Vanke, one of China’s leading property developers, said it would cut its debt by $14bn after a nationwide slowdown in the sector hit its sales and saw its profits fall by almost half in 2023.
The company’s net income fell 46 per cent to Rmb12.2bn ($1.69bn) last year, the state-linked company said in an exchange filing late on Thursday. In February, its sales dropped by 53 per cent year-on-year to Rmb14bn.
Separately late on Thursday, fellow developer Country Garden, which defaulted on its international debts in October, said it would delay the release of its annual results for 2023 beyond a deadline of March 31 and expects its shares to be suspended when trading resumes after Easter. It is not clear when the results will be released.
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