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Vanke sales up 3.4% year-on-year, but down from October

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2008-12-09 16:04

China Vanke Co Ltd, the country's largest property developer, said on Tuesday that its real estate sales in November jumped by 3.4 percent year-on-year, the first positive growth for the company since July.

However, compared with October, sales in November, which stood at 421,000 sq m, are still down 9.3 percent, Vanke said in a statement to the Shenzhen bourse. In terms of value, November sales rose 6.6 percent from the previous month to 3.57 billion yuan ($523 million) but fell 15.6 percent from a year earlier.

In the first 11 months of this year, sales fell 8.6 percent from a year earlier in terms of area to 4.91 million sq m, but dropped 7.9 percent in value to 42.53 billion yuan, Vanke said.

The real estate developer's sales prices also show a clear trend of decline. The average price of Vanke's units stood at 8,479 yuan per sq m in November, a drop of 184 yuan from the average price for the first 11 months.

Experts say given the current accumulated revenue of 42.5 billion yuan, Vanke will not beat its 2007 sales revenue of 52.3 billion yuan this year.