REUTERS/Stringer/File Photo Acquire Licensing RightsHONG KONG, Aug 31 (Reuters) - Chinese state-backed property developer China Vanke said its profit would be under pressure in the short term amid a market correction, but that would not hurt its cashflow.
Offshore, it said it has completed 15 billion yuan worth of offshore refinancing in the first half, and it is getting ready to repay its three bonds totalling 11 billion yuan maturing next year.
Commenting on the broader market, company chairman Yu Liang China's property market has "overcorrected" as sentiment over-react to the negative news in the sector.
As pressure mounts on the real estate market, more Chinese cities are easing mortgage curbs in hopes of reviving consumer demand for homes.
($1 = 7.2882 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.
Persons:
Stringer, HONG KONG, China Vanke, Vanke, Yu Liang, Yu, Clare Jim, Susan Fenton
Organizations:
REUTERS, Thomson
Locations:
Dalian, Liaoning province, China, HONG, Shenzhen, Wuhan, Hubei, Guangzhou