China Vanke sales revenue rises in August

Sales revenue at China Vanke Co. -- the country's largest property developer by market value -- increased 8.3 percent year on year to 11.35 billion yuan (1.79 billion U.S. dollars) in August.

In a statement filed to the Shenzhen Stock Exchange on Tuesday, Vanke reported that it sold 1.04 million square meters of housing space last month, witnessing an 8.75-percent jump year on year.

In the first eight months, the company's sales revenue totaled 84.28 billion yuan after selling 8.03 million square meters of housing space.

In August, Vanke launched eight housing projects in eight cities, including Shanghai, Qingdao and Hangzhou. These projects cover a total land area of 539,000 square meters, said the statement.

However, stocks of Vanke on Tuesday closed at 8.23 yuan per share, 0.72 percent lower than that of Monday.

Housing prices in China, the world's second-biggest economy, have shown signs of rebounding over the last few months, after the central government eased its grip over credit control to buoy the slowing economy.

But the government has maintained its previously-adopted tightening measures such as higher downpayments and property tax trials, signaling its intent to try to keep home prices in check.