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Vanke Averts Local Bond Default as Creditors Agree to a Last-Minute Extension
December 23, 2025
China Vanke narrowly averted a default after reaching a last-minute deal with its local bond’s creditors. The company failed to pay off an RMB 2bn ($284mn) bond by its December 15 deadline and its grace period ended yesterday. However, creditors agreed to further extend the grace period until January 28, giving the company a few more weeks to find the necessary funds. While its creditors granted more time, they rejected the company’s request to delay the actual repayment by a full year. Furthermore, Vanke also has another RMB 3.7bn ($530mn) local bond due December 28 and is in talks with creditors for extension on these notes as well.
Vanke’s dollar bonds continue to trade at distressed levels of 21-22 cents on the dollar.
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