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Bond Market News
Vanke Gets Temporary Relief as Local Bond Payments Pushed Back
January 28, 2026
China Vanke secured temporary relief after holders of its two local bonds accepted the developer’s plan to delay payments by a year. Under the proposal, Vanke would repay 40% of the principal on both its RMB 2bn ($290mn) and RMB 3.7bn ($530mn) bonds on January 28 with the remainder to be repaid in December. A similar proposal on another local bond got approved by its creditors last week. Together, these three votes will give the company more time ahead of its next bond maturity in late April. Authorities have asked Vanke to come up with a comprehensive restructuring plan as it still has $50bn of interest-bearing liabilities which have left investors remain concerned about its ability to deal with future debt obligations.
Vanke’s dollar bonds continue to trade at distressed levels of 25 cents on the dollar.
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