China Gives Rare Show of Support to Stressed Developer Vanke (1)

After letting two of the world’s biggest property developers plunge into default, Chinese authorities are attempting to save a third industry giant from following suit.

China Vanke Co., the country’s second-largest builder by contracted sales, received an unusually strong show of support from officials in its hometown of Shenzhen on Monday — following a dollar-bond plunge that made Vanke Asia’s worst investment-grade performer last month. Its notes climbed as much as 4 cents Tuesday after some surged a record 12 cents a day earlier. Still, several of them remain at distressed levels of below 80 cents.

In an online ...