Bloomberg News

China Vanke Says 2006 Profit Jumped After Housing Sales Climb

March 19, 2007

China Vanke Co. (000002), the country's largest listed property developer, posted a 68 percent gain in 2006 profit after home sales surged in the world's fourth-biggest economy.

Net income rose to 2.3 billion yuan ($297 million), or 0.58 yuan a share, from 1.36 billion yuan, or 0.39 yuan a share a year earlier, the Shenzhen, Guangdong province-based developer said in a faxed statement today, citing international accounting standards. That compares with the median estimate of 1.97 billion yuan in a Bloomberg survey of seven analysts.

Sales were 16.9 billion yuan, up from 9.92 billion yuan.

China's economic growth has averaged 10 percent a year for the past five years, fueling property demand and pushing up prices.

The company said it will pay a final dividend of 0.15 yuan a share, unchanged from last year.

To contact the reporter on this story: Jianguo Jiang in Shanghai at jjiang@bloomberg.net; Richard Frost in Hong Kong at rfrost4@bloomberg.net

To contact the editor responsible for this story: Tom Kohn at tkohn@bloomberg.net


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