Who is Vanke and what do its debt woes mean for China's property sector?

China Vanke faces potential default on a 2 billion yuan bond payment, raising concerns about China's property sector. Vanke, a major developer, has significant debt and its default could impact top-tier cities like Shenzhen and Beijing. The property sector crisis continues, with home sales halved since 2021. Analysts suggest Vanke's default might lead to restructuring, signaling Beijing's stance on financial support. The situation reflects broader challenges in China's property market.