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China Vanke in Talks with Creditors to Cut Borrowing Costs on Private Debt
September 24, 2025
China Vanke is in talks with major domestic creditors to cut borrowing costs on private debt worth over RMB 10bn ($1.4bn), as the developer seeks to ease liquidity stress, according to reports. Vanke recently decided to skip interest payments on some private debt as part of the negotiations. The Shenzhen-based firm told some creditors, including insurance firms, that it wants to cut interest rates on some debt to about 3% or lower, from ~4.3% currently, though creditors are still evaluating the plan, as per reports. Vanke had about RMB 364bn ($51.2bn) of interest-bearing borrowings as of June, 43% of which will mature within 12-months, according to its latest disclosure. Bank loans accounted for 72.5% of total borrowings. The firm’s biggest maturity wall will be next year, when about RMB 24 bn ($3.4bn) of onshore public bonds and loans come due.
Vanke 3.5% bonds due 2029 fell by ~3 cents on the dollar to 69 cents this morning.
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