Economy

China Vanke's sales soar despite tightening efforts

(Xinhua)
Updated: 2010-10-11 09:53

BEIJING - China Vanke Co., the country's largest property developer by market value, said Sunday that its sales revenue in June rocketed 160.1 percent from one year ago despite the government's tightening moves.

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In a statement filed to the Shenzhen Stock Exchange, the developer said its combined sales nationwide topped 14.21 billion yuan ($2.13 billion) in September.

The sales in September brought the developer's sales in the first three quarters this year to 71.42 billion yuan ($10.69 billion), an increase of 54.7 percent from the same period last year.

Vanke's sales value in the first nine months exceeded the company's full-year figures in 2009.

Chinese central and local governments introduced a string of measures to cool the runaway housing market this year, as the country's property prices have skyrocketed since mid 2009.

On September 29, the Chinese government announced a series of new rules including the suspension of bank loans for third home purchases in the near future in an attempt to check soaring property prices.

According to the National Bureau of Statistics, property prices in 70 major cities rose 9.3 percent in August year on year.

On a year-on-year basis, China's home prices rose 7.8 percent in December 2009, 9.8 percent in January 2010, 10.7 percent in February, 11.7 percent in March, 12.8 in April, 12.4 percent in May, 11.4 percent in June and 10.3 percent in July.