BEIJING: Chinese housing developer Vanke announced significant first-half losses on Friday (Aug 30), as local real estate firms contend with an industry-wide crisis compounded by declining home sales in a sluggish economy. Vanke was the second-largest developer in China last year in terms of sales, according to specialist firm CRIC. The company reported net losses of 9.9 billion yuan (US$1.4 billion) in the first half of the year ending June 30, according to a filing to the Hong Kong stock

Tag-uri: Real Estate