China Vanke says Nov property sales up 146%

China Vanke Co Ltd said on Dec 2 preliminary data showed its property sales for November jumped 146 percent from a year earlier to 12.9 billion yuan ($1.9 billion).

The country's top developer recorded sales of 99.8 billion yuan in January through November, it said in a brief statement to the Shenzhen Stock Exchange.

The growth in November sales marked an acceleration from 137 percent in October. Vanke said it had added seven new projects since reporting its October sales.

Vanke's robust sales growth was partly due to a low base of comparison in 2009, but still underscores that the sector is continuing to expand despite government measures to keep the industry from overheating.

Residential property prices in China's 100 key cities rose 0.82 percent in November from a month earlier, according to China Real Estate Index System (CREIS).

Vanke's yuan-denominated A shares on the Shenzhen Stock Exchange closed up 0.6 percent on Thursday ahead of the announcement of its November sales.

Source: China Daily/Agencies