CHINA Vanke Co. said yesterday its third-quarter net profit jumped 21.8 percent as sales picked up, bolstered by government policies to rev up the key housing sector.

    China Vanke, China’s largest residential developer by sales, reported a net profit for the July-to-September quarter of 2 billion yuan (US$314.9 million), up from 1.65 billion yuan a year earlier.

    For the first three quarters of the year, net profit rose 6.1 percent to 6.9 billion yuan.

    In a statement, Vanke, which is listed on both the Shenzhen and Hong Kong stock exchanges, said it had already completed half of its full-year target for project area in the first nine months.

    The Shenzhen-based developer said that the construction completion will accelerate in the fourth quarter, which would mean it would exceed that target.

    Vanke, which has operations in more than 60 Chinese cities, said overall housing sales in 14 major Chinese cities had picked up from a low base last year and the inventory situation was improving.

    China’s government has since the third quarter of last year launched several policies to support the housing market, which is key to rev up economic growth. These measures include cutting interest rates Friday for the sixth time in less than a year.

    Official data last week showed home prices in China rose for a fifth consecutive month in September, indicating a mild recovery in the market.

    On Monday, China Overseas Land & Investment Ltd. also said it expects the property market will continue to improve.

    (SD-Agencies)