China's Biggest Property Developer Sheds $37 Billion in Value

(Bloomberg) -- China Vanke Co.’s share chart looks like one of the jagged mountains that founder Wang Shi famously loves to climb.

The firm has shed $37 billion in market capitalization from its January high, the biggest loser among China’s property developers.

While China Vanke is worth less than half of what it was, the company remains the nation’s biggest builder by market value -- and in the top three this year for contracted sales.

Wang, an army veteran who twice conquered Everest, founded the firm in Shenzhen 34 years ago. He stepped down as chairman last year.

To contact the reporter on this story: Paul Panckhurst in Hong Kong at ppanckhurst@bloomberg.net

To contact the editors responsible for this story: Katrina Nicholas at knicholas2@bloomberg.net, Russell Ward

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