China Vanke Profit Tumbles 46%, Vows to Cut Debt By $14 Billion

(Bloomberg) — China Vanke Co.’s profit tumbled more than analysts expected last year and it vowed to slash debt by almost $14 billion, as the embattled developer tries to stave off default amid a protracted housing crisis.

Net income attributable to shareholders shrank 46% to 12.2 billion yuan ($1.69 billion) for 2023, the Shenzhen-based company said in an exchange filing late Thursday. The drop dwarfs a 14% slide expected by analysts surveyed by Bloomberg.