The Chinese giant Giant Vanke reports annual losses of $ 6.8 billion. USA

Chinese debt giant, Chinese Giant Vanke reported annual losses of 49.5 billion yuan (6.8 billion dollars) on Monday, citing a fall in sales and reducing the rate of profit, despite Beijing’s attempts to restore the housing market.

Vanke stated that 2024 is an “exceptionally difficult year” in the submission to the Hong Kong Stock Exchange and apologized for the “suffering caused … because of a significant decrease in sales, significant losses and pressure on our liquidity.”

Beijing in recent years has contracted a long crisis in a huge country real estate The sector, once a key column of economy, is now experienced by widespread debt.

According to Cric’s research firm, the Gong Kong List in Hong Kong is a partial Shenzhen government and was the fourth largest real estate firm in China.

Vanke stated on Monday that “failed to be released from the inertia of high, high turnover and high levels, which led to problems”, such as aggressive investments and excessive expansion.

Last year, it was marked by Vanke’s first annual losses since its lessons in 1991, and the scale exceeded January $ 6.2 billion.

The income decreased by 26 percent in the annual calculation to $ 47.3 million.

Vanke partially explained the losses “a significant reduction in the settlement scale and the gross rate of profit in development business.”

The chief operating director of the company and the executive Vice -President Liuyau resigned from his post Monday “because of work adjustment”, the firm said.

“After retreating from these roles (Liu) will continue to work in the company, focusing on a strategic investment business,” the company reports.

On January 27, Vanke saw his higher management, including the resignation of its CEO of Zhu Jiushenha, which the company stated that “because of health reasons”.

That month, the Chinese department of economic reporter refers to sources that Zhu was “taken away by public safety bodies” without specifying his predictable offenses.

Beijing announced support measures in November for the sector of the sick property, which included a decrease in the tax rates on certain first and second homes in four large cities, including Beijing and Shanghai.

Despite the policy package, Vanke suffered net losses of $ 4.35 billion in the last quarter of last year.

The company stated that this year it will face the concentrated repayment of its public debts, “increasing the pressure of liquidity even more.”

Chinese authorities have launched plans to help Vanke connect a break in financing $ 6.8 billion this year, Bloomberg News reports last month.

Vanke is a few major Chinese companies -non -recent, debt in the debt crisis in recent years, which has left developers in heavy financial problems.

CAISIA’s vague developers and the rural garden – both reflected from the end of the petition in Hong Kong courts – also reported losses separately.

Kaisa stated on Monday that his losses per year had increased by 48.4 percent to $ 4.03 billion in 2024.

Country Garden reported annual losses related to $ 4.5 billion owners on Sunday, adding that his total debt was $ 34.9 billion at the end of last year.

Source: AFP