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By Tang Guhan

China’s largest property developer, the China Vanke Co., Ltd., released its third-quarter financial report, showing a 28.3-percent surge in its net profits.

The company’s net profits increased by 28.3 percent to 4.86 billion yuan (69.8 million U.S. dollars) and its operating revenue was 70 billion yuan (10 billion U.S. dollars), up 48.1 percent compared to the same period a year earlier.

The operating revenue of the company amounted to 176 billion yuan (25.29 U.S. dollars), up 50.3 percent during the first three quarters and the net profits were up 26.1 percent to 4.86 billion yuan (70 million U.S. dollars) from January to September.

China has tightened up its rules on bank loans for the real estate sector. Meanwhile, the house-leasing industry has seen a strong momentum recently. However, the turnover price for land in China is heading downward.

Nevertheless, the company has been expanding its business by buying land worth 50 billion yuan (7.19 billion U.S. dollars) in the first three months this year.

The floor space for commercial and residential properties sales in China increased by 3.6 percent in the third quarter, among which there was 11 percent increase in July, 2.8 percent increase in August and a drop of 0.8 percent in September when compared to the same period a year earlier.

Moreover, the turnover of commercial and residential properties in the country increased by 24.8 percent in July, 17.8 percent in August, and 11 percent in September, according to the National Bureau of Statistics.