The property firm that could break China’s back

Land in Shenzhen, China’s southern technology hub, is scarce. Plots in years past have grabbed sky-high prices. But when Vanke, one of the country’s largest property firms, puts 19,000 square metres of land up for sale on May 18th, it will do so at a discount of 900m yuan ($125m), or 29%, on the price it paid seven years ago. The sale reeks of desperation. Vanke has been forced to flog its assets to pay its mounting debts. The company’s struggles are another sign of the worsening situation in China’s property industry.