Developer China Vanke sees H1 profits up 5.6%

China Vanke (000002.SHE), the biggest developer in the country by sales, saw first-half net profit rise 5.6% year-on-year, Bloomberg reported, citing a stock exchange filing on Friday. Net income increased to RMB4.81 billion (US$782 million), or RMB0.44 a share, from RMB4.56 billion, or RMB0.41, a year earlier. Sales fell 1% to RMB40.96 billion yuan. “The developer’s focus on smaller homes for owner occupiers is resilient in the slowing property market,” Jeffrey Gao, a Hong Kong-based analyst at Nomura Holdings, said before the earnings announcement. “Big companies such as Vanke are better positioned than peers amid the downturn.”