Vanke Beijing reaches sales target

The Beijing branch of Vanke, the country's largest property developer by market value, reached its annual sales target three months ahead of schedule, the company's vice-general manager said.

"Our sales have exceeded 10 billion yuan, exceeding our target for 2012," Xiao Jin, vice-general manager of Vanke Beijing, was quoted as saying by the Securities Daily.

January was the most difficult time for the company since 2007, but home sales began to rebound in April. High-end residential projects contributed around 12 percent to overall sales, Xiao said.

Some property developers, especially those with good cash flow, are now expected to put more emphasis on increasing land parcels in the fourth quarter instead of quickening home sales, industry analysts said.