China's Vanke, the nation's largest housing developer, has seen a 57% jump in its real estate sales revenue in June.

Vanke's sales revenue reached 6.9 billion yuan ($1.01 billion) in June, rising 57.1% from a year earlier. It sold 671,000 sq m of houses in June, a 49.9 %rise year-on-year.

Figures for the first half of this year showed sales revenue reached 30.8 billion yuan ($4.51 billion), up 27.5% over the same period last year. Nearly 3.5 million sq m of houses were sold in the month, up 31.2% from a year earlier.

Vanke had disclosed its plan in April to double its market share over the next decade, as many predict consolidation for China's crowded real estate market.

The company aimed to boost its market share to 5% in the next five to 10 years, compared with 2.34% in 2008, said Chairman Shi Wang, speaking at an event in Taipei.

Vanke also said that it had added eight projects since announcing its May sales statement.

These projects, most of which are located in second-tier or third-tier cities, require 777,000 sq m of land, for which Vanke needs to pay 4.7 billion yuan ($687.71 million).

(1 yuan = $0.146321)

China