Vanke’s Sales Drop Most Since 2018 Amid Mounting Liquidity Fears
- February contracted sales fell 53% to 14 billion yuan
- Short wagers on Vanke soared to 14% of HK free float shares
Some of Vanke’s long-dated US dollar bonds have plunged below 50 cents on the dollar, indicating investors see a high risk of default.
Source: Bloomberg
This article is for subscribers only.
China Vanke Co. posted its biggest sales decline in six years, adding to the woes of the Chinese property developer that’s trying to stave off its first-ever debt default.
Vanke’s contracted sales for February plunged 53% from a year ago to 14 billion yuan ($1.9 billion), the Shenzhen-based company said. It was the biggest monthly slide since at least 2018, based on data compiled by Bloomberg. The value of homes sold by the company fell 28% from January.