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Bond Market News
Vanke Wins Approval for Revised Extension Plan on a Local Bond
January 21, 2026
China Vanke secured creditor approval to extend payments on a RMB 1.1bn ($158mn) bond by one year, after sweetening its proposal with an upfront cash payment. According to a filing with the Shenzhen Stock Exchange, 92.11% of bondholders who exercised a put option backed the revised plan. Vanke will repay 40% of the principal owed by January 30, with the remainder deferred to 22 January 2027. The approval gives the struggling developer some breathing room as it grapples with nearly $50bn in interest-bearing liabilities. Analysts noted that the approval also raises the likelihood that holders of two other local bonds may accept similar extension proposals, with votes due later this month. State-owned shareholder Shenzhen Metro Group Co. has already provided more than RMB 30bn ($4.3bn) in loans and signaled limited further support. Any default could trigger cross-defaults across Vanke’s debt. The government has asked Vanke to prepare a comprehensive restructuring plan, potentially involving significant creditor haircuts.
Vanke’s dollar bonds were stable albeit at deeply distressed levels of 23-24 cents on the dollar.
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