China Vanke’s Sales Slump Eases as Housing Market Picks Up

(Bloomberg) — China Vanke Co. Ltd.’s sales slump moderated in May, as a thaw in housing market sentiment boosted the state-backed developer that has become a focus of the nation’s property crisis.

The value of homes sold gained 11.5% last month from April to 23.3 billion yuan ($3.2 billion), the Shenzhen-based company said. From a year earlier, sales were down 29.3%, narrowing for a third month.