Top Chinese developers’ losses mount as debt overhaul props up operations
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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.
China Vanke posted a record 88.56 billion yuan (US$12.9 billion) loss last year in the latest sign that mainland developers continued to struggle under debt pressure and slowing residential sales.
The developer said its annual revenue fell 32 per...




