August 20, 2018 / 11:56 AM / a month ago

China Vanke posts record first-half profit on strong sales

HONG KONG, Aug 20 (Reuters) - China Vanke Co , the country’s No.3 property developer by sales, reported record first-half profit on Monday, buoyed by strong contract sales.

The company said core profit, which excludes revaluation gains and non-recurring items, rose 27.7 percent to 9.1 billion yuan ($1.32 billion). Net profit grew 24.9 percent from a year earlier to 9.1 billion yuan, while revenue 51.8 percent to 106.0 billion yuan.

Boosted by record sales in the first half, a few other major players have also reported upbeat profits. Bigger rival Country Garden and China Evergrande Group, said they expected net profit growth of more than 50 percent and 125 percent, respectively, in for the first six months. ($1 = 6.8740 Chinese yuan renminbi) (Reporting by Clare Jim; Editing by Stephen Coates and Louise Heavens)

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