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China Vanke Profit Tumbles 46%, Vows to Cut Debt By $14 Billion

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China Vanke Co.’s profit tumbled more than analysts expected last year and it vowed to slash debt by almost $14 billion, as the embattled developer tries to stave off default amid a protracted housing crisis.

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Country Garden, Vanke to Expose Extent of China’s Property CrisisEarnings from Country Garden Holdings Co. and China Vanke Co. next week should indicate the extent to which China’s property woes are hurting the world’s second-largest economy.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Vanke’s Sales Drop Most Since 2018 Amid Mounting Liquidity FearsChina Vanke Co. posted its biggest sales decline in six years, adding to the woes of the Chinese property developer that’s trying to stave off its first-ever debt default.
Source: BNNBloomberg - 🏆 83. / 50 Read more »