December 4, 2012 / 10:01 AM / 5 years ago

China's largest property developer Vanke says sales double in Nov

2 Min Read

SHANGHAI, Dec 4 (Reuters) - China Vanke Co Ltd, the country's largest real estate developer by turnover, more than doubled sales in November from a year earlier to 17.13 billion yuan ($2.75 billion).

For the first 11 months, sales rose 9.9 percent to 127.2 billion yuan, it said in a statement to the Shenzhen stock exchange on Tuesday.

Vanke's strong showing comes on the back of 12 new projects. It said earlier this year that it planned to roll out more new housing projects in the second half of the year especially in the fourth quarter.

Though the government has imposed curbs on property speculation, large and better known developers like Vanke have benefitted from worries about the financial soundness of their smaller rivals.

Property developers are also being helped by rising house prices, which maintained their climb to a sixth straight month in November, the China Real Estate Index System (CREIS) said on Monday. ($1 = 6.2279 Chinese yuan) (Reporting by Shanghai newsroom; Editing by Kazunori Takada and Jonathan Thatcher)

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