China Vanke the first half profit growth slows

China Vanke, the country's largest property developer by revenue, posted slower profit growth in the first half of 2015 compared with gains in the same period last year.

Net profits edged up 0.77 percent year on year to 4.85 billion yuan (about 757 million U.S. dollars) in the first six months, said a report on the website of the Shenzhen Stock Exchange. The growth was sharply down from a 5.55-percent increase in net profits in the first half of 2014 and a 22-percent increase in net profits in the first half of 2013.

The company's business revenue hit 50.3 billion yuan in the first six months, up 22.7 percent year on year.

China's property market took a downturn in 2014 after boom years and the cooling has continued into 2015.