China Vanke reports massive 2024 loss, announces executive changes

** China Vanke Co., Ltd. [HKEX: 2202] today released its 2024 Annual Results, reporting a substantial net loss of CNY48.70 billion attributable to shareholders. This decline, a year-on-year decrease of 506.81%, was attributed to decreased settlement scale, increased provisions for impairments, losses on non-mainline investments, and pricing decisions on asset disposals. Revenue decreased by 26.32% to CNY343.18 billion. The company says that the Board is working to focus on core businesses and standardize corporate governance.