China Vanke’s Home Sales Stall as Property Picture Blurs
- Chinese developer saw June transactions pick up 7.9% from May
- Developer is counting on a rebound in sales to end cash woes
A China Vanke development in Shanghai.
Photographer: Raul Ariano/BloombergThis article is for subscribers only.
China Vanke Co.’s home sales saw growth stall in June, amid signs of improvement elsewhere in China’s beleaguered housing market.
Contracted sales at the closely watched developer rose 7.9% month-on-month to 25.13 billion yuan ($3.46 billion), the Shenzhen-based company said. That compares with a 12% month-on-month increase in May. On an annual basis, sales in June were 31% lower than last year, slightly worse than the previous month.