China Vanke’s Profit Drops as Revenue Slumps Amid Property Curbs
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China Vanke Co., the nation’s biggest developer by market value traded on mainland exchanges, said first-quarter profit dropped 5 percent as revenue slumped after it completed fewer new projects than planned.
Net income declined to 1.53 billion yuan ($245 million), from 1.61 billion yuan a year earlier, the Shenzhen, China-based company said in a filing to the city’s stock exchange yesterday. Housing projects completed in the first quarter accounted for 7 percent of its full year target, dragging revenue down by 32 percent from the same period in 2013, Vanke said.