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Vanke has the support of Shenzhen’s state assets regulator as well as its largest shareholder, state-owned Shenzhen Metro, after reporting its situation to them, it also said in a filing that summarised comments made by the company in a meeting with analysts on Sunday.
The real estate developer also promised to complete projects and deliver apartments on time.
Vanke’s shares and dollar bonds slumped last week after S&P stripped its investment-grade status and the developer confirmed reports that an executive was being investigated, adding to woes for the embattled property sector.
