China Vanke sees US$7bil impact on cashflow

HONG KONG: The coronavirus pandemic is hitting the cashflow of China Vanke, thanks to a drop of 51 billion yuan (US$7.3bil) in sales in February and March from a year ago, the nation’s second largest property developer by sales said yesterday.

Official data show property investment in China fell at its fastest pace on record in the first two months of the year, as home sales, construction and other economic activity all nosedived because of the virus.