China's property market crisis deepens as Country Garden Holdings and China Vanke report significant losses.
China's property market crisis deepens with Country Garden Holdings and China Vanke Co both reporting significant losses. Country Garden delayed its annual results and China Vanke's net profit fell 46% in 2022, its biggest drop since listing in 1991. The ongoing property downturn is affecting both private and state-backed companies, with a 5-10% decline in new home sales forecasted for 2023. The crisis has also increased bad loans for major banks and led to debt defaults by some developers.
March 28, 2024
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