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China Vanke's 2014 profit up 4.2 pct

Xinhua, March 31, 2015 Adjust font size:

China Vanke Co. Ltd, the country's largest property developer by market value, saw a 4.2 percent profit growth in 2014 despite an overall industry decline, it announced on Tuesday.

Its net profits reached 15.7 billion yuan (2.56 billion U.S. dollars) in 2014.

The Hong Kong-listed company achieved a sales revenue of 215.1 billion yuan in 2014, up 25.9 percent year on year.

In 2014, the company added 41 new development projects and the site area attributable to Vanke was about 2.06 million square meters.

The cash and cash equivalents held by Vanke amounted to 62.7 billion yuan at the end of last year, bringing down the net gearing ratio to 5.4 percent, the lowest since 2006.

China's property market took a downturn in 2014 after boom years that took home prices to levels out of reach for ordinary wage earners. The cooling has continued into 2015, with both sales, prices and investment down. Endit