HONG KONG, March 5 Reuters Statebacked China Vanke said on Tuesday the funding for repaying its dollar notes due on March 11 is in place, amid more selling pressure on its bonds as concern mounts over liquidity at the Chinese developer.

China39;s No.2 property developer by sales said in a statement to Reuters that the repayment process for the 630 million bond was orderly.

China Vanke39;s 2029 dollar bonds were earlier bid at 39.045 cents on the dollar in Asia morning hours, dropping more than 6.7 cents from Monday, data from Duration Finance showed. Bids for its 2027 bonds dropped more than 5 cents to 48.135 cents.

The firm39;s onshore bonds also eased, with a bond due March 2025 dropping 4.

Vanke39;s Hong Konglisted shares fell as much as 3.9 to a record low of HK5.38, on course for a seventh straight session of decline. Its Shenzhenlisted shares eased more than 1.

A string of Chinese developers have defaulted since the sector slipped into a debt crisis in mid2021, including giants China Evergrande Group and Country Garden.

Liquidity concerns over Vanke, previously seen by the market as financially sound, swirled last week after reports that it was seeking debt maturity extensions with some insurers.

Any repayment trouble at Vanke, one of few remaining Chinese developers with investment grade credit ratings, could further hamper market confidence, analysts said.

Moody39;s has already downgraded some of Vanke39;s bonds to junk in November, and if another rating…