(Yicai Global) Sept. 11 -- Chinese property developer China Vanke Co. [SHE:000002;HKG:2202] has undergone severe changes since Yu Liang took over as chairman, International Financial News reported. Sales volume and net profits have surged but its asset-liability ratio hit a new high.

The firm made sales worth almost CNY350 billion (USD53.8 billion) from January through August this year, up 47 percent from the same period a year earlier and almost equivalent to whole-year sales in 2016, CNY365 billion.

However, the rapid sales growth may have triggered hidden debt troubles. On June 30, Vanke's asset-liability ratio was as high as 82.66 percent, 2.12 percentage points higher than the whole year's ratio for 2016.

As of June 30, Vanke held monetary capital worth CNY107.6 billion, but disclosed borrowings to be repaid in a year were CNY50.1 billion. In July 2017, the firm took over assets belonging to Guangdong International Trust and Investment Co. for CNY55.1 billion, which needs to be paid off in four installments before Feb. 8, 2018.

The developer acquired 79 assets in the first half. As well as the CNY55.1 billion above, it spent a further CNY146.3 billion on land, making up 54 percent of sales volume.

The resources were mainly acquired through cooperation with stock owners and through package purchases, Vanke said, as financial channels in real estate are tighter and land resources in core cities are rarer.

Companies' input in land and acquisitions could lead to increased liabilities, said Zhang Hongwei, research director at Tospur Real Estate Consulting Co., but in three or five years when the market revives, the purchases will have a favorable cash value.