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China Vanke Asks Local Bond’s Holders for 12 Months Extension
December 2, 2025
China Vanke has requested an extension from holders of one of its local notes for a year, in order to pay an RMB 2bn ($283mn) note originally due on December 15 along with interest. The details of the proposal have not been specified, according to reports. Vanke will arrange a meeting with bond holders on December 10 to discuss the proposal. This follows a steep selloff of Vanke’s dollar bonds and stocks last week, amid concerns over its ability to deal with RMB 13.4bn ($1.9bn) of onshore bonds maturing by end-June 2026. S&P had downgraded the company last Friday to CCC-, adding that Vanke’s financial commitments were unsustainable due to its weak liquidity and that the risk of a distressed restructuring within the next six months has heightened. Vanke was also rejected by at least two big local banks as it tried to secure a short-term liquidity to help repay its yuan bonds due in December including the one under the extension plan.
Vanke 3.975% 2027s were trading steady albeit at deeply distressed levels of ~23 cents on the dollar this morning, from its highs of 70 cents on the dollar at the beginning of last month.
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