KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Despite years of intervention, China’s property crisis is still spiraling — and even state-linked giants like China Vanke are now buckling under the pressure. The Latest Blow: Vanke’s Record Loss China’s fifth-largest developer, Vanke , posted a 49.5 billion yuan ($6.8B) annual loss in 2024 — its first since listing in 1991. The loss was deeper than expected and reignited fears about the sector’s collapse, showing that even “safer” names are vulnerable. What happened? Vanke’s home sales dropped to a 10-year low . It received emergency loans from its top shareholder (Shenzhen Metro Group). Its chairman and CEO resigned in early 2025. How Did It Get This Bad? The Real Estate Boom (1998–2020) Urban population exploded, homes became the top investment asset. Prices surged 6x in 15 years. Developers pre-sold homes and borrowed heavily, often opaquely. The Crackdown (2020 Onward) China introduced the “three red lines” policy to reduce debt...