Vanke 2025 Net Loss Widens 79% to $13 Billion on Massive Impairments

China Vanke Co. Ltd.’s net loss widened nearly 79% to 88.6 billion yuan ($12.9 billion) in 2025, as the cash-strapped developer booked heavy impairment charges amid China’s prolonged property downturn.

The result underscored how deeply the sector slump has hit even Vanke, long viewed as one of the industry’s more financially conservative players. The Shenzhen-based company has increasingly relied on state-linked support and debt extensions as it manages a liquidity crunch tied to earlier years of aggressive expansion.