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China Steps Up Vanke Intervention as Developer Woes Deepen
- Shenzhen government held a meeting on Friday to discuss Vanke
- Officials plan to stabilize Vanke operations, add new auditors
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Chinese officials are taking steps to stabilize operations at China Vanke Co. after deepening liquidity stress and questions surrounding the whereabouts of its top executive triggered turmoil for its bonds and shares last week, according to people familiar with the matter.
Officials of Shenzhen, the southern metropolis where Vanke is based, held a closed-door meeting to discuss Vanke on Friday, said the people, asking not to be identified discussing a private matter. Vanke’s largest shareholder is a state firm controlled by the city, giving the local government tremendous sway over the developer.