“My sales were this high,” says Vanke CEO Wang Shi
China Vanke Co. (000002.SZ), the nation’s largest property developer by revenue, showed a continued upswing in sales last month reaching 27.65 billion yuan ($5.8 billion) during January.
According to a report in the Wall Street Journal, Vanke’s achievement represented a 45 percent increase over the mark for January 2013, when it sold RMB 19.07 billion.
For the year of 2013 the developer saw sales revenues increase by 21 percent compared to 2012, with the amount of floor space going up by 15 percent for the year, to 14.9 million square metres during 2013.
During January, Vanke sold a total of 1.95 million square meters in January, up from 1.61 million square metres during the same period in 2013.
Some analysts have criticised Vanke for a lack of diversification away from its core business of residential real estate sales in China, a market where government restrictions have clouded the near-to mid-term future. However, at least in January, Vanke appears to be benefiting from its bets on local housing sales.
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