China Vanke released a profit warning, with an expected net loss of about CNY 7-9 billion in the first half of 2024, a decrease of 171%-191% compared to the same period last year. The company indicated that the loss is mainly due to a significant decline in the settlement scale and gross profit margin of real estate development projects, some projects have been impaired, and non-main business financial investments and bulk asset transactions resulted in losses. Despite some progress made by the company during the reporting period, such as the delivery of high-quality homes, guaranteeing debt payment, and maintaining industry-leading sales amounts, the transformation of business investments exceeded resources and capabilities, and some development projects were too optimistic, resulting in significant impacts on performance settlement. The company apologizes for this and promises to focus on the main business, promote transformation and upgrading, and return to a healthy and sustainable development path.

China Vanke released a profit warning, with an expected net loss of about CNY 7-9 billion in the first half of 2024, a decrease of 171%-191% compared to the same period last year. The company indicated that the loss is mainly due to a significant decline in the settlement scale and gross profit margin of real estate development projects, some projects have been impaired, and non-main business financial investments and bulk asset transactions resulted in losses. Despite some progress made by the company during the reporting period, such as the delivery of high-quality homes, guaranteeing debt payment, and maintaining industry-leading sales amounts, the transformation of business investments exceeded resources and capabilities, and some development projects were too optimistic, resulting in significant impacts on performance settlement. The company apologizes for this and promises to focus on the main business, promote transformation and upgrading, and return to a healthy and sustainable development path.