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Shares of Chinese property developer Vanke dropped 11 per cent as trading resumed in Hong Kong, after the state-linked company last week disclosed its profits halved in 2023.

Vanke, partly owned by Shenzhen Metro, the rapid transit system in the southern city, is the latest focal point of a nationwide property slowdown that has seen many of its peers default on their debts.

The cash crunch emerged with the failure of China Evergrande in 2021 and has since weighed heavily on construction and confidence in the housing market.

Shares in Country Garden, which defaulted in October, were suspended from trading on Tuesday after the company failed to publish its annual report for last year ahead of a March 31 deadline.

Via

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