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China Vanke 9-Month Net Profit Fell 16% Higher Land Costs Weighed

   By Yifan Wang 
 

China Vanke Co.'s net profit fell 16% in the first nine months of 2021, as higher land costs weighed on profitability.

The Chinese property developer on late Thursday posted a net profit of 16.69 billion yuan (US$2.61 billion) for the January-to-September period.

The profit drop came despite a revenue growth of 12% to CNY271.49 billion.

Vanke said its gross profit margin for the real estate business fell by 5.4 percentage points during the period, mainly due to higher land prices.

 

Write to Yifan Wang at yifan.wang@wsj.com

 

(END) Dow Jones Newswires

October 28, 2021 20:13 ET (00:13 GMT)

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