Chinese property developer Vanke posts losses of $1.4 billion
Chinese housing developer Vanke announced significant first-half losses on Friday, 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 ($1.4 billion) in