This article only represents the author's own views.
Just before the New Year holidays, property developer China Vanke Co. Ltd. (2202.HK; 000002.SZ) dropped a series of bombshells, as if keen to get the fireworks out of the way and make a fresh start in the Year of the Snake.
First up was a profit warning. The real estate giant forecast it was facing a record loss of 45 billion yuan ($6.17 billion) for 2024 on disappointing sales, in a sharp reversal from a profit of 12.2 billion yuan a year earlier.
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