Posted 8/31/2023, 11:14:00 AM

China developer Vanke sees pressure on profit amid market downturn

China Vanke, a state-backed property developer, reported a 19.4% decrease in net profit for the first six months of the year, citing a market correction in China's real estate market; however, the company stated that its cashflow would not be affected.

reuters.com

Relevant topic timeline:

8/27/2023

China Evergrande first-half net loss narrows to $4.5 billion

China Evergrande Group, the world's most-indebted property developer, reported a narrower net loss for the first half of the year due to increased revenue, but it is still facing a crisis in China's property sector characterized by debt defaults and shattered consumer confidence in the country's economy.

8/30/2023

Country Garden warns of default risks, 'deeply remorseful' for record loss

China's largest private property developer, Country Garden, has warned of default risks if its financial performance continues to deteriorate, following a record loss in the first half of the year. The company's net loss between January and June amounted to 48.9 billion yuan ($6.72 billion), compared to a net loss of 6.7 billion yuan in the second half of 2022 and a net profit of 612 million yuan in the first half of 2022. This comes as Chinese authorities are working to revive the troubled property market, which accounts for approximately a quarter of the country's economy.

9/8/2023

China Vanke Chair Sees Property Market Returning to 'Healthy Development' Despite H1 Profit Drop

China's property developer China Vanke, led by Chair Yu Liang, believes that the oversold property market in China will return to a track of healthy development with the implementation of favorable policies and measures to support home sales.

9/17/2023

China's Top Developers Lose Billions as Yuan Weakens Against Dollar

Chinese property developer Country Garden Holdings recorded over 3 billion yuan in net foreign exchange loss, contributing to a record half-year net loss of 48.93 billion yuan.