Real Estate
Vanke Reports First Half-Year Loss in More Than Two Decades
- Net loss of 9.85 billion yuan higher than forecast upper range
- Property developer’s total debts increased to 331 billion yuan
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China Vanke Co. reported a half-year loss for the first time in more than two decades and said most of its non-core investments are up for sale as the developer tries to pay off debt during the country’s unprecedented housing slump.
Shenzhen-based Vanke posted a net loss of 9.85 billion yuan ($1.4 billion) in the six months ended June 30, its first since at least 2003. That’s higher than the upper range flagged by the developer last month, and compares with an annual profit of 12.2 billion yuan last year.