China Vanke Reports $2.3 Billion Loss Amid Sales Slowdown
Residential buildings under construction at the China Vanke Co. Langshi Flower Language development in Shanghai.
Photographer: Raul Ariano/BloombergChina Vanke Co. reported a deeper third-quarter loss, highlighting mounting challenges as the prolonged property market downturn continues to weigh on its sales.
The Shenzhen-based company posted a loss of 16.1 billion yuan ($2.3 billion) in the three months ended Sept. 30, roughly doubling its loss in same period a year earlier. That brings its combined losses for the first nine months of the year to 28 billion yuan, according to a statement to the Shenzhen exchange on Thursday.