Country Garden reported 96% profit slump, worst since listing China Vanke saw net income climb 11% as it defied the slowdown Bloomberg News China’s two biggest property developers saw contrasting fortunes in the first half as the nation’s real estate crisis deepened. Country Garden Holdings Co. , the largest builder by sales, posted a record 96% drop in profit on Tuesday, citing a “severe depression” in the property market. Bucking the slowdown, its biggest rival China Vanke Co. reported an 11% increase in net income, propelling its shares higher on Wednesday. Vanke’s stronger results underscore the divide between firms with state backing and private players as they try to navigate the sector’s prolonged cash crunch. The two companies also diverged on their outlook for the industry, with Vanke Chairman Yu Liang standing by his view that the worst is over while Country Garden warned of potentially more pain to […]