China Vanke posts USD806.3m profit in Jan-Sep 

(MENAFN) China Vanke announced that during the January-September period, the company's profit grew 41.7 percent from a year ago to USD806.35 million, reported Xinhua News.

China's biggest property developer said that in the period, sales fell slightly to USD15.26 billion, compared with USD15.38 billion in 2011's same period.

On the other hand, average selling prices in the first 9 months of the year dropped 8.8 percent from a year earlier.

In the last quarter of 2012, several residential projects developed by the company will go on sale, ensuring higher sales growth for Vanke for the year.

It is worth noting that as of the end of September, financial institutions had USD1.86 trillion in outstanding loans to the property sector, according to the central bank, with the amount representing a jump of 12.2 percent from 2011.