(Yicai) Feb. 3 -- More than 70 percent of builders listed on the Chinese mainland have said they expect to have logged net losses last year amid the continued downturn in the Chinese real estate market.

Net loss of China Vanke, which recently faced a debt repayment crisis, likely expanded 66 percent to CNY82 billion (USD11.8 billion) last year from 2024, the most among the 49 of 65 mainland-listed developers that expect losses, the Shenzhen-based firm announced on Jan. 30.

The 65 builders likely saw combined losses of between CNY164 billion and CNY202.2 billion (USD23.6 billion and USD29.1 billion) in 2025.

The main reasons for Vanke's growing losses include a significant drop in the scale of revenue recognized from real estate development projects, low gross profit margins, and an increase in business risk exposure, the company said, adding that it also added provisions for credit and asset impairment.

Vanke was one of five developers expecting its loss to exceed CNY10 billion (USD1.4 billion), with China Fortune Land Development predicting a loss of between CNY16 billion and CNY24 billion, Greenland Holdings of CNY16 billion and CNY19 billion, Shenzhen Overseas Chinese Town of CNY13 billion and CNY15.5 billion, and Gemdale of CNY11.1 billion and CNY13.5 billion.

Jinke Property Group was the builder with the highest expected net profit at CNY30 billion to CNY35 billion. However, its substantial profit mainly stems from a one-time debt restructuring gain of between CNY68 billion and CNY70 billion from the execution of a debt restructuring plan.

Last year, the Chinese real estate market continued to be in a downward cycle that began in 2022. The area of sold new properties declined 12.6 percent to 881 million square meters, while the amount fell 8.7 percent to around CNY8.4 trillion (USD1.2 trillion), according to data from the National Bureau of Statistics.

China's second-hand home market bounced back last month, with the area of such 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 real estate research institution China Residence Information Circle. The trend will likely help stabilize the overall market and halt its decline.

Editors: Dou Shicong, Martin Kadiev