Real estate developer China Vanke (200002.SZ) announced Monday that third-quarter net profit rose 6.1% year-on-year despite government measures to cool the property markets, the Wall Street Journal reported. The country’s largest property developer by market share said net profit in the quarter ended September 30 was US$69 million, up from US$65 million in the same quarter last year, boosted by strong realized income and sales earlier in the year. Revenue reflecting contracted but unrealized sales fell more than 27% in the third quarter after Beijing increased down payment requirements and mortgage rates to discourage property speculation. The company said sales may "slow significantly" in the fourth quarter as tightening measures come into effect, but since the peak season for its project launches has passed, it is confident it can weather a decline in transactions.
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