, the company posted 34.2 percent growth in net profits in the first three quarters, with sales jumping 50.7 percent year-on-year.

China's property market has cooled as home prices have faltered or posted slower growth in major cities amid government policies to curb speculation.