Caixin
Mar 31, 2022 08:31 PM
BUSINESS

China’s Real Estate Woes Eat Into Vanke’s Earnings

What’s new: Real estate giant China Vanke Co. Ltd. (000002.SZ) has reported a 45.7% plunge in net profit attributable to shareholders to 22.5 billion yuan ($3.5 billion) for 2021, according to annual earnings published this week.

At a press conference Wednesday, Vanke Chairman Yu Liang attributed the decline to a lower gross profit margin and falling returns from some investments. Revenue of the Guangdong province-based company rose 8% to 452.8 billion yuan last year.

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