Vanke shares decline on upped impairment buffer

Company states asset provision is prudent strategy

Leading residential property developer China Vanke Co has lowered its outlook on the real estate market in 12 cities, due to concerns regarding the booming market.

Financial results released on Sunday showed Vanke's asset impairment provision for projects last year amounted to 1.38 billion yuan ($200.9 million), a year-on-year increase of 82.3 percent, in response to constant fluctuations in housing and land prices in some cities.