China's property crisis sinks all as Vanke services arm faces investors in Hong Kong's moribund IPO market | South China Morning Post

China Vanke is spinning off its property management services unit in Hong Kong. Should investors part with their cash to buy into the new US$1 billion listing? Recent stock performances of its peers suggest they should look elsewhere. Investors have lost a combined HK$2.1 billion (US$264.5 million) in market value since five such Chinese residential services firms completed their initial public offerings (IPOs) this year, according to data compiled by the Post . They fell by 0.1 per cent to 50 per cent, or 26 per cent on average. The industry’s stock market track record is not great either over…