Investing.com - China Vanke Co Ltd (HK:2202), China’s third largest property developer by sales, reported a 25% increase in its first-half profit, according to a company statement.
The company’s core profit hiked to $1.32 billion in the first half of this year, up by 27.7%, while its net profit increased by 24.9% to $1.33 billion and its revenue surged 51.8% to $15.5 billion.
In terms of outlook, the developer said it is set to expand its long-term rental housing business, and currently leases 40,000 flats in 30 cities that target youngsters and families.
Other major developers including China Evergrande Group and Country Garden also said they expect their net profit to grow more than 50% and 125% respectively in the first six months.