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Bond Market News
Vanke Expands Debt Talks with Bondholders, Insurers and Banks
December 18, 2025
China Vanke is meeting today with holders of its local bond for discussions focused on its latest debt extension proposals. The creditors will weigh options in a vote that runs until Monday on the RMB 2bn ($284mn) note, which is now in a grace period ending that day. As a result, Fitch downgraded the issuer to C from CCC- after the issuer entered the grace period last week. If by then there’s no payment or agreement to extend the bond, holders could declare a default. Vanke is separately asking holders of a bond due December 28 for extension by 12 months to meet its repayment obligations. In addition, Vanke also met representatives from banks as well as insurance firms in its home city of Shenzhen Wednesday afternoon. At least one lender was asked to let the developer delay an interest payment by a year. The company said in a filing that Huaxia Bank Co. had agreed to extend its guaranteed loan for one year.
Vanke’s dollar bonds continue to trade at distressed levels of 22-23 cents on the dollar.
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