From Investing.com: 2024-04-10 09:17:06

S&P Global downgraded China Vanke, the country’s second largest developer, to BB+ from BBB+ due to weakening competitive position and rising debt. Sales are expected to decline by 25%-28% in 2024-2026, dropping to 270-280 billion yuan from 704 billion yuan in 2020. Moody’s and Fitch previously downgraded the firm to junk status.

S&P also lowered the ratings on China Vanke’s subsidiary, Vanke Real Estate (Hong Kong), to ‘BB’ from ‘BBB’ and reduced the issue rating on Vanke HK’s senior unsecured notes to ‘BB’ from ‘BBB’. ($1 = 7.2340 renminbi)



Read more at Investing.com: S&P slashes property giant China Vanke’s credit rating to junk By Reuters