China Vanke Co. (000002), the biggest developer by market value traded on the nation’s exchanges, said third-quarter profit rose 18 percent as stronger demand from homebuyers defied government efforts to curb prices.
Net income jumped to 1.6 billion yuan ($263 million), or 0.146 yuan a share, from a year earlier, the company said in a filing to the Shenzhen stock exchange today. Revenue increased 43 percent to 22 billion yuan.
China’s home prices rose in all but one city in September for a fifth month as the government refrained from introducing more nationwide property tightening policies that would hinder economic growth. Vanke’s contracted sales increased 33 percent in the first nine months from a year earlier to 128.5 billion yuan, the company said.