China

China Vanke Posts RMB 22.1 Bln in October Sales

This article was originally published on November 3, 2014, at 11:12 pm.

Summary:

  • Leading real estate developer China Vanke (2202.HK) said that its sales totaled RMB 22.1 billion for October, with 1.9 million square meters sold. The company reported RMB 17.35 billion in sales and 1.7 million square meters sold in October 2013.
  • Sales for the first 10 months of this year totaled RMB 81.52 billion, increasing 16.2% compared with the same period of 2013.
  • The company said it started four new projects in October in Shenzhen, Guangzhou, Hefei, and Chongqing. Vanke will pay nearly RMB 5.8 billion in total for the land for these projects.

Why It Matters:

  • Earlier, China Vanke reported August sales of RMB 15.24 billion and September sales of RMB 19.6 billion.
  • Based on the trend, analysts expect Vanke’s 2014 sales to reach RMB 200 billion. Vanke’s annual sales for 2013 were RMB 135.4 billion.
  • Recently, the Chinese government issued several policies to boost the real estate industry, including easing regulations over the financing activities of real estate developers¬†and lifting limitations on home purchases.