Vanke reports 30% boost in 2012 earnings

Developer China Vanke (200002.SH, 000002.SH) posted a 30.4% increase in net earnings for last year, spurred by a revival in sales from July through December, The Wall Street Journal reported. Vanke, the country’s leading property developer by market share, reported an increase in net earnings to US$2.01 billion (RMB12.55 billion) in 2012, from US$1.55 billion the year before. Sales revenue increased 43.7% to US$16.57 billion. Growth was supported by looser control over the real estate market, as regulators implemented subsidies for first-time house buyers. Beijing also reduced interest rates and injected funds in the market to counter a sluggish economy.