China's top residential builders, Country Garden and Vanke, face profit declines and delays due to the nation's deepening real estate crisis.
China's property sector struggles, with Country Garden and Vanke reporting delays and profit declines, as the nation's real estate crisis deepens. Country Garden Holdings Co, once China's top residential builder by sales, delayed its earnings report while China Vanke Co, the largest listed developer, reported a 46% net profit drop last year, the largest since its 1991 listing. The industry's challenges stem from a weak economy and sluggish consumer confidence, leading to price declines in both new and used homes in China.
March 28, 2024
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