https://www.scmp.com/rss/323004/feed Vanke is a real estate developer in China. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Zhu Wenqian Zhu Wenqian Major Chinese property developers reported operating losses in 2025 as a recovery in the world’s second-largest economy remained elusive after five years of decline, with some headline profits driven mainly by non-cash gains from debt restructuring. China Vanke posted a record 88.56 billion yuan (US$12.9 billion) loss last year in the latest sign that mainland developers continued to struggle under debt pressure and slowing residential sales. The developer said its annual revenue fell 32 per... https://www.scmp.com/business/article/3348596/vanke-posts-record-8856-billion-yuan-loss-china-property-market-woes-linger?utm_source=rss_feed https://www.scmp.com/business/article/3348596/vanke-posts-record-8856-billion-yuan-loss-china-property-market-woes-linger?utm_source=rss_feed Wed, 01 Apr 2026 01:58:21 +0000 Michael Han Michael Han When it comes to Chinese policy, what section of the work report it ends up in can say more than the policy itself. At the National People’s Congress, the most significant signal was not headline-grabbing stimulus but a quiet re-categorisation. Property policies have yet again been relegated to the risk prevention section in the government work report. This shift confirms that Beijing has fundamentally reappraised the sector. For global investors, the absence of a property stimulus bazooka was a... https://www.scmp.com/opinion/china-opinion/article/3347753/chinas-property-pivot-growth-engine-protected-household-asset?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3347753/chinas-property-pivot-growth-engine-protected-household-asset?utm_source=rss_feed Sun, 29 Mar 2026 01:30:09 +0000 Cao Li Cao Li Ahead of China’s annual legislative meetings – typically a window into Beijing’s top-level policy agenda – this is the seventh entry in a series examining the complex economic recalibration driving China’s growth philosophy and its wide-ranging implications for local governments, financial investors and private enterprises. Investors and policy watchers will be looking to this week’s meetings of China’s national legislature and top political advisory body – also known as the “two sessions” – for... https://www.scmp.com/business/article/3345261/investors-watch-chinas-two-sessions-clues-property-overhaul?utm_source=rss_feed https://www.scmp.com/business/article/3345261/investors-watch-chinas-two-sessions-clues-property-overhaul?utm_source=rss_feed Tue, 03 Mar 2026 23:30:07 +0000 Cao Li Cao Li Shanghai has further relaxed home purchase rules just six months after the last adjustment, in its latest attempt to stem a multi-year property downturn. Non-residents who have made social security contributions or paid individual income tax for one year will be eligible to buy one home in the city, Shanghai authorities said in a joint statement. Previously, non-residents had to wait three years based on a policy announcement last August, easing a five-year mandate introduced in 2016 to cool an... https://www.scmp.com/business/article/3344606/shanghai-eases-residency-requirements-homebuyers-spark-property-recovery?utm_source=rss_feed https://www.scmp.com/business/article/3344606/shanghai-eases-residency-requirements-homebuyers-spark-property-recovery?utm_source=rss_feed Wed, 25 Feb 2026 09:47:59 +0000 Carol Yang Carol Yang China has expanded its list of domestic systemically important banks (D-SIBs) – institutions subject to tighter regulatory standards – as authorities step up macroprudential oversight to safeguard financial stability amid high exposure to property sector debt. China Zheshang Bank, a joint-stock lender in east China’s Zhejiang province with total assets of 3.35 trillion yuan (US$485 billion), was added to the list released on Friday by the People’s Bank of China and the National Financial... https://www.scmp.com/economy/china-economy/article/3343580/china-expands-oversight-major-banks-amid-property-sector-risks?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3343580/china-expands-oversight-major-banks-amid-property-sector-risks?utm_source=rss_feed Sun, 15 Feb 2026 09:00:08 +0000 Cao Li Cao Li Global index provider MSCI revised its China gauge on Wednesday, swapping property and conglomerates for semiconductor and artificial intelligence stocks in a sign of technology’s rising role in the economy. The MSCI China Index added tech stocks including SenseTime, Pony.ai and Hesai Technology for a second straight quarter of net constituent growth since late 2025, a move analysts said would accelerate capital flows into the country’s technology sector. Against a macro backdrop of a relatively... https://www.scmp.com/business/markets/article/3343220/index-compiler-msci-tilts-towards-chinese-tech-stocks-latest-revamp?utm_source=rss_feed https://www.scmp.com/business/markets/article/3343220/index-compiler-msci-tilts-towards-chinese-tech-stocks-latest-revamp?utm_source=rss_feed Wed, 11 Feb 2026 23:30:08 +0000 Cao Li Cao Li China’s commercial real estate stress will force some Hong Kong banks with significant exposure to the sector to set aside additional reserves for potentially higher non-performing loans, which could weigh on their second-half 2025 earnings, according to Citi. In a report on Tuesday, Citi Research said Bank of China (Hong Kong) (BOCHK), the Hong Kong subsidiary of state-owned Bank of China, and Bank of East Asia (BEA) had the highest exposure to China’s commercial real estate, which is under... https://www.scmp.com/business/banking-finance/article/3343080/chinas-property-woes-likely-hurt-some-hong-kong-banks-2025-earnings-citi?