China Vanke 2011 Profit Rises 32% on Mass-Market Home Sales

China Vanke Co., the nation’s biggest developer by sales, said full-year profit rose 32 percent as it sold more small and medium-sized homes that are less affected by government curbs.

Net income to Dec. 31 climbed to 9.62 billion yuan ($1.5 billion), or 0.88 yuan a share, from 7.3 billion yuan, or 0.66 yuan, in 2010 based on international accounting standards, the company said at a press conference in Hong Kong yesterday. Vanke would report net income of 9.53 billion yuan, according to the average of 20 analysts’ estimates compiled by Bloomberg News.