[photopress:Real_estate_Liang_Yu2.jpg,full,alignright]China Vanke, the country’s largest publicly traded real estate developer, increased property sales 72% in August. That takes sales to the highest level this year. One explanation is that these sales came as rising wages fuel gains in house prices.
The company signed agreements for apartments bringing in RMB6.28 billion ($833 million)last month, up from RMB3.66 billion in July. And it was higher than the previous 2007 record which was in June at RMB5.66 billion.
Vanke last month said its first-half profit rose 31%. State-controlled Vanke plans to quadruple its share of the market to 5% in the next 10 to 15 years, according to company President Yu Liang, pictured here.
Sales reached RMB29.8 billion in the first eight months of this year for apartments with a total floor area of 3.67 million square meters.
Vanke last month said it plans to raise RMB5.9 billion selling bonds.
Source: Shanghai Daily