Yu Liang, chairman of Chinese real estate developer Vanke, said on Friday that the current market is still in a moderate recovery stage. The company realized a revenue of 503.84 billion yuan last year, a year-on-year growth of 11.3 percent, according to its annual report.

Its net profit saw a slight increase of 0.4 percent to 22.62 billion yuan, according to the annual report released on Thursday. Last year Vanke delivered over 340,000 new homes and acquired 36 new projects with a total planned estimated gross floor area of 6.902 million square meters.

In view of the future demand for the housing market, Yu said the volume peaked in 2021, but the market demand can still remain at about 1.2 billion square meters each year, which is the bottom line.

Data from the National Bureau of Statistics show that the sales area of houses in China was about 1.35 billion square meters in 2022, while the figure was 1.79 billion in 2021.

Considering the circumstances, Yu said the property industry will no longer rely on housing development alone, so Vanke will lay equal stress on housing development, operational and service businesses in the future.

In 2022, Vanke's operation and service business achieved a year-on-year growth of above 23 percent to 51.26 billion yuan.

grace@chinadailyhk.com