Vanke Q1 profits rise 15.6%

China Vanke Co Ltd, the country's largest property development company by market value, has reported a 15.6 percent rise in net profits to 1.61 billion yuan ($259 million) for the first quarter of 2013.

The company recorded total income of 13 billion yuan during the period, a 35.32 percent increase year-on-year.

Total commercial house sales reached 3.71 million square meters, a 23.5 percent increase on the same period last year.

The company said 45 percent of the properties it sold were small sized property units covering less than 90 sq m of space.It started 21 new housing projects in the period, covering a total floor area of 1.8 million sq m.

Vanke said it will continue to develop private properties despite central government efforts to curb property market speculation.

Most cities in China posted a significant increase both in demand and price in March, even with the tightened measures on the real estate market.Figures from the National Bureau of Statistics show 66 cities among 70 medium and large-sized cities recorded significant price increase in the month. Beijing led the new round of price increases, with a 3.1 percent monthly rise in March.

Shenzhen-listed Vanke's share price rose 3.51 percent , to close at 11.28 yuan on Tuesday.