Investor skepticism looms over China Vanke's state-led turnaround

Shareholders approve new share issuance, loan arrangements for embattled developer

China Vanke's shareholders meeting was held May 29 at its registered address in Shenzhen's Yantian district, currently a school. (Photo by Wataru Suzuki)

SHENZHEN -- Embattled property developer China Vanke obtained shareholder approval on Friday for a new share issuance and loan arrangements, but some investors expressed skepticism over the chances of a successful state-led turnaround.