China Vanke says Jan sales up 56 pct on new projects

SHANGHAI Mon Feb 4, 2013 8:55pm EST

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SHANGHAI Feb 5 (Reuters) - China Vanke Co Ltd, China's largest real estate developer by turnover, boosted sales 56 percent in January from a year earlier on the back of eight new projects amid signs of recovery in China's property market.

Vanke logged January sales of 1.6 million new square metres for 19.1 billion yuan ($3.1 billion). The pace of growth was, however, slower than a steep 142 percent climb in December.

Property developers may be helped in the short term by a government decision to postpone extending a property tax last month.

Vanke said property sales for 2012 reached a record 141.2 billion yuan, up 16 percent from the previous year.

($1 = 6.2328 Chinese yuan) (Reporting by Adam Jourdan; Editing by Edwina Gibbs)

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