** Shares of China Vanke Co Ltd reverse early losses, climbing 2.3% to HK$5.84, their highest since March 4, and on track for third straight session of gain
** Shenzhen-listed stock , which was down 1.1% in early trade, rebounds 0.8% to 9.54 yuan, highest since March 4
** Moody's said on Monday it withdrew Vanke's 'Baa3' rating which is the lowest of Moody's investment grade ratings, and it also said all of Vanke's ratings would be on "review for downgrade"
** In a statement to Reuters, Vanke said its "current operation and refinancing are normal and financing channels are stable", and said the impact of a ratings downgrade on its financing activities was "controllable"
** Moody's action came after Reuters earlier reported Monday that China had asked banks to enhance financing support for state-backed Vanke and called on creditors to consider allowing private debt maturities to be extended
** In China, the blue-chip CSI 300 Index slips 0.1% while CSI 300 Real Estate Index rises 1.1%
** In Hong Kong, Hang Seng Mainland Properties Index
rises 2% and Hang Seng Index adds 0.9%
** Hong Kong-listed stock fell 19.5% YTD, Shenzhen shares down 9.3% YTD
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))
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