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Credit Rating Downgrade - Fitch downgrades Vanke's long-term foreign and local currency issuer default ratings to 'CCC-' from 'CCC+' [1] - Fitch downgrades Vanke Real Estate (Hong Kong)'s long-term issuer default rating, senior unsecured rating, and the rating on its outstanding senior notes to 'CCC-' from 'CCC' [1] Liquidity Concerns - The downgrade reflects Vanke's further weakening liquidity [1] - Fitch forecasts Vanke's free cash flow to remain negative in the near term [1]