China developer Vanke Q3 more than doubles

But Vanke and other large developers such as Poly Real Estate Group Co Ltd have been winning business at the cost of small property companies in China as customers increasingly look to branding to avoid firms that might run aground financially.

For July-September,Vanke8217;s net profit was 1.35 billion yuan 215.84 million,much higher than an average forecast of 745.44 million yuan of two analysts that Reuters contacted. It made 606.06 million yuan profit a year earlier.

Revenue rose 65 percent to 15.4 billion yuan for the quarter,it said.

The company said overall market sales rose more than 50 percent in terms of land area in 14 major cities during the July-September period.

Vanke has said it would roll out more new housing projects to the market in the second half,especially in the fourth quarter,a move which would help push its second-half sales figure higher than the January-June period when sales came to 62.5 billion yuan.

The company spent 2.2 billion yuan in land purchase this month,according to the official Xinhua news agency.

Vanke8217;s shares traded in Shenzhen closed down 0.1 percent on Tuesday before the results were announced. They have risen 12.5 percent so far this year.