China Vanke Co. (3333), the nation’s biggest developer by market value traded on mainland exchanges, said full-year profit rose 21 percent as it sold more small and medium-sized homes that are less affected by government curbs.
Net income climbed to 15.12 billion yuan ($2.5 billion) in the 12 months to Dec. 31 from 12.55 billion yuan a year earlier, the Shenzhen, China-based company said in a statement today. That compares with the 15.43 billion yuan average profit estimate of 17 analysts surveyed by Bloomberg. Revenue rose 32 percent to 127.5 billion yuan, it said.
China’s home prices rose 12 percent last year, according to SouFun Holdings Ltd. (SFUN), even as the government maintained property curbs and at least 10 cities stepped up policies to tackle rising housing values. About 91.5 percent of Vanke’s projects were homes of less than 144 square meters (1,550 square feet) in 2013, helping it boost sales, the company said.