China Vanke (000002.SHE), the country’s largest property developer by revenue, said on Thursday that net profit rose 21% in 2013 as stronger-than-expected housing demand buoyed earnings, The Wall Street Journal reported. Net profit for the 12 months ended December 31 rose to US$2.42 billion (RMB15.12 billion) from US$2 billion a year earlier, said Vanke, which is a bellwether for the residential market. Revenue rose 32% year-on-year, the company said. In terms of floor space, Vanke’s sales totaled 14.9 million square meters, up 15% from a year earlier.
China Economic Review