Developer Vanke Posts $12.8 Billion Loss as It Faces One of China's Biggest Restructurings

China Vanke Co. posted a record 88.6 billion yuan ($12.8 billion) loss last year, a sign of the deepening problems facing the developer ahead of a wall of upcoming debt maturities.

The result, which was worse than the firm’s forecast, marks Vanke’s second full-year loss since its 1991 initial public offering. It brought the company’s combined loss in the past two fiscal years to more than 130 billion yuan.