Property News · April 1, 2022

Vanke, Zhenro and China Overseas post falling profits as clampdown adds to dimming economic prospects in driving homebuyers to the sidelines


Several Chinese property developers have reported plunging 2021 profits, as a clampdown on home prices combined with dimming economic prospects to deter buyers from committing to big-ticket purchases during the Covid-19 pandemic. China Vanke, the country’s third-largest real estate company by sales, said its core net profit halved to 22.5 billion yuan (US$3.54 billion) while sales fell 10 per cent to 628.78 billion yuan, according to a statement to the Hong Kong stock exchange. Zhenro…

Source : South China Morning Post
Read more…Vanke, Zhenro and China Overseas post falling profits as clampdown adds to dimming economic prospects in driving homebuyers to the sidelines

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