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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

China Vanke Chairman Yu Liang, seen here in 2017, said he felt "extraordinarily nervous and uneasy" about facing shareholders.    © AP

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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