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International Business Times
International Business Times
Business

China Property Giant Vanke Reports Annual Loss Of $6.8 Bn

Vanke China Beijing Country Garden Housing Market Kaisa
Debt-laden Chinese property giant Vanke reported annual losses of 49.5 billion yuan (Credit: AFP)

Debt-laden Chinese property giant Vanke reported annual losses of 49.5 billion yuan ($6.8 billion) on Monday, citing falling sales and shrinking profit margins despite Beijing's attempts to revive the housing market.

Vanke said 2024 was an "exceptionally challenging year" in a filing to the Hong Kong stock exchange and apologised for "distress caused... due to the significant decline in sales, substantial losses and pressure on our liquidity".

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