China Vanke announces a profit increase of 21%.
One of China's leading property developers, China Vanke Co., declared a 21% increase in annual earnings, citing increased sales of small and medium-sized homes. Buy The mainland developer's net income increased to 15.12 billion yuan ($2.5 billion) in 2012, up from 12.55 billion yuan the previous year. The Shenzhen-based corporation reported a 32 percent growth in revenue to 127.5 billion yuan. Due to government property limits implemented last year, earnings increased more than economists expected. Higher sales of small and medium-sized businesses, which are less affected by curbs, enable the company to profit, according to the company. Around 91.5 percent of the company's initiatives last year were residences under 144 square meters. "By sticking to its end-user-oriented product positioning and vigorous sales promotion, the company achieved sustained growth in operating results," Vanke President Yu Liang said in a statement. Despite government efforts t...