China Vanke reports surging profit, sales in 2017

BEIJING - China's top property developer reported stellar profit and sales last year despite a cooling market, according to a company statement.

In a filing to the Shenzhen Stock Exchange Monday, China Vanke said its net profit jumped 33.44 percent to reach 28.1 billion yuan ($4.45 billion) in 2017, beating market expectations. Its earnings per share stood at 2.54 yuan.

The company posted a 45.3-percent increase in home sales. With the sales value at nearly 530 billion yuan, Vanke grabbed a market share of 3.96 percent in China's home markets, up from 3.1 percent in 2016, becoming the biggest developer in 22 cities.

Vanke's annual report was in contrast to China's lackluster property market, which has retreated from its red hot expansion as home prices have faltered or saw slower increases in major cities amid government policies to curb speculation.

Real estate sales in China rose 13.7 percent year-on-year in 2017, down from 34.8 percent a year earlier.