China Vanke Posts First-Quarter of Losses Amid Property Woes

Dow Jones04-30

By Kimberley Kao

China Vanke posted a first-quarter loss as earnings were weighed by the ongoing slump in China's property sector.

The company, one of China's largest property developers, late Monday announced a net loss of 361.97 million yuan ($50 million) for the first three months of the year. That compared with a net profit of CNY1.46 billion in the same period a year earlier.

Revenue fell 10% on year to CNY61.59 billion. Cash and cash equivalents fell 41% on year to CNY80.82 billion.

The Shenzhen-based company said the "domestic commercial housing market continued to be under pressure" in the first quarter of the year, leading to a slide in sales.

Its Hong-Kong listed shares fell 5.7% to 4.67 Hong Kong dollars (US$0.60) in early trade Tuesday.

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

April 29, 2024 21:44 ET (01:44 GMT)

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