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SHANGHAI (Nov 4): China Vanke Co Ltd, the country's largest property developer by revenue, posted a fall in property sales in October from a year earlier, the third straight month of decline, as Beijing continues efforts to curb property speculation and calm home price rises.
The company said in a statement on the stock exchange on Thursday that preliminary October sales reached 10.34 billion yuan (RM5.09 billion), without giving a comparison.
Previous data showed its property sales in the same month last year were 15.51 billion yuan, marking a year-on-year drop of 33%, as compared with a fall of 12% in September and a decline of 12.6% in August.
The company's share price closed down 1.8% on Thursday, underperforming a 1.0% drop in the property share index and a 0.16% rise in the benchmark Shanghai Composite Index .
In the first 10 months of the year, property sales reached 107.43 billion yuan, up from 86.93 billion yuan during the same period last year, Vanke said.
The report showcased falling property transactions in China in recent months, after the government staged a campaign for more than a year to contain housing inflation, which is fuelling social discontent.
China's top leaders have reaffirmed the government's intentions to keep the property tightening measures in place, dousing some expectations for a relaxation in policy.
That is forcing some developers to cut prices and driving a number of small ones near the brink of collapse.
Meanwhile, housing inflation is easing in China, with home prices starting to stagnate or fall in more cities.
A private survey showed home prices fell in 100 key cities by 0.23% in October from a year earlier, for the second month in a row. — Reuters
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