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Investor panic grows as the once-mighty developer struggles for survival.

Vanke’s Deepening Debt Woes Reignite China’s Property Crisis.                                                                                                                                                                            

China’s property crisis has intensified as state-backed giant China Vanke Co. faces renewed doubts over its ability to avoid default. Once the country’s largest developer and a key indicator of market health, Vanke saw its onshore and offshore bonds plunge to distressed levels this week, triggering temporary trading halts. Despite receiving about 30 billion yuan in shareholder loans from its top investor, Shenzhen Metro Group, the builder is rapidly running out of lifelines as borrowing terms tighten following leadership changes. With more than 13 billion yuan in onshore bonds maturing by June 2026 and limited access to fresh loans, analysts warn Vanke is relying on “external transfusions” to stay afloat. A prolonged crisis could undercut Beijing’s efforts to stabilise the housing market, risk more home-price declines, and draw scrutiny to other state-linked developers. Upcoming debt maturities in December will serve as a major test of investor confidence.