AsianFin -- Chinese officials are taking measures to stabilize operations at China Vanke Co. following mounting liquidity pressures and growing concerns over the whereabouts of its top executive, which led to turmoil in the company's bonds and shares last week, according to sources familiar with the matter.
On Friday, officials from Shenzhen, the southern city where Vanke is headquartered, held a private meeting to discuss the developer's situation. Vanke’s largest shareholder is a state-owned firm controlled by the city, granting local authorities significant influence over the company.
During the meeting, the Shenzhen government emphasized its commitment to ensuring the stability of Vanke’s operations, the sources revealed. Additionally, officials outlined plans to bring in new auditors and financial advisors to thoroughly review Vanke’s balance sheet and property projects, laying the groundwork for future actions.
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