China Vanke profits up 30%

Profits at Shenzhen-based property developer China Vanke are up almost 30% year-on-year, Reuters reported. China Vanke earned a net profit of US$433 million in the first three quarters of 2009, selling 5.1 million square meters of housing nationwide between January and September. In the third quarter the company posted a net profit of US$62 million, double its profits from last year. Following stagnation in China’s property market in 2008, the market has grown rapidly this year. A significant pick-up in sales volume and rising prices have even prompted fears of a property bubble in the country.