China Vanke Oct sales up 32.5%

China Vanke Co Ltd, the nation's largest property developer by market value, posted a strong rebound in October sales.

It sold total floor space of 1.27 million square meters, a 26.8 percent year-on-year growth. Sales value was 13.7 billion yuan ($2.19 billion), up 32.5 percent from a year earlier, according to the company's latest sales briefing.

In September, the company's sales value showed a 3.76 percent drop.

China Vanke said in its quarterly report it plans to release new-house projects extensively in the second half of the year, especially in the fourth quarter.

Various institutes have estimated that Vanke's sales in the final quarter will beat those of the third quarter, pushing annual sales value to 135 billion yuan, up 11 percent over last year.

The company is also increasing land purchases as its liquidity is good and prices are low.

Following a series of land purchases in September, involving transactions worth 4.39 billion yuan and nine projects, the firm continued to buy 7 projects worth 5.9 billion yuan.