DBS wrote in a report that CHINA VANKE (02202.HK) +1.110 (+19.372%) Short selling $441.12M; Ratio 14.435% has been one of the frontrunners in China's real estate industry since its founding in 1984, with leading positions in a number of asset classes and business areas. However, the company has been facing liquidity problems recently, with margins and earnings under pressure and a challenging outlook. Its 1Q24 results were worse than market expectations, with pre-sales plummeting 43% YoY and development revenue on a downward trend.Accordingly, DBS axed its profit forecast for VANKE by 78%-83% for the next two years. The company's liquidity position has been a concern since 2H23 due to the ongoing property market downturn and the tighter onshore refinancing environment, but it is believed that any liquidity support or refinancing update from its major shareholder could be a catalyst for its share price.Related NewsHSBC Research Prefers CN Developers that Have Been Proactive in Land Bank Like China Overseas, CHINA RES LAND, YUEXIU PROPERTY, GREENTOWN CHINA, BEKE w/ Rating BuyDBS maintained VANKE's Hold rating and chopped its target price to $3.6.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-17 16:25.)