China Vanke tells staff to cut spending on travel, gifts as even the most financially stable developers face up to property sector gloom

China’s biggest property developers – even those not in the grip of a debt crisis – are pulling out all the stops to cut costs as the industry faces a gloomy outlook.China Vanke, the country’s third-biggest home seller by sales, told its staff to “live frugally, spend small money and do big things” at a meeting on Tuesday, according to an internal document seen by the Post.Likening the circumstances to a “war time” mentality, the company asked employees to book cheap tickets and hotels when…

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