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Bond Market News
Vanke’s Dollar Bonds Rally on Progress Over Its Debt Extension Plan
December 11, 2025
China Vanke’s dollar bonds due in 2027 and 2029 rose about 2 points, after its much awaited bondholder meeting included talks about sweetened terms for a debt extension plan. Its Hong Kong listed shares also jumped by as much as 19%. During the meeting, the holders of its onshore note due December 15 were presented with three proposals: a 12-month delay without any upfront cash payments or instalments, i.e., the original plan with what Vanke told bondholders earlier. Its two other options had more generous terms – with Vanke indicating that it may pay interest on time and add credit enhancements. Holders can vote through the end of Friday with the Vanke needing approval from holders of at least 90% of the amount owed to pass its proposal.
Vanke’s dollar bonds traded up around 2 cents to 23 cents on the dollar.
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