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S&P lowers Vanke outlook to negative

CCTV.com

08-25-2016 00:48 BJT

International ratings agency Standard and Poor's has lowered its outlook for China's largest home developer Vanke to negative from stable.

S&P says the prolonged control battle involving Vanke's shareholders and management poses risks to the company's execution and financial prudence.

S&P also says the situation grew more complicated after rival Evergrande became Vanke's fourth largest shareholder.

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