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Vanke, China's largest housing developer, says preliminary estimates show its August sales surged 149 percent from the same period a year ago. Price cuts fueled the boom.
The value of properties sold in August rose to almost 12 billion yuan, its best monthly performance this year. Vanke was one of the first developers to cut prices after Beijing tightened policies for home buyers to stabilize prices. The company will continue to price its new properties at reasonable levels over the next three months.