China Vanke, China’s largest property developer by market value, said 2009 profit rose 32% after sales increased.

Net income climbed to 5.33 billion yuan ($781 million) from 4.03 billion yuan in 2008, the company said at a press conference in Hong Kong. Vanke was expected to report net income of 5.56 billion yuan, the median of 17 analysts’ estimates compiled by Bloomberg. Sales jumped 19% to 46.05 billion yuan.

Vanke shares have fallen 13% this year, compared with a 7% drop in the CSI 300 Index. The stock rose 0.1% today to close at 9.44 yuan in Shenzhen.