China’s biggest listed property developer, reports its real estate sales plunged 35% from a year earlier to RMB4.07 billion ($595 million) in August.
In terms of area, sales sank 33% to 474,000 square meters during the month. China’s property market has been faltering since late last year because of a slowing economy and cooling speculative purchases in high-end urban areas.
Vanke reports that in the first eight months of this year, real estate sales rose 5.0% from a year earlier in value terms to RMB31.31 billion, but shrank 4.8% to 3.49 million square meters in terms of area.
Early last month, Vanke reported a 24% rise in net profit for the first half of this year but scaled back its real estate development plans for the second half of this year.
It originally planned to start work on 8.48 million square meters of space and complete work on 6.89 million square meters this year, but revised those targets to 6.83 million and 5.86 million.