(MENAFN) China's top property developer Vanke has posted a 28.7-percent year-on-year increase in net profit in the first quarter of the year.
According to the company, its net profit reached 890 million yuan in the first three months, while operating revenue increased 65.8 percent year-on-year to 30.8 billion yuan in the first quarter.
However, the company said financial costs increased in the quarter due to advanced financing.
Generally, Chinese developers saw total house sales in value went up 10.4 percent year-on-year in the first quarter, a slower growth than the 13.7-percent increase in 2017.
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