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China Vanke Dec property sales up 142pc

china-real-estate 400SHANGHAI: China Vanke Co Ltd, the country's largest real estate developer by revenue, said its December sales soared 142 percent to 14.1 billion yuan ($2 billion).


In a statement on Monday it also forecast robust sales in January as China's property market shows signs of recovery.


Vanke said its property sales for 2012 reached a record 141.2 billion yuan, up 16 percent from the previous year.


China's home prices gained pace in November as Beijing's pro-growth policies underpinned demand despite property controls that have been in place since 2009.


Vanke's robust sales increase is the company's third consecutive monthly rise and could point to the market's nascent recovery.


Vanke Board Secretary Tan Huajie said the group had benefited from stabilizing property markets in China's 14 major cities, including Beijing, Shanghai and Shenzhen.


Also boding well for property stocks, the official Shanghai Securities News said last month Beijing's policy focus on urbanization will likely involve reforms in the so-called hukou, or household registration, system to help smaller, rural cities catch up with their biggest cousins in development.


Center>Copyright Reuters, 2013


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