China Vanke 1st-Half Net Rises 5.9% on Sales in Smaller Cities
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China Vanke Co., the nation’s biggest developer by market value, said first-half profit rose 5.9 percent as it expanded into the smaller cities where home-buying demand defied government curbs.
Net income increased to 2.98 billion yuan ($460 million), or 0.27 yuan a share in the six months ended June, from 2.81 billion yuan and 0.26 yuan a share a year earlier, the company said in a filing to the Shenzhen stock exchange today. Revenue increased 19 percent to 20 billion yuan.