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Bond Market News
Vanke Reports First Interim Loss in Over Two Decades
September 3, 2024
China’s Vanke reported its first interim loss in over two decades. The company reported a net loss of RMB 9.85bn ($1.4bn) for the 1H period ending June 2024 vs. net profit of RMB 9.87bn ($1.4bn) last year, according to the HKEX filing. The company’s first interim loss since 2003 came in 9.4% higher than the top of range ($962mn – $1.2bn) defined by the company in the profit warning in July. Vanke’s revenue fell by 29% to RMB 142.8bn ($20bn), dragged by discounts offered to homebuyers in an effort to reduce inventory, the company said. According to Bloomberg, Vanke faces a funding gap of $1.7bn as of end June, which could be plugged if the company has access to financing. Vanke was downgraded to HY status by all the three major rating agencies, earlier this year.
Its 3.15% 2025 traded weaker at 83.75 cents on the dollar.
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