Vanke saw sales drop in November

The nation's largest real estate developer China Vanke Co Ltd sold 1.27 million square meters in November, 11.42 percent less year-on-year, and its revenue dropped 18.04 percent to 14 billion yuan ($2.3 billion).

Month-on-month, Vanke reported its sales volume declined 24.15 percent, with a revenue drop of 19.08 percent, according to a statement the Shenzhen-based developer filed with the Shenzhen Stock Exchange on Wednesday.

Vanke sold 13.9 million sq m of gross floor area in the first 11 months, up 18.21 percent year-on-year, and its revenue increased 25.74 percent to 159.88 billion yuan during the same period. It is widely expected that Vanke's annual sales will reach 180 billion yuan, Securities Daily reported on Thursday.

Vanke has spent 77 billion yuan in acquiring about 100 projects nationwide this year.