BEIJING, April 27 -- China's largest property developer is boasting new profits.

    China Vanke announced Sunday its net profit rose 7.1 percent to 770 million yuan in the first quarter over the same period last year. The company attributes the gains to increased sales in the first quarter as well tax cuts, restored market confidence and a promotional campaign aimed at reducing housing inventory.China Vanke business revenue totaled 8.16 billion yuan in the first three months of 2009, up 27 and a half percent year-on-yearThe company made a net profit of 4 billion yuan in 2008, down from almost 5 billion in 2007.

    Xinhua News Agency correspondents reporting from Beijing.

    (Source: XHTV)