Property developers report strong November sales

Several large Chinese property developers reported strong sales for November, signaling a nascent revival in the property sector, The Wall Street Journal reported. China Vanke (200002.SH, 000002.SH), the nation’s biggest developer by turnover, said Wednesday that November sales hit US$2.75 billion (RMB17.13 billion), a 25% increase from October and double the figure in the same period last year. Evergrande Real Estate Group (3333.HKG, EV1.FRA), also a large developer, said its November sales rose to US$1.89 billion from US$199 million last year, but fell 17.3% compared to October. Central China Real Estate (0832.HKG), a mid-size firm, reported sales of US$115.66 million, a 76% year-on-year increase, but a decline of 10.4% compared to last month. Newly appointed Communist Party chief Xi Jinping said Tuesday that the government will continue to monitor property prices and maintain strict control over the sector.