China Vanke reported a 14.95 billion yuan ($2.2 billion) net loss for the first half, underscoring the distressed developer’s liquidity strain as major debt payments approach.
The loss compared with 11.95 billion yuan a year earlier and brought Vanke’s combined losses since 2024 to 153 billion yuan. Revenue plunged 33% to 70.2 billion yuan.
Cash and cash equivalents fell 23% to 53.8 billion yuan, while interest-bearing liabilities declined about 4% to 351 billion yuan. About 179 billion yuan of that debt is due within a year, according to the company’s filing.
Vanke said available working capital was relatively tight. It plans to accelerate sales, collect receivables and exit non-core businesses in an orderly manner.
The developer elected a new board in July under the full control of authorities in Shenzhen. Its state backer, Shenzhen Metro Group, holds about 27% of Vanke and provided more than 30 billion yuan in loans last year and another 4.5 billion yuan so far this year, according to Bloomberg calculations and the filing.
