HONG KONG -- Call China Vanke a poster child for the country's economic evolution since Deng Xiaoping introduced his reform and opening-up policies at the end of the 1970s.

China Vanke, formerly a darling of China's stock market and real estate industry, has become a "fallen angel" -- a bond issuer whose credit ratings have been degraded to uninvestable status. (Source photo by Getty Images)
'Fallen angel' struggles to stabilize sales as consumer and investor confidence fades