SHENZHEN, Oct. 27 (Xinhua) -- China Vanke posted 34.2-percent growth in net profits in the first three quarters of the year, boosted by strong sales in big cities.
In a filing to the Shenzhen Stock Exchange Friday, China's top property developer said its net profits in the nine months reached 11.1 billion yuan (1.67 billion U.S. dollars).
Meanwhile, its revenues stood at 117.1 billion yuan, up 0.04 percent year on year.
The company's sales rose 33.8 percent year on year to 26.6 million square meters, and its sales value rose 50.7 percent to 396.1 billion yuan, exceeding the whole year figure in 2016.
In the July-September period, its revenues rose 11.9 percent to 47.3 billion yuan, and net profits increased 30.1 percent to 3.8 billion yuan, according to the quarterly report.
Sales in the third quarter surged 63.3 percent to 118.9 billion yuan.
In the nine months, Vanke added 143 new projects with a total floor area of 21 million square meters. In terms of investment, 91.6 percent of the projects were in first- and second-tier cities.
During the period, new starts rose 6.5 percent to 26 million square meters.
Yu Liang, chairman and CEO of Vanke, said apart from consolidating its core businesses in housing development and property service, Vanke will actively develop other businesses, including long-term rental apartments, commerce, logistics, elder care and education in the future.
Shares of Vanke closed 0.11 percent lower at 27.5 yuan Friday as the Shenzhen Component Index closed 0.15 percent lower.
