China Vanke, the country's largest property developer by market value, said Sunday that it raked in a net profit of 2.96 billion yuan ($433.38 million) in the first three quarters of this year, up 29.9 percent year-on-year.

The company's business revenue in the first three quarters surged 31.1 percent year-on-year to 29.54 billion yuan, it said in the quarterly report to the Shenzhen Stock Exchange.
 

The Shenzhen-based company sold 5.1 million sq m of housing nationwide during the January-September period, up 26.8 percent over the same period last year in terms of total sales space.

The company's housing sales totaled 5.57 million sq m for the whole of 2008, down 9.2 percent year-on-year amid a stagnant property market. Its net profit declined 16.7 percent in 2008 from the previous year.

China's property market has seen price and sale hikes after February this year boosted by rising demand.

In the third quarter, the company posted a net profit of 430 million yuan, more than doubled compared with the same period last year.
 

As the country leaders aimed to overtake USA in 2020, its economy is hijacked, in order to keep the GDP growth ratio(can't lower than 8%), the country let bank loan(4 biggest banks are state-own) flown into Real estate industry. According to Beijing government, the Beijing house price of Oct. 2009 is 40% higher than Jan. 2009. But the income of workers in Beijing is zero growth.

No common people can afford such high price property. This is not the only case in China, the house price in all china cities doubled in 2008 and still going up in 2009. So the net profit of these company like Vanke should be 60% down this year instead of 29.9%.