[photopress:property_wang_shi_China_Vanke.jpg,full,alignright]China Vanke, the country’s top property developer by market value, said it sold 482,000 square meters of property in April worth RMB4.32 billion ($618.16 million), up 39.3% and 73.5% year-on-year respectively.
In the first quarter, the company said in a filing with the Shenzhen Stock Exchange that it sold 1.15 million square meters of property worth RMB10.1 billion, up 82.9% and 119.1% respectively. In March, it sold 719,000 square meters worth RMB6.68 billion, up 147.1% and 227.5%.
So where is the massive property slump of which we are continuously warned?
Two theories, both viable. First it has not yet started to bite. Second, when it does, it will be the smaller companies that will feel the impact the most.
Wang Shi, shown in our illustration is the founder and chairman of Vanke. And, an interesting sidenote, he is a mountaineer of some skill. He climbed Everest in 2003.
In addition, Mr. Wang has climbed to the peaks of the 7 highest mountains on 7 continents, being only one of four native Chinese citizens to have accomplished that feat. He has climbed in Antarctica and lead two expeditions to the Arctic in 2004 and 2005.
Source: China Daily