China moves to avert default by major developer Vanke amid property crisis

China's property crisis could worsen amid concerns over state-backed developer Vanke, the country's 2nd largest developer
Vanke shares and bonds have plunged on reports it was seeking debt extensions, indicating cash crunch
Beijing has asked banks to boost financing for Vanke and called on creditors to extend debt maturity
Authorities coordinating with banks to help Vanke avert default due to its importance to economy
Default by state-backed Vanke could undermine confidence in all Chinese developers and cause contagion