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Vanke Reports Full Year Loss of $12.8bn
April 1, 2026
China Vanke reported a record full-year loss of RMB 88.6bn ($12.8bn) for the previous year, exceeding prior forecasts and also marking its second consecutive annual loss since 1991. This brings the developer’s combined two-year losses to over RMB 130bn ($18.9bn). As per Bloomberg, Vanke’s company’s financial position reflects a widening short-term refinancing gap of nearly RMB 93bn ($13.5bn) at the end of last year. Vanke next liquidity test comes in the upcoming months with more than RMB 11bn ($1.6bn) in local bond maturities and put options through July. While it has avoided default thus far, support from its state-owned backer Shenzhen Metro has waned. Vanke has pledged to pursue a long-term debt restructuring plan, that may include major debt extensions. It also plans to seek new funding sources and coordinate with local governments to raise cash and boost liquidity.
Vanke’s dollar bonds were trading stable at 36-37 cents on the dollar.
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