China Vanke (000002,200002) posted a 56.9 percent month-on-month rise in transaction value in March to 11.52 billion yuan on a 52.6 percent increase in transaction area to 1.1 million square meters, reports 163.com, citing a company filing.

Compared with last March, transaction value rose 23.5 percent, while transaction area was up 31.6 percent.

For the first three months, the largest developer in China recorded transaction value of 31.07 billion yuan on transaction area of 3.01 million square meters.

Board secretary Tan Huajie attributes the higher year-on-year transactions to the low base last year, and to the easing of mortgage lending for first-home buyers this year.

According to Tan, 90 percent of the properties sold by Vanke were small and medium-sized homes not larger than 144 square meters, up two percentage points from the 88 percent recorded last year.

Approvals for pre-sales in 14 major cities such as Shanghai, Beijing, Shenzhen, Guangzhou, and Nanjing fell almost 20 percent in the first quarter, the lowest point since the first quarter of 2009.

The levels of approved pre-sales in Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou fell below the lows hit in the first quarter of 2009.

The supply of new developments may continue to fall as the real estate industry is hit by restrictions on fund raising, added Tan.

According to data, Vanke did not add to its land reserves in February and March.