Developer Vanke Gets Another Financial Lifeline From State-Backed Shareholder

Cash-strapped developer China Vanke Co. Ltd. secured an additional 1.14 billion yuan ($168 million) loan from its largest shareholder to meet debt obligations after failing to find a buyer for its pig farming business.

The developments underscore the embattled developer’s deepening reliance on state financial support to stave off default as a protracted property slump thwarts its efforts to raise cash through asset sales.