Vanke: Widening Net Loss Due to Weak Margins and More Write-Offs; Lowering Valuation by 8%

China Vanke expects a CNY 9.5 billion-CNY 11.5 billion recurring net loss for first half 2025, widening from a CNY 7.6 billion net loss in the same period last year. The firm ascribed this to a sharp decline in property development's gross margin, project write-offs, and asset disposal losses.