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Vanke Reaches Agreement with Domestic Lenders to Defer Bank Loan Interest, Sources Say
January 8, 2026
China Vanke is said to have reached an agreement with domestic lenders to defer interest payments on its bank loans until September 2026, according to a Reuters report citing sources. This deal, coordinated by the Shenzhen municipal government, is said to allow the distressed developer to shift from quarterly to annual interest payments, providing breathing room to avoid a default. Vanke had RMB 264bn ($37.8bn) of bank loans as of June 2025. About 62% of its bank loans were secured with collateral, and accounted for 72.5% of its total debt. The deferral follows a missed quarterly payment in December and comes as Vanke faces over RMB 13bn ($1.9bn) in local bond maturities during the first half of the year. Vanke will hold two meetings on January 21 with holders of both its local bonds due in December 2025, where holders recently approved a plan to extend the 5 day grace period to 30 trading days. The meetings will review the proposed maturity extension of the bonds.
Vanke’s dollar bonds were trading 0.5-0.7 points lower at ~18 cents on the dollar.
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