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Bond Market News
Vanke Pays Delayed Interest on Onshore Debt
October 16, 2025
China Vanke made delayed interest payments on its onshore debt it had previously skipped, according to people familiar with the matter. The payments followed talks with major domestic lenders to lower borrowing costs on debt worth tens of billions of yuan, with some banks and insurers agreeing to interest reductions. Vanke faces a looming maturity wall, with about RMB 24bn ($3.4bn) of onshore public bonds and loans coming due next year. The company recently reported a wider first-half loss, highlighting persistent liquidity challenges. Fitch downgraded Vanke’s rating to CCC- in August. Separately, Vanke said earlier this week that recently appointed Chairman Xin Jie had resigned and that Huang Liping, general manager of Shenzhen Metro, the builder’s largest shareholder, will take over the role.
Its 3.5% 2029s were trading stable at 67.80 cents on the dollar.
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