October 25, 2018 / 11:23 AM / 10 months ago

Developer China Vanke says Q3 core profit up 39.7 pct

HONG KONG, Oct 25 (Reuters) - China Vanke , the nation’s No. 3 property developer by sales, said on Thursday third-quarter core profit rose 39.7 percent due to strong revenue growth and improved margins.

Core profit, which excludes revaluation gains and non-recurring items, rose to 4.85 billion yuan ($698.32 million) in the July-September quarter. Net profit rose 28.3 percent to 4.86 billion yuan, Vanke said in a statement.

Revenue was up 48.1 percent.

Investment growth in Chinese real estate slowed in September and home sales fell for the first time since April, as developers scaled back expansion plans due to an uncertain economy and more curbs on speculative investment.

Despite the slowing property market, major developers have been able to generate strong profits thanks to their economies of scale and wider financing channels.

$1 = 6.9452 Chinese yuan renminbi Reporting by Clare Jim; Editing by David Evans

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