(Yicai) Feb. 3 -- More than 70 percent of property developers listed in the Chinese mainland said they expect to have lost money last year amid the ongoing downturn in China’s real estate market.

The net loss at China Vanke, which recently avoided a debt default, likely expanded 66 percent to CNY82 billion (USD11.8 billion) in 2025, the Shenzhen-based firm announced on Jan. 30. That is the worst red ink among the 49 of 65 mainland-listed developers that have warned of losses.

Together, the 65 likely lost between CNY164 billion and CNY202.2 billion (USD23.6 billion and USD29.1 billion) last year.

Shenzhen-based Vanke attributed its earnings deterioration to a sharp drop in revenue recognized from projects, low gross profit margins, and an increase in business risk exposure, adding that it also made provisions for credit and asset impairments.

Vanke is one of five developers expecting a loss in excess of CNY10 billion (USD1.4 billion). China Fortune Land Development predicts between CNY16 billion and CNY24 billion, Greenland Holdings between CNY16 billion and CNY19 billion, Shenzhen Overseas Chinese Town between CNY13 billion and CNY15.5 billion, and Gemdale from CNY11.1 billion to CNY13.5 billion.

Jinke Property Group had the highest expected net profit at CNY30 billion to CNY35 billion. But the bulk of that came from a one-off debt restructuring gain of between CNY68 billion and CNY70 billion, rather than from operations.

China’s property market has been in a slump since 2022. Last year, sales fell 8.7 percent to around CNY8.4 trillion (USD1.2 trillion) and sank 12.6 percent to 881 million square meters, according to data from the National Bureau of Statistics.

The resale market bounced back last month, with the floorage of pre-owned houses sold in 13 key cities, including Beijing and Shenzhen, jumping 33 percent from a year earlier and 16 percent from December, according to statistics from research institute China Residence Information Circle, offering tentative signs of a broader market stabilization.

Editors: Dou Shicong, Martin Kadiev