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Vanke boss sorry for profit drop as other China builders go quiet

Top developer by sales offers consolation of bigger dividend and share buyback

HONG KONG -- While rival China Evergrande Group and other private developers were set on Thursday to miss a deadline to brief shareholders on their financial status, the chairman of China Vanke chose to deal with the company's bad news head on.

"Here, I would like to express my deep and sincere apology to 520,000 Vanke shareholders," said Yu Liang during the company's online results briefing, referring to the "bad result" of a 46% drop in annual net profit for China's top developer by 2021 contracted sales value.

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