April 2 Reuters The Hong Konglisted shares of statebacked property developer China Vanke slid as much as 12 to a record low on Tuesday after it reported a 50.6 drop in 2023 core profit and no dividend payout late last week.

The Hong Kong stock of China39;s secondlargest developer by sales touched a low of HK4.77. Its shares in Shenzhen, which continued trading during Hong Kong39;s holidays on Friday and Monday, dropped 5.2 on Tuesday to 8.51 yuan, the lowest since July 2014.

Investors have been dumping Vanke39;s shares and bonds in the past few weeks on cash flow concerns, triggering a rare central government directive to help the Shenzhenbased company beat a liquidity crisis.

China Vanke told an earnings conference on Friday it aimed to boost its cash flow by slashing debt by 100 billion yuan 13.83 billion over the next two years, and lifting income from businesses other than property development as it sees continued margin pressure in 2024 and 2025 during a market correction.

Analysts were disappointed about the lowerthanexpected results and no dividend for the first time.

We remain cautious on the sustained underperformance on contracted sales, while the current valuation has not fully factored in the earnings deterioration in our view, Jefferies said in a report.

Separately, Vanke39;s business partner based in the northeastern province of Shandong, Yantai Bairun Real Estate, published an open letter to the country39;s State Taxation Administration over the…