By Justina Lee

China Vanke Co.'s first-quarter net profit rose 3.4%, supported by higher revenue contributions from its property-development business.

Net profit rose to 1.29 billion yuan ($198.7 million), while revenue jumped 30% to CNY62.26 billion, the company said late Thursday.

Contracted sales of its property-development business was CNY179.47 billion, up 30% from a year earlier.

The company said it has maintained sound financial and capital positions and its net gearing ratio was 15.5% as of March 31.

Write to Justina Lee at justina.lee@wsj.com

(END) Dow Jones Newswires

04-22-21 0708ET