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Bond Market News
China Vanke Seeking Extension of Local Bond’s Payment; Dollar Bonds Plummet
November 27, 2025
China Vanke is seeking to delay paying principal on a local RMB 2bn ($283mn) note due on December 15, for the first time ever, according to a filing with the Shanghai clearing house. Vanke will arrange a meeting with bond holders on December 10 to discuss the proposal. This postponement of debt payment follows steep selloffs of Vanke’s dollar bonds and stocks earlier this week, as investors questioned Vanke’s ability to deal with RMB 13.4bn ($1.9bn) of onshore bonds maturing by end-June 2026. Analysts note that the latest extension proposal signifies the lack of additional financial support by Shenzhen Metro. Several local notes extended their declines yesterday, triggering brief trading halts. The impact of the extension in the local notes impacted the dollar bonds severely. Vanke has a local bond maturing on December 15 and another on December 28.
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