China Vanke’s Profit Rises 7% on Sales in Smaller Cities
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China Vanke Co., the country’s biggest developer by market value, posted a 7 percent increase in first-quarter profit as it sold more homes in smaller cities that were shielded from the effects of government curbs.
Net income climbed to 1.21 billion yuan ($185 million), or 0.11 yuan a share, in the three months ended March 31, from 1.13 billion yuan, or 0.1 yuan, a year earlier, the company said in a Shenzhen stock exchange filing yesterday. Revenue gained 6 percent to 7.97 billion yuan.