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China Vanke Reports First Annual Loss Since 1991 of $6.8bn
April 1, 2025
China Vanke reported a record loss of RMB 49.5bn ($6.8bn) for the previous year, marking its first full-year loss since its IPO in 1991. This was worse than its January forecast, reflecting an RMB 32bn ($4.4bn) loss in Q4, highlighting worsening operations. Vanke cited worsening project bookings, declining gross margins, and impairments on properties as key loss drivers. Its gross margin dropped to around 10%, with significant write-offs in receivables, alongside a large inventory. This comes despite government efforts to revive the housing market. Shenzhen authorities have offered to take control of Vanke, replacing top executives with officials from Shenzhen Metro Group, its largest state shareholder. The state’s intervention underscores Vanke’s role in China’s housing sector, where defaults by rivals have hurt the economy.
Its 3.975% 2027s was down 1 point to 70.3, yielding 19%.
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