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.
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(END) Dow Jones Newswires
October 28, 2021 20:13 ET (00:13 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.