Vanke Warns of $1.2 Billion Loss on China’s Housing Slump
- Discounts from clearing housing inventory impacted bottom line
- Chinese developer made arrangements to repay onshore bonds
Cranes at the site of a China Vanke development in Hefei, China.
Source: BloombergThis article is for subscribers only.
China Vanke Co. warned of hefty losses in the first half, as the country’s property downturn took a toll on the closely watched developer that’s trying to secure cash to pay off debts.
State-backed Vanke expects to post a first-half loss of 7 billion yuan to 9 billion yuan ($962 million to $1.2 billion), it said in a filing late Tuesday. The projected loss signals a sharp downturn from the first quarter, when it lost 362 million yuan.