Asia

China Vanke rakes in over £20m

Hong Kong-listed China Vanke posted revenues of over RMB184bn (£20.3bn) in 2015, according to their latest results.

The revenue came from a mix of construction and management income and realised developments around the world as well as investment activity.

Activity in development and investment left the company with net assets valued at RMB136bn by the end of December 2015. This was up 17% on the RMB115.9bn of 2014.

Of the total assets in the company, just under RMB2m was held in the UK with over RMB2.6m invested in the US.

Sales of developed properties increased 33% to RMB179bn over 2015.

Development in mainland China occupies most of the business activities of the company, but RMB2bn of revenue was derived from a property services arm which grew profits margins by 4%.

According to the report, the company has over RMB24bn held in joint ventures around the world, more than RMB13bn than it held at the end of 2014.

Over the course of 2015, the company was awarded RMB356m of new construction contracts.

The company has RMB78bn of debt outstanding on which it is paying a net RMB1.8bn in interest.

Commenting on the results, rating company Fitch said China Vanke demonstrated rapid asset turnover for the period, which it expects will continue over the next 24 months.

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