China Vanke secured a RMB 519 million ($76.7 million) loan from its largest shareholder to cover impending obligations on two domestic bonds, reports Caixin. The move sees the property developer completing its initial round of extensions for all public debt maturing in 2026.

Shenzhen Metro Group, Vanke’s largest shareholder, provided the three-year loan at an interest rate 5 basis points below that of previous loans, according to a corporate filing released late July 21. The funds will mainly be used to meet upfront payment requirements tied to two recently extended onshore bonds, which require more than RMB 1 billion in initial cash payments by July 26.

The latest liquidity support highlights the mounting pressure on the state-backed developer as it seeks to avoid a broader restructuring. The piecemeal bond extensions are proving resource-intensive, while government support remains limited.

China Vanke has nominated a new board entirely controlled by Shenzhen’s state-owned sector, reports Caixin. This marks the end of the embattled developer’s long-standing professional-manager system.

All six candidates for non-independent director seats on its next board come from Shenzhen’s government or state-owned enterprises, according to a company filing Friday. None are from the developer’s longtime professional-management team.

The sweeping governance overhaul comes as Vanke, once a model of China’s mixed-ownership reform, grapples with an escalating liquidity crisis and massive financial losses that forced a state-led bailout in early 2025. In a separate announcement Friday, Vanke said it expects a first-half net loss attributable to shareholders of between RMB 12 billion ($1.8 billion) and RMB 15 billion, widening from a loss of about RMB 11.95 billion a year earlier.

Top Chinese property developers derived the largest share of their sales from the country’s four biggest cities in the first half of 2026, reports Caixin. This is the first time top-tier cities have outperformed second-tier regional hubs.

Tier-1 cities—Beijing, Shanghai, Guangzhou and Shenzhen—accounted for 45.5% of sales for 20 major builders during the period, according to data from the China Index Academy. This marks a significant shift from three years ago, when top-tier cities contributed just 28% of sales while second-tier cities drove the majority of revenue.

The contribution from second-tier cities fell 3.2 percentage points to 44.6% during the period, while lower-tier cities dropped to 9.8%.

Talks to sell a controlling stake in Evergrande Property Services have collapsed after liquidators of its bankrupt parent, China Evergrande Group, failed to reach a formal agreement with a prospective buyer, reports Caixin.

The property-management firm announced the termination of negotiations midday Thursday, sending its Hong Kong-listed shares down 23.5% to close at HK$0.78 ($0.1). The selloff reduced Evergrande Property’s market value to about HK$8.4 billion, down 96% from its peak of HK$206.5 billion. The stock touched an intraday low of HK$0.74, its weakest level since mid-June 2025.

Liquidators of China Evergrande have been trying to sell the 51.02% stake since September 2025. After a screening process, they entered a 30-working-day exclusive negotiation period with a selected bidder on April 14. Caixin learned at the time that the bidder was Guangdong Provincial Tourism Holdings, a state-owned enterprise, and that the acquisition had initially been coordinated by local government authorities.

In a move to bolster the stability of the property market, Shanghai city has unveiled a plan to buy second-hand homes for use as public rental housing, reports the South China Morning Post. The move aims to bolster stability in the property market and is timed to coincide with the opening of the city’s annual “two sessions” meetings.

With the official launch of a pilot programme on Monday, the city aims to meet rental demand from young residents including college students and new urban arrivals. The initiative will roll out first in the downtown districts of Pudong, Jing’an and Xuhui.

Backed by China Construction Bank, the move was intended to encourage housing affordability, stimulate market liquidity and shorten wait times for public rental housing, officials said.