China Vanke Posts Another Quarterly Loss on Sales Drought
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China Vanke Co. recorded a second consecutive quarterly loss, adding to the developer’s financial woes as it struggles with slumping sales and a cash crunch.
The net loss was 362 million yuan ($50 million) for the first quarter, the Shenzhen-based company said in an exchange filing Monday. That narrowed from a 1.46 billion yuan loss in the fourth quarter. The company posted a profit of 1.45 billion yuan a year earlier.