BEIJING, Oct 25 (Reuters) - Property developer China Vanke 000002.SZ earned net profit of 2.96 billion yuan ($433 million) in the first three quarters, up 29.9 percent from a year ago, Xinhua reported on Sunday.
The company’s business revenue in the first three quarters rose 31 percent from the previous year to 29.54 billion yuan, the company said in a report to the Shenzhen Stock Exchange.
In the third quarter alone, the Shenzhen-based company posted a net profit of 430 million yuan, more than double the level of a year ago, the Xinhua report said.
Vanke sold 5.1 million square meters of housing nationwide during the January-September period, up 26.8 percent over the same period last year. The company said earlier this month that its property sales in the period had risen 29.6 percent from the year-ago level to 46.2 billion yuan. [nSHA304465]
Last year, Vanke housing sales fell 9.2 percent to 5.57 million square metres as the property market stagnated, leading to a 16.7 percent decline in net profit that year.
But the property market has picked up this year, in part because of China’s massive 4 trillion yuan ($586 billion) stimulus program and a complementary surge in lending by the nation’s banks.
Since February, China’s property market has shown a pickup in sales volume and rising prices, leading some economists to voice concerns about risks of a price bubble. The property market is a major component in China’s economy, accounting for a quarter of all investment.
Vanke’s sales in September jumped 27 percent from a year earlier to 5.5 billion yuan ($800 million), on volume of 537,000 squares meters, up 0.8 percent from the year-ago period.
(Reporting by Ken Wills; Editing by Mike Nesbit)
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