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3343080/chinas-property-woes-likely-hurt-some-hong-kong-banks-2025-earnings-citi?utm_source=rss_feed Tue, 10 Feb 2026 11:28:24 +0000 Michael Han Michael Han For five years, China’s real estate sector has been defined by a punishing narrative of default and contraction. This era of discipline reached a pivotal threshold when China Vanke, the industry’s bellwether, recorded an 82 billion yuan (US$11.8 billion) loss. Crucially, this disclosure arrived only a few days after a strategic injection from its largest shareholder, Shenzhen Metro Group. The timing of the 2.36 billion yuan lifeline was a deliberate signal. By restoring ties right before the... https://www.scmp.com/opinion/china-opinion/article/3342182/chinas-real-estate-rethink-can-help-end-developers-debt-addiction?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3342182/chinas-real-estate-rethink-can-help-end-developers-debt-addiction?utm_source=rss_feed Wed, 04 Feb 2026 08:30:39 +0000 Cao Li Cao Li China’s years-long property downturn has carried into 2026, with new-home sales sliding sharply and, by some measures, deteriorating at their fastest pace in recent years. The country’s top 100 developers reported combined contracted sales of 165.5 billion yuan (US$24 billion) in January, down 27 per cent from a year earlier, according to data released over the weekend by China Real Estate Information Corporation (CRIC). Stress was particularly acute among offshore borrowers. The combined... https://www.scmp.com/business/article/3342060/bleak-start-2026-chinas-property-sector-sales-declines-accelerate?utm_source=rss_feed https://www.scmp.com/business/article/3342060/bleak-start-2026-chinas-property-sector-sales-declines-accelerate?utm_source=rss_feed Mon, 02 Feb 2026 06:30:07 +0000 Cao Li Cao Li Home prices in mainland China continued to decline at a rapid pace in December, posing challenges for an economy that is struggling to find new growth drivers. New home prices fell 0.4 per cent month on month on average across 70 cities, according to data from the National Bureau of Statistics (NBS) on Monday. The fall matched November’s drop and was among the steepest in more than a year. Prices slipped 3 per cent year on year in December, accelerating from a 2.8 per cent drop in November. Only... https://www.scmp.com/property/article/3340369/mainland-chinas-home-prices-extend-slide-adding-strain-struggling-property-sector?utm_source=rss_feed https://www.scmp.com/property/article/3340369/mainland-chinas-home-prices-extend-slide-adding-strain-struggling-property-sector?utm_source=rss_feed Mon, 19 Jan 2026 04:14:19 +0000 Zhu Wenqian Zhu Wenqian Distressed Chinese property developer Vanke’s potential debt restructuring constitutes a one-off, technical default, and was not likely to result in contagion effects, according to an HSBC report. The leading mainland developer before it got caught up in the property crisis, Vanke has not yet registered a material default on its domestic bonds. However, two of its key medium-term notes have entered grace periods, and S&P downgraded the company’s long-term issuer credit rating from “CCC-” to “SD”... https://www.scmp.com/business/article/3339624/expect-no-systemic-shock-chinese-developer-vankes-technical-default-hsbc?utm_source=rss_feed https://www.scmp.com/business/article/3339624/expect-no-systemic-shock-chinese-developer-vankes-technical-default-hsbc?utm_source=rss_feed Tue, 13 Jan 2026 00:30:10 +0000 Cao Li Cao Li Offshore bondholders of distressed developer China Vanke could face near-total losses in a worst-case scenario, according to Barclays, underscoring the deepening risks in mainland China’s property sector. In a base-case scenario, bondholders may recover just 10.1 per cent of what they were owed, roughly half what already deeply distressed market prices suggested, the British bank said in a report. However, in a worst-case scenario, assuming lower proceeds from onshore assets and netting out... https://www.scmp.com/business/article/3339084/china-vanke-offshore-bondholders-face-near-wipeout-barclays-worst-case-scenario?utm_source=rss_feed https://www.scmp.com/business/article/3339084/china-vanke-offshore-bondholders-face-near-wipeout-barclays-worst-case-scenario?utm_source=rss_feed Wed, 07 Jan 2026 23:30:09 +0000 Cao Li Cao Li China’s top real estate developers continue to shrink, according to industry data. The number of mainland property developers achieving annual contracted sales of at least 100 billion yuan (US$14 billion) dropped to just 10 in 2025 from a peak of 43 in 2020, research firm China Real Estate Information Corporation (CRIC) said in a report on Sunday. Among