Vanke Overseas Anticipates Mid-Year Loss

Vanke Property (Overseas) (HK:1036) has released an update.

Vanke Overseas Investment Holding Company Limited has issued a profit warning, announcing an anticipated loss of HK$29 million for the six months ending June 30, 2024, a stark decrease from the HK$3 million profit reported in the same period the previous year. The expected loss is primarily due to impairment provision for the company’s development properties, although the company maintains a net debt ratio of zero and assures that operations and development projects are stable. Investors are urged to exercise caution and seek independent advice when dealing with the company’s shares.

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