China's Vanke Group (000002.SZ; 200002.SZ), largest residential property developer, published their interim financial report.

Up untilthe end of June, Vanke has made a  net profit with 3.725 billion yuan, increasing by 25.09 percent. Turnover for the company was 30.72 billion yuan, increasing by 53.7 percent.

Vanke achieved settlement area of 2.638 million square meters (28.85 million square feet), settled sales of 30.22 billion yuan, increasing by 90.7 percent and 55.4 percent respectively.

The company sold 6.025 million square meters (64.853 million square feet) in H1, increased 6.5 percent, and sales for the sold area totalled 6.254 billion yuan, decreasing 4.7 percent.

According to the company's report, small-middle sized homes accounted for 89 percent of sold products, and the average settlement price was 11,456 yuan per square (1064.23 yuan per square feet), decreasing by 17.4 percent compared to the same period of last year.

Tan Jiehua, board secretary of Vanke, said that the company's debt-asset ratio was 78.9 percent, but if account receivables are exluded, the debt-asset ratio is 39.3 percent, decreasing slightly 0.3 percent year on year, compared to an average debt ratio of 49 percent for A-share property companies.

The company had 40.71 billion yuan cash up to the end of June, 137 percent of the figure at the beginning of this year.

Vanke has been reported recently to frequently purchase land plots, but Tan said asides from the plot for the Shanghai Hongqiao project, average price purchased in H1 was maintained at a reasonable level of 1492 yuan per square meter (138.6 yuan per square feet).

The company is holding large amounts of cash, Tan said, and they are still closely watching the land market.

Vanke also plans to open more projects for sale in this September. According to Tan, if the property market remains stable over the next half year, they will probably achieve higher sales than last year.