China Vanke Q1 profit up 7 pct, says confidence up

Published: 26 Apr 2009 18:14:13 PST

BEIJING, April 27 - China Vanke Co <000002.SZ> <200002.SZ>, the country's biggest listed real estate developer, reported a 7.1 percent profit rise in the first quarter over the same period a year earlier, crediting government policies for restoring market confidence, Xinhua news agency said.

Beijing rolled out a raft of policy measures last year, from tax concessions to cheaper mortgages for home buyers, to support the real estate market when prices swooned and a resulting construction slowdown weighed on the overall economy.

Vanke's nationwide sales value climbed 21 percent in the first quarter compared with the same period a year earlier to 12.2 billion yuan. Its revenues reached 8.16 billion yuan, up 27.6 percent year on the year.

Vanke's profit fell 16.7 percent in the weak market of 2008, leading it to cut its housing start target by 23 percent this year.