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China Vanke Co Ltd (18V.MU)

Munich - Munich Delayed Price. Currency in EUR
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0.64000.0000 (0.00%)
As of 08:07AM CEST. Market open.
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  • Reuters

    China developer Vanke sees pressure on profit amid market downturn

    Chinese state-backed property developer China Vanke said its profit would be under pressure in the short term amid a market correction, but that would not hurt its cashflow. China's real estate market, which accounts for roughly a quarter of the world's second biggest economy, is grappling with a debt crisis that has rattled global markets and sparked fears of financial system contagion at a time when the country is already struggling with a broader slowdown. Shenzhen-based Vanke, which is considered to be financially sound, on Wednesday reported a 19.4% fall in net profit year-on-year to 9.9 billion yuan ($1.36 billion) for the first six months of this year.