China Gives Rare Show of Support for Stressed Developer Vanke

(Bloomberg) — After letting two of the world’s biggest property developers plunge into default, Chinese authorities are attempting to save a third industry giant from following suit.

China Vanke Co. Ltd., the country’s second-largest builder by contracted sales, received an unusually strong show of support from officials in its hometown of Shenzhen on Monday — following a dollar-bond plunge that made Vanke Asia’s worst investment-grade performer last month. Its notes climbed as much as 4 cents on the dollar Tuesday after some surged a record 12 cents a day earlier. Still, several of them remain at distressed levels of below 80 cents.