Real Estate
China Vanke’s Sales Slump Eases as Housing Market Picks Up
- Developer is counting on a rebound in sales to end cash woes
- Chinese authorities have stepped up measures to support market
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China Vanke Co.’s sales slump moderated in May, as a thaw in housing market sentiment boosted the state-backed developer that’s become a focus of the nation’s property crisis.
The value of homes sold gained 11.5% last month from April to 23.3 billion yuan ($3.2 billion), the Shenzhen-based company said. From a year earlier, sales dropped 29.3%, narrowing for a third month.