Shares of Chinese real estate developer Vanke fell 11 percent as trading resumed in Hong Kong, after the state-linked company revealed last week that its profits would halve in 2023.
Partly owned by Shenzhen Metro, the southern city's rapid transit system, Vanke is the latest focal point in a nationwide real estate slowdown that has led to many of its peers defaulting on their debts.
The cash crisis emerged with the failure of the China Evergrande project in 2021, and has since greatly affected construction and confidence in the housing market.
Shares of Country Garden, which defaulted in October, were suspended from trading on Tuesday after the company failed to publish its annual report for last year before the March 31 deadline.
