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One notable company navigating this difficult landscape is Vanka, a large, state-backed property development firm. While Vanka is unlikely to go bankrupt like Evergrande, it is still confronting enormous financial challenges. Vanka faces a debt repayment wall of $4.9 billion due in 2025 and recently reported a loss of $1.1 billion in the third quarter of 2024. The company's forecast suggests an annual loss of $2.4 billion for the year.
This substantial loss raises urgent questions about Vanka's viability. For context, the company must not only cover these losses but also pay off considerable maturing debts.