China Vanke leading in national housing sales

16:49, August 10, 2010      

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China Vanke, bellwether of the country’s real estate developers, reported housing sales of more than 30 billion yuan in the first half of 2010, an outstanding feat amid the government’s strident bid to rein in property bubbles.

China’s three major real estate developers -- China Vanke, China Poly Group and Gemdale Group, all released their 2010 interim reports on August 9.

As the only listed real estate company posting more than 30 billion yuan in sales revenue in the first half of 2010, Vanke has maintained the top position after reporting its first-half sales revenue of 36.8 billion yuan. Poly ranked second with a sales revenue of 21.8 billion yuan.

According to the 2010 interim report issued by Vanke, its net profit was up by more than 11 percent to 2.8 billion yuan in the first half year, with its basic earnings per share (EPS) was up almost 9 percent to 0.26 yuan.

Moreover, as most of the real estate sales in the first half of 2009 came from the housing projects pre-sold during the market correction period in 2008, the profit margin stood at a low level in the first half of 2009. Thanks to the rally in profit margin, Vanke’s net profit was up over 11 percent to 2.8 billion yuan in the first half of 2010.

According to the 2010 interim report issued by Poly, its first-half operating revenue was up about 36 percent to 11.2 billion yuan and its operating profit was up about 22 percent to 2.4 billion yuan thanks to the rise in sales revenue during the period and in sales revenue from the pre-sold housing projects. Its net profit attributable to equity shareholders jumped about 17 percent to 16.3 billion yuan and the basic EPS was up about 6 percent to 0.36 yuan.

Furthermore, in the first half of 2010, pre-sold housing projects contributed 1.4 million square meters in sales volume and 10.8 billion yuan in sales revenue, an increase of 38 percent and about 36 percent respectively.

During the first half of 2010, the company sold 2.7 million square meters of housing for 22.7 billion yuan, an increase of about 6 percent and over 3 percent respectively. The contracted sales of its four projects in Hangzhou, Shanghai, Foshan and Chengdu each exceeded 1 billion yuan. Poly’s average market share in the cities in which it has a presence stood at about 4 percent, an increase of 0.44 percentage points from a year earlier.

Gemdale also issued its 2010 interim report on the evening of August 9. Its housing sales volume was off by about 45 percent in the first seven months of this year.

However, its housing sales volume from its pre-sold housing projects was up over 87 percent to 743,200 square meters in the first half of 2010 because of the strong sales volume in the second half of 2009. Its operating revenue was up by about 150 percent to 8.7 billion yuan and its net profit was up 327 percent to 1.2 billion yuan.

By People’s Daily Online

(Editor:张洪宇)

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