Arab Today, arab today china vanke posts first profit decline in 12 years
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

China Vanke posts first profit decline in 12 years

Arab Today, arab today

Arab Today, arab today China Vanke posts first profit decline in 12 years

Beijing - XINHUA

China Vanke, the country's largest property developer by revenue, on Tuesday posted a decline in Q1 profits compared with a year earlier. This is the company's first decline in quarterly profit since 2002. Net profit went down 5.23 percent to 1.53 billion yuan (about 244.46 million U.S. dollars) in the first three months from last year's 1.61 billion yuan, said a report on the website of the Shenzhen Stock Exchange. During the January-March period, Vanke's revenue plummeted 32.16 percent on an annual basis to 9.5 billion yuan, it added. The Shenzhen-based company said it completed 984,000 square meters of buildings, only 6.6 percent of the real estate projects planned for 2014 in the first quarter. However, Vanke expected itself to be able to finish the whole year's target and its earnings to grow steadily for the whole year. The comany attributed the weak revenues and profits mainly to seasonable factors, that is, the first quarter is typically a slow quarter as most of the property projects are finished and most sales are made in the second half of the year, especially the fourth quarter. The company did not specify why it saw its first quarterly net profit decline since 2002. The news came amid growing signs of cooling in China's property market, after the past three or four excellent years. In March, of a statistical pool of 70 major Chinese cities, 14 saw home prices either decline or stagnate on a monthly basis, the highest figure since early 2013. The average growth rate of the cities dipped to the lowest level for the past 15 months. Under the pressure, some Chinese local governments have decided to ease grips on home purchase restrictions set years ago to curb speculation and home price rises.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china vanke posts first profit decline in 12 years Arab Today, arab today china vanke posts first profit decline in 12 years

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china vanke posts first profit decline in 12 years Arab Today, arab today china vanke posts first profit decline in 12 years

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday