China Vanke sales rise 28% in June
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China Vanke Co., the country's largest property developer by market value, said Monday that its sales revenue in June rose 27.9 percent from a year earlier despite the government's tightening moves.
In a statement filed to the Shenzhen Stock Exchange, the developer said its combined sales nationwide topped 8.77 billion yuan (1.3 billion U.S. dollars) in June on the back of 857,000 square meters of floor space sold, a 27.8-percent increase from the same period last year.
Chinese central and local governments introduced a string of measures to cool the runaway housing market in April, as the country's property prices have skyrocketed since mid 2009.
Home prices in 70 large and medium-sized Chinese cities rose by 12.4 percent year on year in May. The growth rate was 0.4 percentage points lower than that of April.
A-shares of Vanke gained 0.72 percent to 6.98 yuan per share at Monday close.
