China Vanke's 2015 profit surges

Updated: 2016-03-14 10:12


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China Vanke's 2015 profit surges

Signs show the direction of Vanke group headquarters and Shenzhen Vanke Real Estate at its headquarters in Shenzhen, South China's Guangdong province, November 2, 2015. [Photo/Agencies]

BEIJING - China Vanke Co Ltd, the country's leading property developer, saw its net profit growth of 15.8 percent in 2015 as the real estate market warmed up, the company said Sunday.

Vanke's net profits reached 18.12 billion yuan ($2.79 billion) in 2015, according to its annual report filed to the Shenzhen Stock Exchange.

The company posted sales revenue of 195.55 billion yuan in 2015, up 33.58 percent year on year.

The basic earnings per share rose 14.84 percent year on year to 1.64 yuan per share.

Despite uneven recovery of the market, the company adjusted its strategy and achieved 6.9-percent growth year on year in total floor areas sold in 2015, said the report.

Vanke and Shenzhen Metro Group Co Ltd (SZMC) signed an strategic cooperation agreement on Saturday, the latest asset restructuring move since trading of the real estate giant's shares were suspended on Dec 18, 2015.

According to the agreement, Vanke will acquire all or part of SZMC's shares in a target company who owns properties above the metro lines. The deal is estimated to worth 40 billion to 60 billion yuan.

SZMC is a company owned by the Shenzhen municipal government. It now operates four metro lines in Shenzhen city, covering a length of 158 km, with a total assets value of 240 billion yuan.