China Vanke Co. Faces Profit Decline And Debt Reduction Amid Housing Crisis

China Vanke Co. faced a significant setback as its profit plummeted more than analysts' projections and vowed to reduce debt by nearly $14 billion amidst a prolonged housing crisis. The company's net income attributable to shareholders shrank by 46% to 12.2 billion yuan ($1.69 billion) for the year 2023, as stated in the exchange filing late Thursday. The embattled developer is grappling to avert default amid the prevailing housing crisis, emphasizing the formidable challenges confronting the company.