Vanke, one of the major real estate developers in China, has reported an operating income of 105.97 billion yuan (US$15.45 billion) for the first half of 2018, a stunning rise of 51.8% from a year earlier, The Paper reported.

The net profit attributable to shareholders was 9.12 billion yuan, a year-on-year increase of 24.9%.

Vanke has since decided to establish the rental residential housing business as its core business. The total number of its long-term rental apartments has amounted to more than 160,000 units, covering 30 major cities.

The company has also added 117 new real estate projects in the first six months, spending 57.82 billion yuan to acquire land.

It is noticeable that only two of its pending projects are in the first-tier city Shanghai.

Vanke said it will continue to focus on the city circles it has launched before. It has also entered new cities such as Zhuozhou in Hebei province and Yancheng in Jiangsu province.