China debt crunchLossmaking Shenzhen unit complicates developer's restructuring effortsAn apartment complex managed under China Vanke's Port Apartment brand in Shenzhen. Uncertainty over the future of the business has unnerved customers ahead of the Lunar New Year this month. (Photo by Wataru Suzuki)WATARU SUZUKIFebruary 11, 2026 15:02 JSTSHENZHEN -- China Vanke is retreating from parts of its serviced apartment business after warning of a record 82 billion yuan ($11.8 billion) loss for last year, according to sources and site visits, in the latest sign of stress at the state-backed property developer.