China Vanke, the country's largest property developer, said its core profit rose 13.1 percent in 2015 to a new record, slightly below forecasts, helped by a resurgence in China property sales that has left some government officials concerned a real estate bubble may be forming.
In a statement, the developer said its core profit, excluding items such as sales of non-current assets, grew to a record of 17.6 billion yuan ($2.7 billion) last year from 15.6 billion yuan in 2014. That was slightly below an average forecast of 18 billion yuan in a poll of 15 analysts by Thomson Reuters SmartEstimate.
Net profit attributable to shareholders climbed 15.1 percent to 18.1 billion yuan.
"In the short term, the market segmentation will continue. Most areas of China are still under great de-stocking pressure," chairman Wang Shi said in the statement.