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Vanke Issues Warning of $1.2 Billion Loss Amid China's Housing Market Slowdown

Jul. 9, 2024  23:46

AsianFin--China's property developer Vanke has issued a cautionary statement regarding substantial losses expected in the first half of the year, as the downturn in China's property market which has severely impacted the prominent developer's efforts to secure funds for debt repayment.

Vanke, backed by state support, anticipates reporting a loss ranging from seven billion yuan to nine billion yuan ($962 million to $1.2 billion) for the first half of the year, as disclosed in a filing late Tuesday. This projected loss marks a significant decline from the 362 million yuan loss reported in the first quarter.

The homebuilder has implemented price reductions to diminish inventory and improve cash flow, thereby exerting pressure on profit margins.

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