China Vanke's majority shareholder has expressed its support of the property developer, including making a commitment to spend more than $1.0 billion on its projects.
Vanke, like many of its peers, has been hit by declining property sales and weak consumer confidence. Some of China's property companies face a severe liquidity crisis, leading to defaults by developers including debt-laden China Evergrande Group and Sunac China. Vanke also said Shenzhen Metro is actively preparing to purchase the company's bonds in the open market.