March 26, 2018 / 12:09 PM / a month ago

China Vanke 2017 core profit rises 30 pct, in line with estimates

HONG KONG, March 26 (Reuters) - China Vanke Co Ltd , the country’s second-biggest property developer by sales, on Monday reported a 30.3 percent rise in core annual profit to a record high.

Core profit, which excludes revaluation gains, reached 27.3 billion yuan ($4.35 billion), in line with the 27.4 billion yuan from a poll of 17 analysts, Thomson Reuters SmartEstimate showed.

Net profit rose 33.4 percent to 28.1 billion yuan on revenue up 1.0 percent to 242.9 billion yuan.

Many major property developers are widely expected to book best-ever profits for 2017 on record sales, as industry consolidation brought economies of scale that helped developers minimise the impact of government measures aimed at slowing property price rises.

Core profit at China Evergrande Group rose by 95 percent, and China Overseas Land & Investment Ltd by 9.2 percent, the pair reported on Monday.

($1 = 6.2762 Chinese yuan renminbi)

Reporting by Clare Jim and Meg Shen; editing by Christopher Cushing and Jason Neely

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