China Vanke's Q1 profit down 16.5%; sees growth for full year

Hong Kong

CHINA Vanke Co, the nation's second-biggest property developer, said on Thursday it expected a further rise in net profit this year, despite reporting a 16.5 per cent drop in its first quarter profit due to higher costs.

Vanke said in its results statement that while its sales by area for the first quarter rose 81 per cent from a year ago, the overall area pre-approved for sale in the 14 major cities it focuses on recorded a decrease of 37.9 per cent, pointing to a lower supply in the market.