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China Vanke sales surge in March

04-06-2012 17:03 BJT

SHENZHEN, April 6 (Xinhua) -- China Vanke, the country's biggest property developer by market value, said Friday its sales soared in March as the property market began to warm up.

In a statement filed to the Shenzhen Stock Exchange, China Vanke said it sold 1.1 million square meters of floor area last month, up 52.6% month-on-month and 31.6% year-on-year.

Meanwhile, its sales revenue soared 56.9% month-on-month and 23.5 from the previous year to 11.5 billion yuan (1.8 billion U.S. dollars).

Tan Huajie, China Vanke's board secretary, attributed the sales surge to a low comparison base and easier access to mortgages.

Chinese banks usually have a higher mortgage quota at the beginning of the year. Also they are offering mortgage-rate discounts to woo potential borrowers this year.

The country's developers have recently reported gloomy sales due to tough government curbs, including purchase restrictions, higher lending rates and a ban on mortgage loans for third homes.

In the first quarter of the year, China Vanke sold 3 million square meters in floor area, down 0.95% year-on-year. Its sales revenue fell 12.5% year-on-year to 31.1 billion yuan after the prices on average declined 11.7% to 10,326 yuan per square meter.

China Vanke will roll out more smaller homes and sales promotions to achieve good sales in a tough year, Tan said. The government has repeatedly pledged to continue its controls on the housing market this year to bring down property prices to a reasonable level.

Shares of China Vanke closed 0.24% higher at 8.38 yuan on Friday.

Editor:Wang Lingfei |Source: Xinhua

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