China Vanke Says Local Home Market Is Worse Than Expected

(Bloomberg) — China’s second-largest developer by sales said the nation’s home market is currently “worse than expected,” joining a chorus of investors and analysts who have become bearish on the country’s real estate sector.

China Vanke Co. Ltd. Chairman Yu Liang backtracked his neutral assessment from March, changing to the view that the property industry is “indeed seeing pressure in the short-term,” according to a company transcript from Vanke’s shareholder meeting last Friday.