CHINA Vanke Co said first-quarter profit surged 49 percent after the company increased prices to meet demand for homes.

Net income climbed to 612.3 million yuan (US$79.4 million) or 0.14 yuan a share, from 410.2 million yuan, or 0.1 yuan a share, a year earlier, the Shenzhen-based company said in a statement to the city's stock exchange. Sales rose 79 percent to 4.11 billion yuan. Results were based on Chinese accounting standards.

Vanke, the country's largest publicly traded property developer, made most of its profit last year from new home sales in Shenzhen, where prices rose 11 percent in March, almost double the nation's average. Government curbs on land supply and bank loans have created opportunities for developers including Vanke to take over smaller rivals and benefit from economies of scale.

Source:佚名