Top Chinese developers’ losses mount as debt overhaul props up operations
Analysts say subdued demand and cautious buyers persist, with one-off debt restructuring masking deeper losses in the sector
Major Chinese property developers reported operating losses in 2025 as a recovery in the world’s second-largest economy remained elusive after five years of decline, with some headline profits driven mainly by non-cash gains from debt restructuring.
The developer said its annual revenue fell 32 per cent to 233.43 billion yuan, while the basic loss per share was 7.45 yuan, down 78.4 per cent.
The loss, which exceeded Vanke’s 82 billion yuan forecast, was its second full-year deficit since its 1991 initial public offering. In 2024, the company reported a loss of 49.48 billion yuan.
“Despite efforts in repaying 33.2 billion yuan bonds since 2025, in the face of 14.68 billion yuan maturities in 2026, Vanke intends to seek long-term debt resolution solutions based on its actual operating conditions, aiming to secure a window period to stabilise operations and resolve risks,” said Griffin Chan, an analyst at Citi Research, in a report on Tuesday.