China developer Vanke sees pressure on profit amid market downturn

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China developer Vanke sees pressure on profit amid market downturn
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HONG 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.China's real estate market, which accounts for roughly a quarter of the world's second biggest economy, is grappling with

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HONG 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 per cent 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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