the top 10 developers, only one, China Jinmao Holdings, reported year-on-year growth in sales, according to CRIC. The ranks of developers in the... https://www.scmp.com/business/article/3338893/chinas-developers-diminish-further-amid-unending-property-downturn?utm_source=rss_feed https://www.scmp.com/business/article/3338893/chinas-developers-diminish-further-amid-unending-property-downturn?utm_source=rss_feed Tue, 06 Jan 2026 07:30:11 +0000 Nicholas Spiro Nicholas Spiro A cursory glance at Asia’s commercial real estate leasing and investment markets shows that mainland China and Hong Kong are the weakest links. With the exception of Ho Chi Minh City and Taipei, mainland China’s first-tier cities and Hong Kong are the only markets that will experience a decline in office rents this year, according to Knight Frank data. In the investment market, while transaction volumes across the Asia-Pacific increased 7 per cent in the first three quarters of 2025, they fell... https://www.scmp.com/opinion/china-opinion/article/3338726/will-hong-kong-mainland-property-see-recovery-2026-dont-bet-it?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3338726/will-hong-kong-mainland-property-see-recovery-2026-dont-bet-it?utm_source=rss_feed Mon, 05 Jan 2026 08:30:09 +0000 SCMP SCMP This article was first published on January 6, 2006 By Ng Kang-chung South Pole in the bag ... next stop Greenland Fresh from a history-making expedition to the South Pole, Hong Kong adventurer Chung Kin-man is already planning his next great challenge. Chung, 52, who with 54-year-old Shenzhen entrepreneur Wang Shi became the first Chinese to climb the highest peaks on seven continents and visit both poles, returned to Hong Kong yesterday (January 5, 2006). He is already preparing for a mission... https://www.scmp.com/news/hong-kong/article/3338712/first-hongkonger-reach-north-south-poles-returns-home-2006-scmp-archive?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/3338712/first-hongkonger-reach-north-south-poles-returns-home-2006-scmp-archive?utm_source=rss_feed Mon, 05 Jan 2026 05:00:14 +0000 Yulu Ao Yulu Ao Hong Kong stocks ended lower on Tuesday, reversing early gains, as investors booked profits, offsetting optimism that the rally could extend into next year. The Hang Seng Index closed 0.1 per cent lower at 25,774.14, after rising as much as 0.5 per cent earlier. The Hang Seng Tech Index fell 0.7 per cent. On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index gained 0.1 per cent. Technology heavyweights weighed on the index. Short-video sharing platform Kuaishou... https://www.scmp.com/business/china-business/article/3337414/hong-kong-stocks-climb-santa-rally-extends-second-day?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3337414/hong-kong-stocks-climb-santa-rally-extends-second-day?utm_source=rss_feed Tue, 23 Dec 2025 02:39:57 +0000 Bloomberg Bloomberg China Vanke, once the mainland’s biggest developer before it succumbed to an unprecedented property crisis, won last-minute support from creditors to extend a bond grace period in a reprieve that helps it avoid default, at least for now. Holders of Vanke’s 2 billion yuan (US$284 million) note voted in favour of a proposal to extend the grace period to January 28, according to a filing to Chinamoney.com on Monday. The company did not pay the security by its December 15 maturity, which left it in... https://www.scmp.com/business/china-business/article/3337405/china-vanke-wins-bondholders-reprieve-averts-default-now?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3337405/china-vanke-wins-bondholders-reprieve-averts-default-now?utm_source=rss_feed Tue, 23 Dec 2025 01:28:24 +0000 Michael Han Michael Han For years, China Vanke was the property industry’s model pupil: prudent, reliable and seemingly immune to the reckless borrowing that felled its peers. That reputation evaporated in a matter of weeks. On the night of November 26, Vanke announced that it would convene a bondholder meeting to discuss maturity extensions. This move was immediately interpreted by the market as a sign of potential default risk, sparking panic among investors. After four and a half years of falling stock prices, Vanke... https://www.scmp.com/opinion/china-opinion/article/3336774/chinas-property-market-isnt-so-much-collapsing-being-reconfigured?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3336774/chinas-property-market-isnt-so-much-collapsing-being-reconfigured?utm_source=rss_feed Sat, 20 Dec 2025 21:30:08 +0000 Enoch Yiu Enoch Yiu Vanke Hong Kong, a unit of distressed mainland developer China Vanke, sold only seven flats from the latest batch of its Le Mont project in Tai Po on Saturday, a muted result that brokers said was expected given the development has been on the market for months. The developer released 165 flats in the latest batch, with sizes ranging from 270 to 662 sq ft. The offering included 28 one-bedroom, 28 two-bedroom, eight three-bedroom units and eight special units, as part of a six-tower residential... https://www.scmp.com/business/article/3337177/vanke-hong-kong-sells-just-7-units-muted-le-mont-weekend-launch?utm_source=rss_feed https://www.scmp.com/business/article/3337177/vanke-hong-kong-sells-just-7-units-muted-le-mont-weekend-launch?utm_source=rss_feed Sat, 20 Dec 2025 09:19:38 +0000 Yulu Ao Yulu Ao China Vanke’s senior executives have no plans to reduce their personal shareholdings, according to the distressed mainland developer, which is seeking to extend the repayment of its onshore debt to avoid a default. The Shenzhen-listed developer on Thursday was responding to queries from investors on the exchange’s interactive platform, saying it had not received any notification from the executives regarding stake sale plans. Under the exchange’s rules, senior management were required to... https://www.scmp.com/business/china-business/article/3337081/china-vanke-says-top-managers-have-no-plans-sell-shares-it-fights-survival?