China Vanke Continues to Suffer Heavy Losses Amid Prolonged Real Estate Downturn
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China Vanke reported a net loss of 5.95 billion yuan ($870.1 million) in Q1, a 5% decrease from last year, amid a prolonged downturn in the real estate sector. Revenue fell 24% to 28.93 billion yuan, primarily due to a 36% drop in its development business. The company has faced a liquidity crisis since 2021 but has avoided defaulting on its debts, receiving support from its state-owned shareholder, Shenzhen Metro Group. Vanke's shares fell 2.0% in early trading on Thursday.
Source: MorningStar The copyright of this article belongs to the original author/organization.
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