Vanke profit soars 22.5% in first half

SHANGHAI: Realty bellwether Vanke has posted a 22.5 percent year-on-year increase in the first half profit to 2.5 billion yuan. The Shenzhen-listed company, however, had to set a higher target to secure its leading position even as its archrivals sold more apartments in recent months.

During the first six months of the year, Vanke sales were around 3.49 million sq m, worth 30.76 billion yuan, up 31.2 percent and 27.5 percent respectively from a year earlier.

Although the company still leads its peers in terms of sales, its major competitors, including Poly, China Merchants Property and Gemdale, are quickly narrowing the gap, said Zuo Hongying, industry analyst, Anjian Securities.