Part 11/15:
Vancer, once a cornerstone of China's housing boom, is now rapidly losing support from its largest shareholder, Shenzhen Metro. This state-owned enterprise has requested Vance to pledge collateral for nearly $3 billion in unsecured loans—a move that sent Vancer’s bonds tumbling. Similarly, the company’s sales are expected to fall by about 40% this year, leaving a significant funding gap. Shenzhen Metro's previous role as a liquidity backstop seems to be waning, signaling a shift in Beijing’s approach that aligns with its broader move away from blanket bailouts of the property sector.