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3337081/china-vanke-says-top-managers-have-no-plans-sell-shares-it-fights-survival?utm_source=rss_feed Fri, 19 Dec 2025 11:15:10 +0000 Zhu Wenqian,Aileen Chuang Zhu Wenqian,Aileen Chuang Distressed mainland developer China Vanke has unveiled a revised bond extension proposal, seeking approval from creditors after its initial three payment extension bids were rejected, a development that has fuelled concerns about the crisis-hit property sector. Holders of the 2 billion yuan (US$366 million) bond – which matured on Monday – would vote on the revised plan from Thursday to Monday, according to a filing to the Shanghai Clearing House on Tuesday. The proposal needs to secure the... https://www.scmp.com/business/banking-finance/article/3336719/china-vanke-unveils-fresh-proposal-extend-us366-million-bond-after-3-failed-bids?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3336719/china-vanke-unveils-fresh-proposal-extend-us366-million-bond-after-3-failed-bids?utm_source=rss_feed Wed, 17 Dec 2025 05:16:58 +0000 Reuters Reuters China Vanke failed to secure bondholder approval to extend by one year a bond payment due on Monday, a filing showed, increasing the risk of default for the developer and renewing concerns about the crisis-hit property sector. The setback for state-backed Vanke, one of China’s highest-profile developers with projects in major cities, renews concerns about the property sector, where some of the country’s best-known developers have defaulted in recent years. The rejection in a three-day vote that... https://www.scmp.com/business/banking-finance/article/3336379/vankes-bondholders-reject-extension-plan-2-billion-yuan-bonds-raising-default-risk?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3336379/vankes-bondholders-reject-extension-plan-2-billion-yuan-bonds-raising-default-risk?utm_source=rss_feed Sun, 14 Dec 2025 09:00:12 +0000 Nicholas Spiro Nicholas Spiro HSBC, whose relatively bullish view on China’s residential property sector ranks as one of the bravest calls in markets, said in February that 2025 would mark an inflection point for the ailing industry. “We’ve long anticipated government intervention, pent-up demand and a necessary market correction to drive a gradual recovery in property sales – and we’re seeing signs of all of that playing out now,” HSBC said at the time. These green shoots, however, were confined to first-tier cities and had... https://www.scmp.com/opinion/china-opinion/article/3334727/why-china-vankes-debt-woes-have-barely-made-ripple-markets?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3334727/why-china-vankes-debt-woes-have-barely-made-ripple-markets?utm_source=rss_feed Mon, 01 Dec 2025 08:30:12 +0000 Yulu Ao Yulu Ao Global ratings agency S&P has downgraded China Vanke, as the troubled developer grapples with mounting debt and fragile cash flow, raising concerns about a renewed liquidity crisis across the country’s real estate industry. S&P on Friday cut Vanke’s long-term issuer rating to CCC- from CCC and likewise lowered the long-term issue rating on senior unsecured notes of its Hong Kong subsidiary, marking the second downgrade for the developer in less than a month. All ratings were placed on... https://www.scmp.com/business/china-business/article/3334541/china-vanke-hit-fresh-sp-downgrade-amid-mounting-default-concerns?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3334541/china-vanke-hit-fresh-sp-downgrade-amid-mounting-default-concerns?utm_source=rss_feed Fri, 28 Nov 2025 10:44:26 +0000 Bloomberg Bloomberg Developer China Vanke reported a deeper third-quarter loss, highlighting mounting challenges as the prolonged property market downturn continues to weigh on its sales. The Shenzhen-based company posted a loss of 16.1 billion yuan (US$2.3 billion) in the three months ended September 30, roughly doubling its loss from a year earlier. That brings its combined losses for the first nine months of the year to 28 billion yuan, according to a statement to the Shenzhen exchange on Thursday. Persistent... https://www.scmp.com/business/banking-finance/article/3330983/developer-china-vanke-reports-us23-billion-loss-amid-sales-slowdown?