China Vanke's profits surge in Q1

SHENZHEN -- China's real estate giant Vanke saw its net profits jump 15.6 percent year-on-year to reach 1.61 billion yuan ($260.5 million) in the first quarter, according to the company's performance report released on Monday.

Vanke earned 14 billion yuan in operating revenues during the first three months, up 35.3 percent from the same period last year, thanks to strong demands in January and February.

However, at the end of February, the Chinese government issued strict policies to curb surging house prices, requiring second-home buyers to pay a higher down payment and interest rates.

"Vanke will continue focusing on demands of owner-occupiers and make sure our products are right for the market," said Tan Huajie, secretary of Vanke's board of directors.

The company is also expanding its overseas presence. In February, Vanke and Tishman Speyer launched a residential project in downtown San Francisco.