China Vanke, the country's largest locally listed property developer, aims to achieve higher unit sales and revenue this year by improving the competitiveness of its products and cutting administrative expenses and operating costs by 20%.

The company reported yesterday a 16.7% fall in net profit to 4.03 billion yuan (HK$4.57bn) for the year to last December, from 4.84 billion yuan in 2007. Sales rose 15.3% to 38.6 billion yuan.

South China Morning Post