Fitch Ratings downgrades China Vanke Co., Ltd. (02202.HK) long-term issuer rating to "C" and removes it from Negative Rating Watch.

On December 17th, Fitch Ratings has downgraded the long-term issuer default rating (IDRs) of China Vanke Co., Ltd. (referred to as "Vanke Co.") 02202.HK, a Chinese real estate company, from "CCC-" to "C". At the same time, Fitch Ratings has downgraded the long-term issuer default rating of Vanke Co.'s wholly owned subsidiary Vanke Real Estate (Hong Kong) Company Ltd (referred to as "Vanke Hong Kong") from "CCC-" to "CC". Fitch Ratings has also downgraded the senior unsecured rating of Vanke Hong Kong and the rating of its outstanding senior notes from "CC" to "C" with a recovery rating of "RR5". Fitch Ratings has removed all ratings from negative watch.