China Vanke's Interim Net Profit up 44%

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Last updated at: (Beijing Time) Tuesday, July 29, 2003

China Vanke's Interim Net Profit up 44%

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Shenzhen-listed property developer China Vanke announced that the group's revenue and net profit amounted to 268.07 million US dollars and 26.7 million US dollars, up 46 percent and 44 percent respectively.

Its chairman said Monday despite the impact of SARS and the People's Bank of China's notice issued to further tighten propertylending, the group still managed to maintain strong results duringthe first half of the year.

The domestic property market had maintained rapid growth, while property investment and sales of commodity housing rose by 34 percent and 45 percent respectively when compared with those of the same period last year, he said.

He praised the Central government's notice issued on the transfer of land use right, project development and financial policies for helping prevent the emergence of bubbles in the domestic property market.

During the second half of the year, he said the group will continue to launch 10 new projects.

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