China Vanke Debt Cracks Exposed After First Loss in 20 Years [Yahoo! Finance]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Yahoo! Finance
Most Read from Bloomberg A Guide to Urban Swimming in Europe, Beyond the Seine Dense Cities With Low Emissions Suffer Most From Air Pollution, Study Finds Intergenerational Housing Could Help Older Adults Combat Loneliness Turkey Plans Istanbul Taxi Surge to Tackle Complaints Vanke had a short-term refinancing gap of about 12 billion yuan ($1.69 billion) at the end of June due to a spike in long-term debt within a year, according to Bloomberg calculations based on company data. That's the first time Vanke's cash balance has failed to cover interest-bearing debt maturing in less than a year since at least 2014. As a bellwether for China's real estate crisis, Vanke's debt troubles underscore how even the highest quality developers have been ensnared by the unprecedented property downturn. While it's managed to avoid a default so far, Vanke's sprawling connections with the nation's financial and government-backed entities means its distress could eclipse the turmoil wreaked
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