China's property developer Vanke net profit surges 29.8% in H1

SHENZHEN - China Vanke Co Ltd, a leading property developer, recorded net profit growth of 29.8 percent in the first half-year, despite a slowdown in the real estate market.

The company's net profits attributable to its shareholders totaled 11.84 billion yuan ($1.68 billion), and its revenue rose 31.5 percent year-on-year to 139.32 billion yuan, according to a statement issued by the company Tuesday evening.

In the first six months, the company's property development business achieved a sales area of 21.5 million square meters, with sales amount of 334 billion yuan, and ranked top 3 in 41 cities in terms of sales amount from property development business.

It acquired 54 new development projects in the first half-year, with a planned gross floor area of 13.73 million square meters.

While consolidating its niches in residential development, Vanke has also developed businesses such as commercial development and operation, logistics and warehousing services and ski resorts.