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Vanke property sales post record
CHINA Vanke Co's property sales more than doubled from a year earlier to 11.99 billion yuan (US$1.76 billion) in August, a record monthly high for Chinese real estate developers, the firm said yesterday.
Sales rose 42 percent on a monthly basis, the nation's largest listed developer said in a filing to the Shenzhen Stock Exchange.
The firm sold a total of 915,000 square meters of new properties across the country last month, an increase of 84.7 percent from a year ago.
"Appropriate pricing strategy, no holding back of sale plans coupled with properly-designed products jointly contributed to Vanke's record sales in August," said Yu Liang, the president.
The number of new properties released in the market by Vanke was the most so far this year and 75 percent of them were immediately sold, said Tan Huajie, board secretary of Vanke.
In the first eight months of this year, Vanke sold 4.875 million square meters of homes for 57.21 billion yuan, compared with 4.566 million square meters for 40.69 billion yuan in the same period a year earlier.
The Shenzhen-based firm aims to sell 90 billion yuan worth of homes this year, a rise of more than 40 percent from 2009 if realized.
It said last month that it would start construction of 5.85 million square meters of properties this year.
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