China Vanke, the country’s leading property developer, reported strong net profits in the first half of the year, according to a company statement filed to the Shenzhen Stock Exchange yesterday.

Vanke’s net profits in the first half of 2016 rose 10.4 percent to reach 5.35 billion yuan (US$808 million), notably lower than the 28.1 percent growth in the first quarter of the year.

The company’s operating revenue soared 48.8 percent to 74.8 billion yuan, lower than the 64.3 percent rise reported in the first quarter of the year.

“The growth in profit was slower than that in operating revenue, as certain projects booked during the period were sold during the property market adjustment in 2014,” Vanke said in the statement.

Vanke’s sales of residential property, in terms of floor space, soared 55.8 percent to 14.1 million square meters in the first half of 2016. In revenue terms, Vanke’s sales of residential property jumped nearly 70 percent to 190.1 billion yuan.

The Shenzhen-based developer said China’s property market registered satisfactory sales in the first half of 2016.

Since the second half of 2014, sales of residential property in medium- and large-sized cities have rebounded, showing increases for 20 months in a row.

Sales of residential property in China, in terms of floor space, rose 28.6 percent year on year in the first half of 2016.

(Source:Xinhua)