China Vanke’s Losses Deepen Due to Discounts, Project Costs

(Bloomberg) — China Vanke Co. Ltd. warned that losses grew substantially in the second quarter, with the homebuilder saying that investment in some projects “has been overoptimistic.”

The firm, whose woes this year have been emblematic of the ongoing slump in China’s property sector, said in a Hong Kong Stock Exchange filing that it expects to post a first-half loss of 7 billion yuan ($962 million) to 9 billion yuan. That signals a sharp downturn from the first quarter, when it reported a 362 million yuan loss.