Net profit came in at 12.16 billion yuan (US$1.7 billion) versus 22.68 billion yuan in the same period of 2022, according to a filing by Vanke made to the Hong Kong stock exchange on Thursday night.Core profit, which excludes the impact of foreign exchange and...
The governor of China’s central bank talked up the country’s property market and the resilience of its financial system on Monday, as the debt pressures weighing on a leading developer have spawned more worries the crisis in the sector has yet to reach its conclusion.At...
Heavily indebted China Vanke, one of China’s largest developers, said it has secured a long-term loan from a Chinese commercial bank, providing it some relief following its credit rating downgrade a week ago by Moody’s to junk status.The Shenzhen-based developer said in a statement filed...
Country Garden Holdings said it is doing its best to raise cash and repay holders of its local-currency bonds and avert a default, after a multi-year housing slump damaged confidence, home sales and cash flows.The distressed developer did not pay the 96 million yuan (US$13.3...
Workers build a China Vanke development in Dalian, Liaoning province, China, in September 2019. Photo: ReutersVanke shares rose more than 10 per cent to HK$6.30 on Tuesday. The Hang Seng Mainland Properties Index, a gauge tracking 10 mainland home builders listed in Hong Kong, advanced...
International ratings agency Moody’s has stripped state-backed property giant China Vanke of its investment-grade credit rating amid concerns over its liquidity and ability to access funding amid declining sales.Moody’s Ratings withdrew China Vanke’s “Baa3” issuer rating, replacing it with a “Ba1” corporate family rating, which...
Some of China’s largest insurers are sounding the alarm over the debt risks of China Vanke, according to people familiar with the matter, as shares and bonds of the firm – a major property developer – hit record lows on repayment concerns.At least two Beijing-based...
Link Real Estate Investment Trust (Link Reit), Asia’s largest real estate investment trust, is strengthening its operations in mainland China by taking complete control of a retail property in Shanghai from its joint-venture partner China Vanke.Link Reit has agreed to acquire the 50 per cent...
Despite a slew of measures rolled out by Chinese regulators recently to boost demand for property, developers are still struggling with weak sales and reported declines of more than 40 per cent in January, according to real estate brokerages.Home sales at 24 major Chinese developers...
The beginning of a new year means joy and hope for many people, but not for big Chinese developers at the dawn of 2024, after a downward trend in home sales accelerated in December as discounts and easing measures failed to spark demand.China’s top 100...