BEIJING: Chinese housing developer Vanke announced significant first-half losses on Friday (Aug 30), as local real estate firms contend with an industry-wide crisis compounded by declining home sales in a sluggish economy.
A person walks past a gate with a sign of Vanke at a construction site in Shanghai, China , Mar 21, 2017. BEIJING: Chinese housing developer Vanke announced significant first-half losses on Friday , as local real estate firms contend with an industry-wide crisis compounded by declining home sales in a sluggish economy.
The amount was higher than estimates made by the group last month, which predicted a net loss of between 7 and 9 billion yuan. The company is part-owned by the city government of Shenzhen in southern China - once seen as a guarantee of its solidity.
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