China Vanke Forecasts First-H Loss of Up to $2.2 Billion on Margin Squeeze
Updated
Updated · Bloomberg · Jul 10
China Vanke Forecasts First-H Loss of Up to $2.2 Billion on Margin Squeeze
1 articles · Updated · Bloomberg · Jul 10
Summary
12 billion-15 billion yuan in preliminary net losses would leave China Vanke deeper in the red for the six months ended June, versus an 11.9 billion yuan loss a year earlier.
Low gross margins on property development projects and asset impairment charges drove the expected first-half shortfall, the developer said in a Shenzhen exchange filing.
The forecast puts Vanke's first-half loss at roughly $1.8 billion-$2.2 billion, underscoring continued strain at one of China's troubled property developers.