China Vanke Co., the country's largest property developer by market value, saw home sales slump 39.3 percent year-on-year to 12.2 billion yuan (1.96 billion U.S. dollars) in January.

In an announcement filed with the Shenzhen Stock Exchange over the weekend, Vanke said it sold 1.19 million square meters of houses in January, down 28.1 percent from a year ago.

But on a monthly basis, its home sales volume has jumped 109.7 percent from that of December last year, while sold floor space was up 98.5 percent, said Vanke.

The company attributes the fluctuation in sales to seasonal factors, as the Spring Festival fell earlier this year in January, which is usually a slack season for home sales.

Tan Huajie, board secretary of Vanke, said the changes in sales volume was "within expectation," but "to tell further market trends would require more observation."

Despite government measures designed to cool the property market, Vanke's home sales rose 12.4 percent year-on-year to 121.54 billion yuan in 2011.

Shares in Vanke rose 1.43 percent to 7.79 yuan by market close Friday.