China Vanke reports significant 2024 loss amidst market challenges

** China Vanke Co. (HKEX: 2202) reported a revenue of RMB343.18 billion for 2024, a 26.32% decrease year-on-year, and a net loss attributable to shareholders of RMB49.48 billion. The company attributes the losses to declining settlement scales, increased provisions for impairment, and losses from some financial investments. They also declared they will not pay a dividend, issue bonus shares, or issue share capital for 2024. Despite the loss, Vanke completed delivery of over 180,000 units and achieved sales of RMB246.02 billion. The company is implementing a "package of plans" focused on operational stability, governance, and business model transformation, with support from major shareholder SZMC. As part of this plan, they have already raised and refinanced RMB94.8 billion, and paid a total of RMB29.2 billion in domestic and overseas public bonds. China Vanke projects to commence 6.688 million square meters of new projects and resume plot ratio-based GFA, with a goal of 14.146 completed plot ratio based GFA, for 2025.