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Vanke, Gemdale report higher income

By Wang Ying (China Daily)
Updated: 2009-10-27 08:38

Gemdale made 480m yuan in net profit in Q3. [Agencies]

Two Shenzhen-based property developers, Vanke and Gemdale Corp, both yesterday reported better incomes in the third quarter thanks to higher sales in the three months, and analysts said the housing market might stabilize in the following months.

Vanke, the nation's largest developer by market value, reported a net profit of 430 million yuan ($62.98 million) in the third quarter, up 101 percent year-on-year.

The Shenzhen-listed firm said it sold a total of 5.1 million sq m of gross floor area, worth 46.15 billion yuan, during the first nine months, a jump of 26.8 percent compared to the same period in 2008. Revenue from sales jumped by 29.6 percent in the same period.

"Regarding the sales momentum since October, it is just a matter of time before Vanke exceeds the sales record of 52.36 billion yuan set in 2007," said the report.

Shanghai-listed Gemdale Corp, the eighth-largest domestic developer by market value, also expected to hit record sales in 2009. It sold 1.35 million sq m and realized 14.96 billion yuan in revenue in the first three quarters, up 83.9 percent and 90.6 percent respectively year-on-year. In the third quarter alone, Gemdale made 480 million yuan in net profit, an increase of 338.3 percent over 2008.

Related readings:  Housing boom hits home  Vanke spends $322m on land purchase for 1st time in 2 years  China Vanke sales volume rises 18.3% in August  Gemdale sales volume up 86% in seven months

Property developers are witnessing a sales spree across the nation and have sold over 580 million sq m in gross floor area in the first nine months, nearly the total sales last year. New gross floor area totaled 334 million sq m, meaning the housing inventory was rapidly consumed in previous months.

"Rapid sales boosted the housing prices to a new level, which may reshape the outlook of both developers and home buyers. A number of buyers, such as those seeking second or third homes may choose to wait, and developers may hoard inventory when sales decline," Li Shaoming, an analyst with China Jianyin Investment Securities, said.

This year, the property market began to pick up visibly from last year's slump, partly as a result of the central government's massive 4 trillion yuan stimulus program and cash influx from the nation's major banks.