S8 Ep131: China's Property Crisis Deepens as State-Owned Giant Vanke Plunges; Export Model Creates International Friction — Fraser Howie — Howie documents the deepening property market crisis, evidenced by the financial collapse of state-owned developer Vanke. The

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John Batchelor

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4.6 • 2.7K Ratings

🗓️ 27 November 2025

⏱️ 9 minutes

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Summary

China's Property Crisis Deepens as State-Owned Giant Vanke Plunges; Export Model Creates International Friction — Fraser Howie — Howie documents the deepening property market crisis, evidenced by the financial collapse of state-owned developer Vanke. The central government avoids massive bailout commitments, converting acute sectoral problems into chronic structural drags that leave municipal and regional banks dangerously exposed. Howie notes that the government's current strategy—relying on massive export volumes—is generating significant international friction and pushback, as other nations fear being "swamped by cheap Chinese imports" and demand market access reciprocity.
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Transcript

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0:00.0	This is CBS Eye on the World.
0:08.5	Here's John Batchelor.
0:11.8	This is CBS I on the World.
0:14.2	I'm John Batchel with my friend and colleague and co-host Gordon Chang at Gordon G. Chang.
0:19.3	Bloomberg headline, China property crisis thrust back into
0:23.3	spotlight by Vanky Plunge. We welcome Fraser Howie, our guide on the red capitalism that is now
0:32.1	apparently on fire and not a good direction. Vanky.
0:40.3	Fraser, a very good day to you in the Heelans.
0:41.4	What is Vanky?
0:43.2	It's all news to me.
0:44.0	Good evening to you.
0:45.7	Hello, John.
0:46.2	Hello, Gordon.
0:51.9	So China Vanky is one of the biggest property company, state-owned property company,
0:53.8	Xinjiang government-owned property company,
0:58.5	which has been absolutely central to the development of Xinjiang over the past 40 years.
1:00.8	Its stock code is number two.
1:06.8	China has numerical stock codes, and its number is two, which represents literally how early it was in the development of Xinjiang.
1:09.7	It goes back all the way into the 80s. And so when
1:12.6	people talk about, I went to Xinjiang in 1980 and it was only a fishing village and now look at it,
1:18.3	well, a lot of that has been built by Vanky. It's been traditionally seen as a good quality developer.
1:23.9	It's got a lot of projects across the rest of China, and it's seen very much as one of the
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