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Bond Market News
Vanke Seeks Investors’ Approval to Delay Payments on a Second Local Bond
December 8, 2025
China Vanke is currently asking investors to delay repayment on a second large local currency bond to avoid default. The note has an amount outstanding of RMB 3.7bn ($520mn) due on December 28, and follows a similar request for another bond due earlier in the month. Vanke has also chosen to skip a call option that would have otherwise seen it redeem an RMB 1.1bn ($160mn) bond two years ahead of maturity. Vanke has been struggling amid China’s ongoing property crisis, with its largest state shareholder, Shenzhen Metro Group also appearing to be tightening its financial support.
Its dollar bonds are trading at deeply distressed levels of 20 cents on the dollar.
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