China Vanke profit up 5.6 pct, warns of industry volatility

HONG KONG Sun Aug 17, 2014 7:35am EDT

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HONG KONG Aug 17 (Reuters) - Property developer China Vanke Co's first-half net profit rose 5.6 percent, boosted by record sales and aggressive marketing amid an industry downturn, the company said on Sunday.

China's largest residential developer announced that net profit for the January to June period was 4.81 billion yuan ($783 million), against 4.56 billion yuan a year earlier.

"Market volatility may increase in the short run," Vanke said in a statement, adding that it aims to enhance inventory clearing and company cashflow.

Shares in Vanke closed up 0.4 percent in Hong Kong on Friday, against a 0.6 percent gain for the broader market . (1 US dollar = 6.1470 Chinese yuan) (Reporting by Clare Jim; Editing by Miral Fahmy and David Goodman)

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