(Xinhua)
Updated: 2008-03-20 21:09

BEIJING  -- China Vanke Co., the nation's top property developer by market value, said on Thursday that its 2007 net profit more than doubled year-on-year as sales soared.

Net profit rose 110 percent to 4.8 billion yuan (681.7 million US dollars), the Shenzhen-based company said in a statement to the stock exchange.

Revenues soared 98.3 percent to 35.5 billion yuan as Vanke sold 6.14 million square meters of apartments, up 90 percent year-on-year. These apartments were worth 52.4 billion yuan, or 8,532 yuan per square meter, up 30 percent per square meter from 2006.

Vanke sold 3.23 million sq m in 2006 for 21.23 billion yuan, according to its 2006 annual report.

Figures for apartment sales and revenue differ because some of the sales figures represent progress payments on units under construction and won't be counted as revenue until construction of the apartments is completed, according to Vanke's directorate office.

The economy expanded 11.4 percent last year, partly fueled by a 24.8 percent increase in fixed asset investment. Housing prices rose 10.2 percent in the fourth quarter of 2007.

For some time, the government has been trying to curb rising housing prices, which are adding to the financial pressures on Chinese families. The top economic planner, the National Development and Reform Commission, said that housing prices were rising at a slower pace as macroeconomic tightening policies had begun to pay off in November.