Vanke Co reports big increase in revenue, profit

China Vanke Co, one of China's largest realty developers, had 28.96 billion yuan ($4.5 billion) in revenue in the first six months of 2012, a 53.3 percent year-on-year increase, according to Vanke's 2012 interim report.

The report said the developer's net profit in the first half of 2012 was 3.73 billion yuan, up 25.1 percent year-on-year.

The developer saw its cash flow increase, having 47 billion yuan in cash on hand by the end of June, an amount 37 percent higher than at the beginning of 2012. Vanke's debt-to-asset ratio in the first half of 2012 was 78.9 percent.

Vanke plans to introduce various new housing projects in the second half of 2012, especially in the fourth quarter. And its total revenue for 2012 is expected to exceed what it had in 2011, according to Tan Huajie, board secretary for Vanke.