China

China Vanke Posts a 3% YOY Increase in April Sales

This article was originally published on May 5, 2014 at 9:08 am EST

Summary:

  • China’s leading real estate developer China Vanke (CH: 000002) reports April sales increased 3% at RMB 12.75 billion.
  • The company says it started 5 new projects in cities including Shenzhen, Shanghai, and Dalian during the month.

Why It Matters:

  • China Vanke slowed the development of new projects. Last April, the companies started 11 new projects in cities including Quanzhou, Zhengzhou, and Jinan. Compared to the 2014’s April’s sales report, the company not only decreased the new projects number but also focus on larger cities.
  • China Vanke just posted its first quarter reports last week and reported that its its net profits for the first quarter of 2014 were down 5% from same period in 2013 at RMB 1.53 billion. The company attributed its unfavorable first quarter outcome to seasonal factors.