News Snapshot:
By P.R. Venkat China Vanke Co.'s first-half net profit rose 11% from a year earlier due to higher contributions from its property services and logistics-and-warehousing businesses. The Chinese developer net profit was 12.22 billion yuan ($1.77 billion) compared with CNY11.05 billion a year earlier, China Vanke said late Tuesday. Revenue jumped 24% to CNY206.92 billion. The company said its property-services business revenue in the first half was CNY14.35 billion, a 38% increase, However, its gross profit margin decreased by 2.2 percentage points from 20.85% a year ago. As at the end June, cash on hand--including pledged and restricted deposits--amounted to...
