China Vanke (200002.SZ, 000002.SZ), China’s largest property developer by sales, said net profits more than doubled in the third quarter as strong demand for homes from owner-occupiers continued, The Wall Street Journal reported. Net profit in the quarter was US$215.8 million, up from US$96.9 a year earlier. Credit Suisse (CS.NYSE) analyst Jinsong Du said the profit rise was larger than expected. Revenues rose 65% to US$2.46 billion in the quarter from US$1.49 billion the previous year, Vanke added in a stock exchange filing Tuesday. “The company will, while adopting a prudent approach, focus on products meeting end-user demand and continue to identify the opportunities for acquiring suitable projects for development,” the Shenzen-based developer said. China has embarked on policies for the last two years to prevent property prices from rising too fast, although recently the housing market has showed signs of warming.
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