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Bond Market News
China Vanke’s Dollar Bonds Plunge on Growing Debt Concerns
November 26, 2025
China Vanke’s dollar and yuan bonds dropped sharply amid worries about the developer’s debt repayment ability. As per reports, investors are said to be questioning Vanke’s ability to deal with about RMB 13.4bn ($1.9bn) of onshore bonds maturing/facing redemption by end-June 2026. Concerns stem from the fact that this amount is far higher than what Vanke can draw from an untapped loan facility of RMB 2.2bn ($310mn) from its biggest state-owned shareholder, Shenzhen Metro Group. Due to loans it has already drawn from its RMB 22bn ($3.1bn) agreement with Shenzhen Metro, the developer now has only little room left over until the middle of next year. Vanke’s dollar bonds fell by more than 10 points as seen in the chart below.
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