Land in Shenzhen, China’s southern expertise hub, is scarce. Plots in years previous have grabbed sky-high costs. However when Vanke, one of many nation’s largest property corporations, places 19,000 sq. metres of wind up on the market on Might 18th, it’s going to accomplish that at a reduction of 900m yuan ($125m), or 29%, on the value it paid seven years in the past. The sale reeks of desperation. Vanke has been pressured to flog its property to pay its mounting money owed. The corporate’s struggles are one other signal of the worsening state of affairs in China’s property trade.
