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Story summary
- China Vanke Co. (the developer) faces a debt crisis after S&P Global downgraded its credit rating to CCC- due to weak liquidity.
- Bondholders will discuss delaying a 2 billion yuan repayment at a December 10 meeting.
- Its bonds and stocks have hit record lows amid the broader liquidity crunch in China's real estate sector since 2021.
- The central government aims to complete pre-sold homes rather than directly supporting developers.
