There is provided a co-condensation product obtainable by subjecting a p-alkylphenol to reaction with formaldehyde in the presence of an alkali catalyst to prepare a resol type condensate, and subjecting the resulting resol type condensate to reaction with a m-substituted phenol such as resorcin in the presence of an acid catalyst, wherein the content of the m-substituted phenol is not higher than 4% by weight, and the content of a component having a molecular weight not higher than 1,000 excluding both the p-alkylphenol and the m-substituted phenol is at least 25% by weight based on the total weight of the co-condensation product. This co-condensation product is low in fuming and in hygroscopic properties, exhibits excellent adhesiveness in vulcanizing adhesion between rubber and a reinforcing material, and further provides a vulcanized rubber article of high hardness.
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