Companies

China Vanke sales drop in May on property tightening moves

(Xinhua)
Updated: 2010-06-07 09:52

BEIJING - China Vanke Co, the country's largest property developer by market value, announced on Sunday that its sales revenue in May decreased 20.2 percent from a year earlier amid the government's tightening moves.

Related readings:  Vanke snapping up land parcels  Vanke denies rumors of nationwide price cuts  Vanke cuts price as it faces sales pressure  Vanke may hike five-year term loan to $500m

In a statement filed to the Shenzhen Stock Exchange, the developer said its combined sales nationwide topped 5.11 billion yuan ($748 million) in May on the back of the 470,000 square meters of floor space sold, a 32.6-percent decline from the same period last year.

A-shares of the firm gained 1.25 percent to 7.28 yuan per share on Friday.

Chinese central and local governments have introduced a string of measures to cool the housing market in recent months, as the country's property prices have rapidly climbed since April 2009.