China Vanke sales drop in May on property tightening moves

07:58, June 07, 2010      

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China Vanke Co., the country's largest property developer by market value, announced on Sunday that its sales revenue in May decreased 20.2 percent from a year earlier amid the government's tightening moves.

In a statement filed to the Shenzhen Stock Exchange, the developer said its combined sales nationwide topped 5.11 billion yuan (748 million U.S. dollars) in May on the back of the 470,000 square meters of floor space sold, a 32.6-percent decline from the same period last year.

A-shares of the firm gained 1.25 percent to 7.28 yuan per share on Friday.

Chinese central and local governments have introduced a string of measures to cool the housing market in recent months, as the country's property prices have rapidly climbed since April 2009.

Source: Xinhua

(Editor:黄硕)

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