China Vanke, a state-backed property developer under liquidity stress, forecast a wider net loss of up to 12 billion yuan ($1.67 billion) for the first six months, hurt by a sharp drop in project settlements, low profit margins and extra provisions.
The developer's Hong Kong-listed shares fell as much as 3.6% in early trade, while its Shenzhen-listed shares dropped 2.6%.
The developer launched a senior management reshuffle in January that increased state oversight and intervention to contain any non-repayment risks amid a prolonged market slump.
"The company deeply apologises for the performance loss and will continue to make every effort... to get back to the path of healthy development," Vanke said in a filing late on Monday.
($1 = 7.1670 Chinese yuan renminbi)
