Vanke's net profits surge 30.4% in 2012

SHENZHEN - China Vanke Co, the country's largest property developer, said Wednesday that its net profits reached 12.55 billion yuan ($2 billion) in 2012, surging 30.4 percent year-on-year.

Vanke said in a yearly financial report that the company raked in 103.12 billion yuan in operating revenues in 2012, jumping 43.7 percent from the previous year.

The property giant sold 12.96 million square meters of housing last year, up 20.5 percent from 2011, according to the report.

The company developed 78 new housing projects in 2012 with a total planned floor area of 15.89 million square meters.

Vanke is now planning housing projects with 39.47 million square meters of total floor area.

Tan Huajie, board secretary of Vanke, said home sales nationwide were sluggish in 2012, although the company believes that non-investment demand is stable.

Tan said 90 percent of Vanke's sales in 2012 were mid- or small-sized homes with a floor area of less than 144 square meters.

Boosted by the company's bullish performance, Vanke's stocks rose 4.62 percent on Wednesday to end at 11.32 yuan per share.

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