万科2026上半年净亏损扩大至149.5亿元，收入同比下滑33%

SHANGHAI -- Losses at Chinese property developer Vanke widened in the first half of this year, underscoring the uphill battle in reversing the country's real estate slump.
Vanke, one of China's top developers by sales, on Thursday reported a net loss of 14.95 billion yuan ($2.2 billion) for the January-June period, compared to a 11.95 billion yuan loss a year ago.
Revenue fell 33% to 70.17 billion yuan. A 46% drop in revenue from real estate development was partly offset by other revenue sources, including its property services and logistics arms. The company also reported larger losses from joint ventures and associated investments.
In its financial report, Vanke said "the current operating environment remains extremely challenging, and the task of risk mitigation remains arduous."
Vanke, which counts state-owned Shenzhen Metro Group as its top shareholder, sent fresh shock waves through the industry last November when it initiated restructuring talks with creditors of its onshore bonds. Since then, it has restructured 9.3 billion yuan in bonds, repaying 40% of the principal while extending repayment of the remaining amount by one year, according to credit rating agency Fitch. Shenzhen Metro provided additional loans to fund the partial repayment.
Vanke had 53 billion yuan in cash and cash equivalents at the end of June, down from 55 billion at the end of March. Analysts say a large chunk of the money is locked up for property development and cannot be used to repay debt. Another 20 billion yuan in capital market debt will mature between December 2026 and November 2027, according to Fitch, which expects Vanke's liquidity position to "remain tight in the near term."
A steep fall in Vanke's stock price and its record 88.6 billion yuan loss last year dragged Shenzhen Metro into a major loss of its own. Since July, Vanke has reshuffled its board, reflecting broadening support from companies owned by the Shenzhen government.
The developer appointed Huang Yu, former deputy director of Shenzhen's financial supervisor and a former executive at a Shenzhen government-controlled investment company, as president. Its new chairman, Xu Enli, was previously the chairman of Shenzhen's toll road operator. Two other directors have backgrounds in Shenzhen-owned investment companies, while another two are from Shenzhen Metro.
Vanke plans to cut costs and sell noncore assets to improve profitability. Investors are also seeking signs of a bottom in the real estate downturn, which started in 2021. New home sales across China this year through July fell 13.2% year-on-year by value, according to government data.
Major cities have been stepping up efforts to spur sales. Beijing this month raised the upper limit of a loan from the housing provident fund, a government program, that homebuyers can take out to finance their purchases. A loan from the fund carries a lower interest rate compared to one offered by commercial banks.
Employees make mandatory contributions to the provident fund from their monthly wages, but these savings were underutilized if they did not buy a home. In September, the central government plans to revise the rules to allow people to also use the balance for paying rent and home renovations, freeing up their bank accounts for other types of consumption.