The market was looking up for Vanke
It’s been known for some time that China’s real estate developers enjoyed a strong year in 2013. Now that the year is over, however, just how well some of theses property firms performed is becoming clearer.
Data provider China Real Estate Information Corp recently published figures showing that the number of developers with annual sales of more than 100 billion yuan rose to seven in 2013 — up from only three in 2012.
And according to a story in the China Daily, the country’s largest developer was one of the biggest beneficiaries of the boom,
China Vanke Co, China’s largest property developer by revenue, said on Saturday that sales revenue in 2013 rose 21 percent to 170.9 billion yuan ($28.2 billion).
In terms of floor space, Vanke’s sales totaled 14.9 million square meters, up 15 percent from a year earlier, the Shenzhen-based developer said in a statement.
Property demand in first-tier and major coastal cities was booming, but as markets there had already picked up from 2012, a higher comparison base made the year-on-year gain in 2013 moderate, said Tan Huajie, board secretary at China Vanke.
Before heading out to buy Vanke stock, however, please bear in mind that many market analysts are already predicting more subdued performance in 2014.
Leave a Reply