China developer Vanke sees pressure on profit amid market downturn

STORY CONTINUES BELOW THESE SALTWIRE VIDEOSHONG KONG - Chinese state-backed property developer China Vanke said its profit would be under pressure in the short term amid a market correction, but that would not hurt its cashflow.

Shenzhen-based Vanke, which is considered to be financially sound, on Wednesday reported a 19.4% fall in net profit year-on-year to 9.9 billion yuan for the first six months of this year. Yu said that as policymakers have been stepping up efforts to stabilize the market, he hoped the new easing policies can be implemented as soon as possible.

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