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An announcement from China Vanke Co ( (HK:2202) ) is now available.
China Vanke Co., Ltd. has issued a profit alert indicating an anticipated net loss of approximately RMB45,000 million for the fiscal year 2024, a stark contrast to the previous year’s profit of RMB12,162.6844 million. The company attributes this downturn to several factors, including a decline in real estate development project settlements and gross profit margins, provisions for credit and inventory impairment, and losses from financial investments. Despite these challenges, China Vanke has implemented business reforms and risk mitigation strategies, achieving significant sales and contract amounts. The company remains optimistic about the stabilization of the real estate market and plans to focus on core businesses to return to a sustainable development path in 2025.
More about China Vanke Co
China Vanke Co., Ltd. is a leading real estate developer in China, focusing on comprehensive residential development, property services, and rental housing. The company is known for its large-scale real estate projects and has a significant market presence in the Chinese real estate industry.
YTD Price Performance: 3.04%
Average Trading Volume: 10,767
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $11.48B
For a thorough assessment of 2202 stock, go to TipRanks’ Stock Analysis page.