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3330983/developer-china-vanke-reports-us23-billion-loss-amid-sales-slowdown?utm_source=rss_feed Fri, 31 Oct 2025 01:47:44 +0000 Salina Li Salina Li The chairman of embattled China Vanke has abruptly stepped down after being appointed early this year, in another blow to the debt-laden property developer. Vanke’s board of directors received a resignation letter from Xin Jie on Sunday. Xin applied to resign as chairman and non-executive director, and would no longer hold any position in the company after his resignation, the developer said in a filing to the Hong Kong stock exchange on Monday. Xin, who has a state-linked background, was... https://www.scmp.com/business/china-business/article/3328798/embattled-chinese-property-developer-vankes-chairman-steps-down-debt-pressures-mount?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3328798/embattled-chinese-property-developer-vankes-chairman-steps-down-debt-pressures-mount?utm_source=rss_feed Mon, 13 Oct 2025 08:37:22 +0000 Salina Li Salina Li Finnish lift maker Kone plans to set up its southern China headquarters in Shenzhen, which will include a research and development centre and a logistics hub, to tap growing opportunities in the Greater Bay Area. The company on Friday signed an agreement with the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen, marking the launch of its investment initiative in the Guangdong-Hong Kong-Macau Greater Bay Area. “It’s a very significant investment for Kone,” said Joe... https://www.scmp.com/business/companies/article/3323611/kone-elevate-greater-bay-area-operations-new-headquarters-shenzhen?utm_source=rss_feed https://www.scmp.com/business/companies/article/3323611/kone-elevate-greater-bay-area-operations-new-headquarters-shenzhen?utm_source=rss_feed Fri, 29 Aug 2025 07:21:23 +0000 Yuke Xie Yuke Xie A gauge of new home prices in China slid 0.3 per cent in July, adding to the steepest drop in eight months in June as a slew of recent government support measures did little to revive citizens’ interest in property investment. The month-on-month drop in new home prices across 70 major cities matched the decline in the previous month, which was the sharpest since a 0.5 per cent fall in October, according to National Bureau of Statistics data released on Friday. New home prices have been sliding... https://www.scmp.com/business/article/3321953/chinas-home-prices-continue-slide-support-measures-fail-budge-sentiment?utm_source=rss_feed https://www.scmp.com/business/article/3321953/chinas-home-prices-continue-slide-support-measures-fail-budge-sentiment?utm_source=rss_feed Fri, 15 Aug 2025 05:34:14 +0000 Salina Li Salina Li New home prices across major cities in mainland China made the biggest decline in eight months in June, exacerbating the weak sentiment in the economy and renewing calls for stimulus measures to resume growth. A price gauge of newly completed homes in 70 major cities fell 0.3 per cent last month from May, faster than the 0.2 per cent decline the previous month, according to data published by the government’s statistics bureau on Tuesday. That was the worst monthly drop in eight months. June’s... https://www.scmp.com/business/article/3318235/chinas-june-new-home-prices-fall-most-8-months-weak-sentiment-grips-market?utm_source=rss_feed https://www.scmp.com/business/article/3318235/chinas-june-new-home-prices-fall-most-8-months-weak-sentiment-grips-market?utm_source=rss_feed Tue, 15 Jul 2025 05:00:22 +0000 Yulu Ao Yulu Ao Hong Kong stocks rose on Tuesday after China’s second-quarter economic growth came in above expectations. The Hang Seng Index closed 1.6 per cent higher at 24,590.12, adding to the 0.3 per cent increase on Monday. The Hang Seng Tech Index rose 2.8 per cent. On the mainland, the Shanghai Composite Index slipped 0.5 per cent, while the CSI 300 Index was little changed. E-commerce giant Alibaba Group Holding added 7 per cent to HK$113.50, while online games provider NetEase rose 3.4 per cent to... https://www.scmp.com/business/china-business/article/3318218/hong-kong-stocks-surge-chinas-second-quarter-growth-exceeds-expectations?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3318218/hong-kong-stocks-surge-chinas-second-quarter-growth-exceeds-expectations?utm_source=rss_feed Tue, 15 Jul 2025 02:45:39 +0000 Salina Li Salina Li Competition is intensifying in Hong Kong’s new residential property market as improved sentiment and declining mortgage rates have prompted developers to offer attractive prices to entice buyers. Homebuyers snapped up just 58 of the 100 flats on offer on the first day of sales at Uni Residence in Tai Wai, agents said. Five out of 10 flats offered by tender were also sold, generating about HK$38 million (US$4.8 million). In contrast, Henderson Land’s The Henley in Kai Tak sold 78 of 80 units on... https://www.scmp.com/business/article/3312588/tepid-sales-hong-kongs-uni-residence-competition-heats-new-home-market?utm_source=rss_feed https://www.scmp.com/business/article/3312588/tepid-sales-hong-kongs-uni-residence-competition-heats-new-home-market?utm_source=rss_feed Sat, 31 May 2025 10:01:07 +0000 Salina Li Salina Li Hong Kong developers are hastening sales of new residential units at attractive prices amid improving market sentiment and a sharp drop in mortgage rates. On Monday, Wing Tai Properties and China Vanke’s Hong Kong unit priced flats