Vanke’s FY21 results disappointed with core profit falling by 40% yoy, on weaker margins, lower investment income and asset write-down provisions. Management apologised for the bad results and admitted that it can do a better job, especially for the new business investment. We expect sales to fall 5-10% yoy in FY22F on weak property market. We trim our TP by 4% to Rmb22.5 (c.9% upside) as we cut our FY22-23F EPS forecasts. Reiterate Add.