i expect similar xin results, so back to over 5 soon
China Vanke Co. (3333), the nation’s biggest developer, reported a 16 percent jump in first-quarter profit as sales of smaller homes defied government curbs.
Net income climbed to 1.61 billion yuan ($260 million) in the three months ended March 31, from 1.4 billion yuan a year earlier, the company said in a filing to the Shenzhen stock exchange. Revenue gained 35 percent to 14 billion yuan, it said. Vanke was expected to report profit of 1.63 billion yuan, based on the mean estimate of two analysts surveyed by Bloomberg.
About 90 percent of Vanke’s projects sold were homes of less than 144 square meters (1,550 square feet), the company said. That helped it boost sales from buyers who bought homes for self-use even as the government last month implemented the toughest property measures in a year by ordering the central bank to raise down-payment requirements and interest rates for second mortgages in cities with excessive price gains.
Vanke, with 51 billion yuan of cash as of the end of March 31, will look for land acquisition opportunities, according to the statement.
The Shenzhen-based developer’s contracted sales, based on bookings of apartments before they are built, rose 41 percent to 43.7 billion yuan in the first three months, the company said. Developers typically sell their homes before construction begins and book earnings from the sales progressively.
Here's another piece of trivia for you. 36 of the better real estate companies stated that at the end
of 2012 their NET profits, net, not gross profits, increased on average 22 to 23% add the 16% just
reported for whichever firm this is, and there is no excuse for Xin not to be reporting a 25% increase
in their NET profits for the same timeframe. It doesn't matter that for the past 3 quarters Gurnee's been boo hooing, Xin's estimates and Stinky has been exalting the same bogus crapola. This way
they both can say, 'look at that, Xin beat the estimates'. My response, they lowered the bar way too
much just to have a beat. But, hey, we have Brooklyn.......some day. Typical Gurnee fodder.