China Vanke posts narrowed net loss and revenue drop in first quarter

10 articles · Updated · MarketWatch · Apr 30

Vanke reported a net loss of 5.95 billion yuan ($870.1 million), down 5% year-on-year, with revenue falling 24% to 28.93 billion yuan.
The company attributed the losses mainly to its development business, where revenue plunged 36% to 14.57 billion yuan, and its Hong Kong-listed shares fell 2% in early Thursday trading.
China Vanke, hit by the prolonged real estate downturn since 2021, has avoided default with liquidity support from Shenzhen Metro Group, including recent debt extensions and new loans.

Vanke's state-owned backer is also losing billions. How long can this lifeline last?

With its former chairman investigated, are Vanke's problems deeper than just the market?

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