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Bond Market News
Vanke’s Dollar Bonds Soar on Reports of Municipal Government Rescue Package
February 12, 2026
China Vanke’s dollar bonds climbed higher by over 7 points amid reports that the Shenzhen municipal government is drafting a rescue package worth ~RMB 80b ($11.58bn) for the developer. The plan is said to align with the central government’s directives to adopt a “no default” approach to prevent further contagion in the property sector. While still in preliminary stages, the report indicated that a potential RMB 20b ($2.9bn) share placement could take place to inject liquidity, although the pricing and timing remain undisclosed. The government support follows recent guidance from the SASAC aimed at stabilizing state-backed developers. Vanke currently has a massive $50bn in interest-bearing liabilities. While it recently secured bondholders’ approval to defer repayments on three yuan-denominated bonds, it continues to remain under pressure to restructure its broader debt pile. Neither the Shenzhen government nor Vanke have officially confirmed the package.
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