SHANGHAI (Reuters) -Chinese state-backed property developer Vanke’s bonds tumbled on Wednesday, reigniting market concerns about the extent of potential central government support for the crisis-hit sector.

Several of Vanke’s yuan bonds fell more than 20% in early trade, leading to trading suspensions on the company’s five exchange-traded bonds, the Shenzhen Stock Exchange said.

Deflationary pressures have persisted in China since the COVID-19 pandemic, weighing on consumer and business confidence. These pressures have become entrenched, most notably in housing.

New home prices fell at the fastest monthly pace in a year in October, highlighting persistently weak demand.

Vanke, one of China’s best-known household names and one-third owned by Shenzhen Metro Group, faces renewed market sc

See Full Page