China Vanke suspends property project in Shanghai

China Vanke Co Ltd<000002><200002>, the largest publicly traded real estate developer in the country, confirmed that it has suspended a project in Shanghai, the China Securities Journal reported on Monday.

Earlier this month, some sources said that Vanke halted some projects in Beijing, Shanghai and Shenzhen.

The Shenzhen-headquartered company also stated in its third quarter report that would cut an extra 1.1 million square meters of construction area in addition to the reduction of 1.65 million square meters in H1.

In October, Vanke sold 464,000 square kilometers of properties worth RMB 3.35 billion, down 15% and 35.1% year on year.