China Vanke July property sales rise 64.5 pct yr/yr

Published: 06 Aug 2009 16:54:19 PST

SHANGHAI, Aug 7 - China Vanke Co <000002.SZ>, the country's largest listed property developer, said on Friday its July property sales rose 64.5 percent from a year earlier to 5.12 billion yuan ($750 million) as China's property market rebounds. The volume of property space sold during the month rose 61.8 percent to 583,000 square metres.

For the first seven months of the year, the developer's sales were up 31.7 percent year-on-year at 35.87 billion yuan, while volume of space sold rose 34.9 percent to 4.07 million square metres.

The company also said it had acquired four major projects and land parcels worth 2.2 billion yuan since its June report, as it picks up the pace of property development.

The company said early this week when it announced its first-half results that it would raise its target for housing starts this year. [ID:nHKG55406] ($1=6.831 Yuan)