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China’s Property ‘Golden Age’ Is Over Says Vanke Chief: SCMP

China Vanke Chairman Yu Liang revealed a 50% year on year slide in contracted property sales in January to $5.6 billion

The property services arm of developer China Vanke is set to launch the largest IPO in Hong Kong this year.
State banks and officials have rushed to ensure China Vanke has access to funding, unlike some private developers who are facing liquidation (AFP file photo from 2021).


The chairman of China Vanke, the country’s third-biggest home seller by sales, has urged staff to gear up for a bruising year. “We are on our last legs, which means there are no other options,” Yu Liang admitted at the company’s annual staff meeting last month.

Yu said the so-called golden age of the past two decades, when home prices only went up and developers made billions of yuan from selling homes, had come to an end, referring to the slowdown in China’s $1.7 trillion housing market that has affected many industry players. 

Full story: South China Morning Post


Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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