China property prices are overheating: Vanke
Firm posts 20.5% rise in net profit, in line with forecasts
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[HONG KONG] China Vanke Co, the mainland's largest listed developer, said yesterday that property prices are overheating in some Chinese cities, the latest company to sound the alarm over real estate in the world's second-largest economy.
The warning adds to a series of recent news - from home price data to reports that developers have cut prices - that has rattled investors and hurt share prices of some of China's top property companies late last month.
"There's overheating in the market now. It needs to return to a logical level," secretary of the board Tan Huajie said after the company reported a 20.5 per cent rise in full-year profit, in line with forecasts.
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