Reported about 1 month ago
China Vanke Co. reported a substantial half-year loss of 9.85 billion yuan ($1.4 billion) for the first time in more than two decades as it grapples with China's ongoing housing crisis. The company is focusing on liquidating non-core assets to manage debt amidst a significant decline in property sales and prices. Despite optimistic long-term housing demand from its chairman, Vanke's financial straits signal a troubling trend in the real estate sector.
Source: YAHOO