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Bond Market News
Vanke Fails to Get Majority Support for Debt Extension Plan
December 15, 2025
China Vanke is now on the brink of default after creditors rejected all three proposals to delay repayment of an RMB 2bn ($283mn) bond due December 15; each proposal required over 90% approval but fell short. None of Vanke’s creditors supported its original no-cash 12-month delay plan, while two modified proposals with credit enhancements received 83.4% and 18.95% investor support, respectively. With no extension granted, Vanke must either repay the note by Monday or within a five-day grace period, or risk being declared in default. While more than RMB 30bn ($4.25bn) of shareholder loans from Shenzhen Metro had previously helped Vanke avoid missed payments, recent signals of tighter support weakened investor confidence and pushed its securities into distressed territory. Regulators urged bondholders to show understanding, but the failed vote underscores deep skepticism and broader sector challenges as China’s property crisis enters its fifth year. Analysts now warn that even if Vanke seeks to extend the grace period, the company is likely headed toward a comprehensive restructuring, as payment delays alone cannot resolve its underlying liquidity strain.
Vanke’s dollar bonds continue to trade at distressed levels of 22-23 cents on the dollar.
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