BRIEF: Vanke’s losses continue to grow in first half of 2025

Real estate developer China Vanke Co. Ltd. (2202.HK, 000002.SZ) warned on Monday that it expects to report a loss of between 10 billion yuan ($1.4 billion) and 12 billion yuan for the first half of this year, widening from a loss of 9.85 billion yuan in the year-ago period.

The company attributed the growing losses mainly to the decline in settlements for its real estate projects, while its gross margin also remained low. At the same time, it made new asset impairment provisions to reflect changes in the market and operating environment. It also blamed transaction prices for some large assets and equity that were lower than their book value.

Vanke said that it continued to receive support from various financial institutions in the first half of the year, with new financing and refinancing reaching 24.9 billion yuan. It said it repaid 16.49 billion yuan of public debt, and that none of its overseas public debt would mature before 2027.

Shares of Vanke opened down 0.4% at HK$5.30 on Tuesday. The stock is down 62% from its 52-week high.

By Lau Chi Hang

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