A team of executives from one of China’s biggest public transport operators has a new mission: propping up the latest vulnerable developer in the country’s long-running property crisis.
The builder, Vanke, made six appointments this month from state-run Shenzhen Metro, while executives were also parachuted in from a government-run asset management arm and a credit guarantee firm in the southern Chinese city, according to an internal memo circulated online.
The move indicates a more active role for local authorities in the fate of a company that has become the latest bellwether of China’s property downturn.
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