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China Vanke’s dollar bonds slid lower after a report claimed that the developer was in negotiations with certain lenders to extend maturities on some of its non standard debt, according to Bloomberg. Vanke’s longer-dated dollar notes slid the most with its 3.975% 2027s dropping by 7% to 56.8 and its 3.15% 2025s dropping by 4.3% to 75 cents on the dollar. According to Reorg, a credit information provider, Vanke’s management went to Beijing recently to seek help from regulators in facilitating the talks.
In another update related to China Property Developers, Country Garden received a winding-up petition in Hong Kong, whose first hearing is scheduled on May 17. According to the exchange filing, the petition was filed by Ever Credit Ltd, to whom the developer failed to make payments on a term loan facility of about HK$1.6bn ($204mn), including accrued interest. According to Bloomberg, Country Garden, which has about $10bn of offshore bonds outstanding, is seeking to restructure its debt and avoid liquidation. The company had defaulted on its payment for the first time, in October last year. COGARD’s bonds continue to trade at deeply distressed levels of 8-9 cents on the dollar.