in a project in the New Territories at around 8.5 per cent lower than recent nearby transactions in the secondary market. Meanwhile, New World Development (NWD) said on Monday that a new project in Wong Chuk Hang, developed with a consortium of builders, would offer... https://www.scmp.com/business/article/3310937/hong-kong-home-builders-bring-new-flats-market-seizing-sentiment-surge?utm_source=rss_feed https://www.scmp.com/business/article/3310937/hong-kong-home-builders-bring-new-flats-market-seizing-sentiment-surge?utm_source=rss_feed Mon, 19 May 2025 10:30:08 +0000 Yuke Xie Yuke Xie Indebted property developer China Vanke has secured a 1.55 billion yuan (US$215.4 million) loan from state-owned Shenzhen Metro Group, offering some respite as it looks to meet US$3.4 billion in debt obligations this year. Shenzhen’s railway operator, Vanke’s largest shareholder with a 27.2 per cent stake, is extending the loan to the cash-strapped developer to help cover interest and principal repayments, according to a stock exchange filing on Wednesday evening. The loan has a 36-month term... https://www.scmp.com/business/article/3310390/debt-laden-china-vanke-gets-us215-million-loan-state-owned-stakeholder?utm_source=rss_feed https://www.scmp.com/business/article/3310390/debt-laden-china-vanke-gets-us215-million-loan-state-owned-stakeholder?utm_source=rss_feed Thu, 15 May 2025 02:10:35 +0000 Bloomberg Bloomberg China Vanke’s first-quarter loss widened, underscoring the property developer’s challenges even after the government in its hometown of Shenzhen stepped in to take control of operations. The company reported a net loss of 6.25 billion yuan (US$860 million) in the three months ended in March, steepening from a 362 million yuan loss a year earlier, according to a Hong Kong exchange filing on Tuesday. The loss stemmed mainly from declines in home settlements and gross margins, Vanke said. Margins... https://www.scmp.com/business/companies/article/3308459/vankes-first-quarter-loss-deepens-us860-million-despite-shenzhen-metro-group-rescue?utm_source=rss_feed https://www.scmp.com/business/companies/article/3308459/vankes-first-quarter-loss-deepens-us860-million-despite-shenzhen-metro-group-rescue?utm_source=rss_feed Wed, 30 Apr 2025 02:58:23 +0000 Aileen Chuang Aileen Chuang Hong Kong stocks climbed on Wednesday as positive news from some index heavyweights, including AIA and Xiaomi, offset concerns about weakness in China’s manufacturing sector amid a tariff conflict with the US. The Hang Seng Index rose 0.5 per cent to 22,119.41, the biggest gain in five days. The Hang Seng Tech Index advanced 1.4 per cent. On the mainland, the CSI 300 Index eased 0.1 per cent and the Shanghai Composite Index lost 0.2 per cent. Onshore markets will be closed for the Labour Day... https://www.scmp.com/business/markets/article/3308452/hong-kong-stocks-mirror-contraction-china-pmi-data?utm_source=rss_feed https://www.scmp.com/business/markets/article/3308452/hong-kong-stocks-mirror-contraction-china-pmi-data?utm_source=rss_feed Wed, 30 Apr 2025 02:29:10 +0000 Yuke Xie,Enoch Yiu Yuke Xie,Enoch Yiu Major Chinese developers like China Overseas Land & Investment and Country Garden Holdings continue to report disappointing earnings, as the country’s property sector remains mired in a downturn despite a range of supportive measures. State-backed China Overseas Land & Investment’s profit for 2024 plunged 40 per cent to 15.6 billion yuan (US$2.2 billion) while its total debt dropped 6 per cent to 241.6 billion yuan, according to a filing to the Hong Kong stock exchange on Monday. Revenue fell 9... https://www.scmp.com/business/article/3304602/no-respite-sight-top-chinese-developers-profits-continue-slump?utm_source=rss_feed https://www.scmp.com/business/article/3304602/no-respite-sight-top-chinese-developers-profits-continue-slump?utm_source=rss_feed Mon, 31 Mar 2025 11:09:28 +0000 Salina Li Salina Li Hong Kong’s residential property market is showing signs of improvement following the government’s decision to lower the stamp duty for small flats, but market experts believe a buoyant stock market has played a greater role in boosting market confidence and that interest rate trends remain crucial. The Hong Kong government reduced the stamp duty on the sale of flats worth up to HK$4 million (US$515,000) to just HK$100, down from HK$60,000, Financial Secretary Paul Chan Mo-po announced in his... https://www.scmp.com/business/article/3303455/hong-kong-property-demand-aided-stamp-duty-cuts-stocks-and-interest-rates-are-key?utm_source=rss_feed https://www.scmp.com/business/article/3303455/hong-kong-property-demand-aided-stamp-duty-cuts-stocks-and-interest-rates-are-key?utm_source=rss_feed Sun, 23 Mar 2025 03:30:11 +0000 Cao Li Cao Li China Vanke sold nearly all of the more than 200 units on offer at its Le Mont project on the first day of sales, despite earlier reports indicating that some Hong Kong banks were refusing to extend mortgages to prospective buyers. By Saturday evening, 223 of the 228 available flats at the new Tai Po residential project developed by Vanke Hong Kong, wholly owned by China Vanke, had been sold, said Sammy Po Siu-ming, CEO of Midland Realty’s residential division. The flats – ranging from 214 sq ft... https://www.scmp.com/business/banking-finance/article/3302511/china-vankes-le-mont-project-tai-po-selling-briskly-despite-mortgage-concerns?