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China Vanke sales surge in March

Source:   Time:

  SHENZHEN -- China Vanke, the country's biggest property developer by market value, said Friday its sales soared in March as the property market began to warm up.

  In a statement filed to the Shenzhen Stock Exchange, China Vanke said it sold 1.1

million square meters of floor area last month, up 52.6 percent month-on-month and 31.6 percent year-on-year.

  Meanwhile, its sales revenue soared 56.9 percent month-on-month and 23.5 from the previous year to 11.5 billion yuan ($1.8 billion).

  Tan Huajie, China Vanke's board secretary, attributed the sales surge to a low comparison base and easier access to mortgages.

  Chinese banks usually have a higher mortgage quota at the beginning of the year. Also they are offering mortgage-rate discounts to woo potential borrowers this year.

  The country's developers have recently reported gloomy sales due to tough government curbs, including purchase restrictions, higher lending rates and a ban on mortgage loans for third homes.

  In the first quarter of the year, China Vanke sold 3 million square meters in floor area, down 0.95 percent year-on-year. Its sales revenue fell 12.5 percent year-on-year to 31.1 billion yuan after the prices on average declined 11.7 percent to 10,326 yuan per square meter.

  China Vanke will roll out more smaller homes and sales promotions to achieve good sales in a tough year, Tan said. The government has repeatedly pledged to continue its controls on the housing market this year to bring down property prices to a reasonable level.

  Shares of China Vanke closed 0.24 percent higher at 8.38 yuan on Friday.

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