China Vanke's Contract Sales Crosses 21 Billion Yuan in October; Shares Drop 6%

MT Newswires Live11-11

China Vanke (SHE:000002, HKG:2202) recorded a contract sales amount of 21.4 billion yuan in October after selling a contract sales area of about 1.4 million square meters.

Between January and October, the Chinese property developer earned 202.6 billion yuan in contract sales after selling roughly 14.7 million square meters, according to a Hong Kong Stock Exchange disclosure on Nov. 8.

The company also purchased two new development projects since the sales update for the month ended Sept. 30. The projects in Hangzhou and Qingdao have a total land area of 69,000 square meters and land premium worth 335 million yuan.

The company's Hong Kong shares dropped more than 6% and Shenzhen shares fell less than 3% in recent trade.

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