Profits at the mainland’s largest listed real estate firm, China Vanke, rose 4.2 per cent to 15.75 billion yuan (HK$19.61 billion) last year as the property market continued to slow.
The company sold 1.05 billion square metres of property last year, a year-on-year decrease of 9.1 per cent. Home sales hit 6.24 trillion yuan, down 7.8 per cent. About 90 per cent of the homes sold were smaller than 144 square metres.
On Monday, the People’s Bank of China slashed the down payment needed to buy second homes on the mainland to 40 per cent after expectations of further stimulus measures had earlier powered mainland stocks to a seven-year peak.
Vanke said in its annual report that its investment in residential property development on the mainland grew by 9.2 per cent last year, down from growth of 19.4 per cent in 2013.