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3302511/china-vankes-le-mont-project-tai-po-selling-briskly-despite-mortgage-concerns?utm_source=rss_feed Sat, 15 Mar 2025 07:17:06 +0000 Cheryl Arcibal,Salina Li Cheryl Arcibal,Salina Li Some banks in Hong Kong are not extending mortgages for China Vanke’s Le Mont project due to be launched in Tai Po, another setback for the embattled mainland Chinese developer battling a liquidity crisis. Standard Chartered, one of the city’s three currency-issuing banks, and Chong Hing Bank were not accepting mortgage requests from potential homebuyers at Le Mont, according to property agents. Standard Chartered declined to comment. Chong Hing Bank said in a statement that it mainly considers... https://www.scmp.com/business/article/3301942/some-hong-kong-banks-refuse-mortgages-china-vankes-le-mont-project-tai-po?utm_source=rss_feed https://www.scmp.com/business/article/3301942/some-hong-kong-banks-refuse-mortgages-china-vankes-le-mont-project-tai-po?utm_source=rss_feed Tue, 11 Mar 2025 10:00:40 +0000 In its year-ahead outlook for China’s economy on November 15, Goldman Sachs was resolutely downbeat about the prospects for a stabilisation in the housing market, saying “there still appears to be no clear sign of a bottoming out despite continued easing efforts”. The Wall Street bank predicted the downturn in the residential property market would be “a multi-year growth drag for the Chinese economy”, shaving as much as two percentage points off growth this year, with the drag expected to... https://www.scmp.com/opinion/china-opinion/article/3300786/optimism-chinas-property-market-well-deserved-caution?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3300786/optimism-chinas-property-market-well-deserved-caution?utm_source=rss_feed Tue, 04 Mar 2025 01:30:08 +0000 Yuke Xie Yuke Xie A key offshore financing unit of China Evergrande Group was ordered to wind up on Monday, while a court hearing for an offshore arm is slated for Tuesday, as the nation’s crisis-hit developers brace for 700 billion yuan (US$95.8 billion) of bond maturities this year. The Hong Kong High Court ordered Tianji Holding, Evergrande’s offshore subsidiary and guarantor, to be wound up, saying that the company was insolvent and needed to be liquidated “as soon as possible” to protect creditors. The... https://www.scmp.com/business/article/3299005/china-property-crisis-hong-kong-court-orders-evergrande-and-hna-units-liquidate?utm_source=rss_feed https://www.scmp.com/business/article/3299005/china-property-crisis-hong-kong-court-orders-evergrande-and-hna-units-liquidate?utm_source=rss_feed Mon, 17 Feb 2025 09:39:27 +0000 Yulu Ao Yulu Ao Indebted mainland developer China Vanke has secured a funding guarantee from its main state-backed shareholder to repay debt, indicating further support from the government following a management reshuffle. Shenzhen Metro Group, which holds a 27.2 per cent stake, signed a three-year agreement with Vanke to provide secured loans of up to 2.8 billion yuan (US$383 million), according to a filing to the Hong Kong stock exchange late on Monday. Vanke will provide assets of up to 4 billion yuan as... https://www.scmp.com/business/china-business/article/3298171/china-vanke-secures-us383-million-lifeline-shenzhen-metro-group-repay-debt?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3298171/china-vanke-secures-us383-million-lifeline-shenzhen-metro-group-repay-debt?utm_source=rss_feed Tue, 11 Feb 2025 04:32:25 +0000 Cheryl Arcibal Cheryl Arcibal The Shenzhen government is likely to bail out China Vanke, allowing the troubled mainland Chinese developer to overcome its liquidity problems, according to industry observers. Following the board changes announced on Monday, Vanke’s shares surged by as much as 6.89 per cent on Tuesday, before paring gains to close 2.1 per cent higher at HK$5.78. Vanke, once China’s second-largest developer by sales, named Xin Jie as its new chairman. Xin is also the chairman of state-owned Shenzhen Metro Group,... https://www.scmp.com/business/article/3296558/china-vankes-management-reshuffle-signals-bailout-troubled-developer-analysts-say?utm_source=rss_feed https://www.scmp.com/business/article/3296558/china-vankes-management-reshuffle-signals-bailout-troubled-developer-analysts-say?utm_source=rss_feed Tue, 28 Jan 2025 06:30:09 +0000 Yulu Ao,Yuke Xie Yulu Ao,Yuke Xie Embattled builder China Vanke, once the second-largest Chinese developer by sales, reshuffled its management while forecasting a record US$6.2 billion net loss for 2024 as it struggles to get out from under US$4.9 billion in debt maturing this year. The company named a chairman with a state-linked background, sending positive signals about its ability to pay its debts after a bond sell-off triggered ratings downgrades from Fitch Ratings and S&P Global a week ago. The news boosted prices of... https://www.scmp.com/business/china-business/article/3296487/developer-china-vanke-forecasts-record-us62-billion-loss-amid-management-reshuffle?