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Bond Market News
Vanke’s Dollar Bonds Dip Amid Drop in Earnings and Sales
October 30, 2023
China Vanke’s dollar bonds continued to drop and were among the biggest losers last week, down over 8% across the curve. Vanke reported a drop in its Q3 profits to RMB 3.75bn ($510mn) vs. RMB 4.84bn ($660mn) during the same period last year, a 23% drop. It also reported a 32% drop in revenues. Besides, the continued weakening in contracted sales for the company and the entire sector are said to be weighing on its bonds.
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