By P.R. Venkat

China Vanke Co. Ltd.'s third-quarter net profit rose nearly 15% on year mainly due to higher contribution from its property development business.

Net profit rose to 7.36 billion Chinese yuan ($1.09 billion), while revenue was up 12.5% at CNY95.14 billion, the company said late Thursday.

For the nine-month period, the company's net profit was up 8.9% at CNY19.86 billion. Revenue was up 7.9% at 241.49 billion.

The company said its financial position remains strong. Cash and cash equivalents as of end September was CNY173.05 billion.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

10-29-20 2004ET