Jan 27, 2025 · China Vanke, one of China’s largest property developers, said on Monday that its top executives were stepping down and warned of a $6.2 billion loss for 2024, the latest sign that China’s ...

Jan 27, 2025 · Vanke's struggles reflect broader issues in China's real estate sector, where declining homebuyer confidence and oversupply have created a cash-flow crisis for many developers. Once considered resilient in the face of market turmoil, Vanke reported a 34.6% year-on-year decline in total sales for 2024, amounting to 246 billion yuan ($33.7 billion).

Jan 27, 2025 · HONG KONG (Reuters) -Property developer China Vanke said on Monday its chairman Yu Liang and CEO Zhu Jiusheng stepped down as it forecast a record $6.2 billion net loss for 2024, as concerns over ...

Jan 27, 2025 · China Vanke Co.’s chairman and chief executive officer will both resign in an abrupt move after the embattled developer warned of a record 45 billion yuan ($6.2 billion) loss for 2024. Chairman Yu Liang applied to resign due to “work adjustment reasons,” but will remain as a director of the company, Vanke said in a filing to the Hong Kong stock exchange on Monday.

Jan 27, 2025 · Embattled builder China Vanke, once the second-largest Chinese developer by sales, reshuffled its management while forecasting a record US$6.2 billion net loss for 2024 as it struggles to get out ...

Jan 27, 2025 · Vanke said it expected a net loss of approximately 45 billion yuan (US$6.2 billion) in 2024, citing reasons including "the continuous market downturn" and "sales and gross profit margins (that ...

Jan 17, 2025 · The future of developer China Vanke and its $45 billion in debt were in focus on Friday after media reports alleged its CEO had been temporarily detained, deepening concerns about China's...

Mar 12, 2024 · Chinese banks are reportedly scrambling to bail out one of the country’s biggest property developers after its credit rating was downgraded to “junk” status by Moody’s on Monday.

Jan 16, 2025 · China Vanke CEO Zhu Jiusheng was detained by public security authorities on Wednesday and a Shenzhen government task force has stepped in to oversee the property developer's operation, state...

Sep 2, 2024 · (Bloomberg) -- China Vanke Co. faces mounting concerns about its ability to repay debt after posting the first loss in two decades. Vanke had a short-term refinancing gap of about 12 billion yuan ($1.69 billion) at the end of June due to a spike in long-term debt within a year, according to Bloomberg calculations based on company data.