Shenzhen-listed property developer China Vanke's earnings last year rose 12.3 per cent from a year earlier to 227 million yuan (about HK$211.11 million). Turnover rose 29 per cent to 2.84 billion yuan. Chairman Wang Shi attributed the growth to increased sales of residential flats. The company's property development contributed 176 million yuan net profit, 77 per cent of the total. Turnover of the property business surged 32.5 per cent to 1.92 billion yuan while profit edged up 3.4 per cent. Mr Wang said China Resources Beijing Land's agreement to become the largest shareholder in Vanke would help provide capital for business expansion. 'We are short of capital and China Resources Beijing Land will give us financial help,' Mr Wang said. Beijing Land agreed to raise its stake in Vanke from 2.69 per cent to 10.8 per cent this month. Mr Wang expected Shenzhen's state asset-management bureau to approve the deal in two to three months. The company will spend about 600 million yuan from an issue of new shares last year to increase its land bank and develop property projects in Shenzhen, Shanghai, Beijing, Tianjin and Shenyang. Vanke will launch a Web site to conduct on-line trading in building materials and the group's department store retail business this year. Vanke has invested three million yuan in e-commerce projects, which call for a combined investment of 15 million yuan. The group spent part of the proceeds from the share placement to raise its stake in Shenzhen Vanguard Department Store to 72 per cent from 68 per cent last year. Earnings per share were 42 fen, from 37 fen the previous year. The directors recommended a final dividend of 15 fen per share.