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3296487/developer-china-vanke-forecasts-record-us62-billion-loss-amid-management-reshuffle?utm_source=rss_feed Mon, 27 Jan 2025 12:19:25 +0000 Yuke Xie Yuke Xie Fitch Ratings downgraded some of developer China Vanke’s bonds deeper into junk territory, adding to the list of challenges that the embattled company faces, with US$4.9 billion in debt maturing this year. On Monday, the global ratings firm downgraded Vanke’s long-term foreign and local-currency issuer default ratings (IDRs) to B- from B+. It also lowered the long-term IDR of Vanke Real Estate (Hong Kong), a wholly owned subsidiary, to CCC+ from B, among other adjustments. Fitch has now cut the... https://www.scmp.com/business/article/3295663/embattled-chinese-developer-vanke-suffers-fitch-ratings-bond-downgrade?utm_source=rss_feed https://www.scmp.com/business/article/3295663/embattled-chinese-developer-vanke-suffers-fitch-ratings-bond-downgrade?utm_source=rss_feed Tue, 21 Jan 2025 10:30:06 +0000 Yuke Xie Yuke Xie Shares in developer China Vanke fell and rumours swirled about its CEO’s whereabouts on Friday, as the company’s debts led analysts to discuss a government rescue of the country’s largest builder by revenue. A takeover could be seen as a positive development in the market, according to an analyst, as the company and other major builders continue to grapple with a looming wave of debt maturities this year, all while the country’s housing prices continue their downward trend. “We think it’s still... https://www.scmp.com/business/china-business/article/3295119/china-vanke-shares-drop-amid-reports-ceo-detention-police?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3295119/china-vanke-shares-drop-amid-reports-ceo-detention-police?utm_source=rss_feed Fri, 17 Jan 2025 02:33:06 +0000 Yuke Xie Yuke Xie From Vanke to China Resources Land, a number of state-backed developers on the mainland have unloaded land that they accumulated during the boom times, and analysts believe more firms will follow suit in an effort to ease their liquidity crises. Yuexiu Property, which is backed by the municipal government of Guangzhou, the capital of southern Guangdong province, has returned 12 billion yuan (US$1.6 billion) worth of land to local governments since August. Meanwhile, in July, state-owned China... https://www.scmp.com/business/article/3294062/china-state-backed-developers-give-back-land-they-acquired-when-property-market-was-hot?utm_source=rss_feed https://www.scmp.com/business/article/3294062/china-state-backed-developers-give-back-land-they-acquired-when-property-market-was-hot?utm_source=rss_feed Thu, 09 Jan 2025 09:00:07 +0000 Cao Li Cao Li Lived-in home sales in some of China’s largest cities are picking up, but prices remain subdued, with Japanese investment bank Nomura noting that the property crisis weighing on the economy for nearly four years is far from over. In Shenzhen, a total of 2,390 second-hand homes changed hands last week, the most in more than three years, according to data compiled by the Shenzhen Real Estate Intermediary Association. Similar trends have been observed in other major cities, including Beijing and... https://www.scmp.com/business/article/3290312/china-property-lived-home-sales-rise-prices-fall-shenzhen-beijing-shanghai?utm_source=rss_feed https://www.scmp.com/business/article/3290312/china-property-lived-home-sales-rise-prices-fall-shenzhen-beijing-shanghai?utm_source=rss_feed Wed, 11 Dec 2024 08:30:51 +0000 Yuke Xie Yuke Xie Over the past few months, several major Chinese developers have secured fresh approvals for their debt restructuring plans, with creditors accepting substantial haircuts in hopes of recovering what is left of their funds. Analysts call it a “positive signal”. Yet cash-strapped builders face relentless liquidity woes and may be forced into drastic price cuts to offload unsold properties. In other words, the three-year slump in China’s property market shows no clear signs of resolution. “Too much... https://www.scmp.com/business/article/3288745/china-property-market-faces-long-recovery-road-despite-restructuring-progress?utm_source=rss_feed https://www.scmp.com/business/article/3288745/china-property-market-faces-long-recovery-road-despite-restructuring-progress?utm_source=rss_feed Sun, 01 Dec 2024 03:00:12 +0000 Yuke Xie Yuke Xie Improved property sales in October have given China’s cash-strapped developers more breathing room, as Beijing’s recent economic stimulus measures, which include mortgage rate cuts for homeowners, bolstered market confidence. China Vanke on Friday posted a 23 per cent month-on-month increase in contracted sales to 21.4 billion yuan (US$2.98 billion) in October. Beijing-based Longfor Group, one of the country’s top 10 developers by sales, posted a 37 per cent rise in contracted sales to 11.2... https://www.scmp.com/business/article/3285894/chinas-property-developers-vanke-longfor-see-october-sales-surge?utm_source=rss_feed https://www.scmp.com/business/article/3285894/chinas-property-developers-vanke-longfor-see-october-sales-surge?utm_source=rss_feed Sat, 09 Nov 2024 10:00:13 +0000