Part 3/9:
The ripple effects of Vanke’s downfall are evident, as nearly all major real estate developers in China are either defaulting or reliant on local government support. Vanke’s precipitous decline serves as a stark reminder of the financial woes that have culminated in corporate defaults and millions of incomplete homes. In a broader context, the Chinese property sector, once representing around 25% of the economy, has faced steep declines in sales—down 30% last year among the country's top developers.