China Vanke Co. Ltd. , the country's biggest listed property developer, said its third-quarter net profit surged 80 percent despite government measures to cool the real estate market.

Beijing has implemented a string of tax, financing and administrative measures since early this year to cool speculation in the real estate market.

But while the steps have hurt some smaller developers by squeezing their access to capital and land, the campaign has helped the biggest firms like Vanke since they have many financing channels and can easily buy up distressed assets.

"The austerity measures on the property industry continue to intensify, reaffirming the company's judgment and giving us confidence that we can obtain opportunities to develop through the industry's consolidation," Vanke said.

Vanke posted net profit of 138.22 million Yuan ($17.54 million) in the third quarter against 76.74 million Yuan a year earlier. Turnover rose nearly 51 percent to 1.84 billion Yuan.

In the first nine months of the year, net profit rose 56 percent to 1.36 billion Yuan, on 8.46 billion Yuan of revenues. The company had already announced that it expected the gain, saying in September that it foresaw a rise of 50 to 60 percent.

Official measures to rein in the property market have included a rule requiring 70 percent of newly built residential units in a given area should be no larger than 90 square meters (970 square feet). Vanke said that because it had already started developing smaller apartments some years earlier, the rule had only a minor impact on it.

Source:佚名