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Vanke Requests to Extend Grace Period Again, Offers Collateral Pledges: Sources
January 14, 2026
China Vanke presented revised proposals to extend two of its local bonds that matured in December and are currently under an extended grace period, in an attempt to avoid default, sources said. To appease creditors, the developer is said to be offering collateral pledges for the first time, including receivables from several property subsidiaries for both of its local bonds. Vanke is seeking to further lengthen grace periods to 90 trading days, which would push repayment deadlines for the December notes to late-April and mid-May. This shift comes after bondholders previously rejected 12-month extensions but accepted 1-month grace periods that end later this month. As the company drafts a broader restructuring plan for Beijing’s approval, debt advisor PJT Partners had urged holders of Vanke’s dollar bonds to consider declaring a default, citing “cross-acceleration” clauses. Separately, SCMP cited a report by HSBC noting that a potential debt restructuring of Vanke constitutes a one-off, technical default, and is not likely to result in contagion effects.
Vanke’s dollar bonds were trading stable, albeit at deeply distressed levels of 15 cents on the dollar.
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