China property giant Vanke's CEO 'taken away' by police: Report
- Shares of China Vanke fell by more than 8 percent amid rumors of CEO Zhu Jiusheng being detained by police, intensifying concerns over the company's debt load.
- Vanke's mainland-listed shares also dropped by over 4 percent, opening at 6.6 yuan, following a report from the Economic Observer about Zhu's situation.
- The company faces US$4.9 billion in bonds due this year, raising worries about its ability to repay, as noted by Raymond Cheng from CGS International Securities.
- Vanke reported a net loss of 9.9 billion yuan in the first half of 2024, illustrating its struggles in the ongoing real estate crisis in China.
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Leaning Left1Leaning Right2Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
14%
C 57%
R 29%
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