CHINA Vanke Co., the nation’s largest property developer by revenue, said Friday its sales in March this year reached 14.43 billion yuan (US$2.3 billion), down 5.1 percent from the same period a year earlier.

    In terms of floor space, the Shenzhen-based developer said in a statement that it recorded sales totaling 1.21 million square meters, down 4.8 percent from March 2013.

    Weakening sentiment among homebuyers and tighter credit conditions have caused housing sales in many cities in China to decline so far this year, analysts said. Some property developers have cut prices in some cities to drive sales and unload inventory, pushing more potential homebuyers to the sidelines as they wait for prices to stabilize.

    Vanke, which has a presence in more than 50 cities in China, has been able to grow market share in recent years and have been able to still attract homebuyers at the expense of smaller developers.

    On a month-on-month basis, sales in March rose 18.8 percent from February, which had been a seasonally slow period for housing sales due to the Lunar New Year holiday.

    In the first three months of this year, Vanke recorded a 24.2 percent rise in sales to 54.3 billion yuan. By floor space, it sold 4.15 million square meters, up 11.7 percent from a year earlier. (SD-Agencies)