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Bond Market News
Vanke’s Grace Period Ends Today; Powerlong Receives Support for Debt Restructuring
December 22, 2025
China Vanke’s creditors holding its local RMB 2bn ($284mn) bond will finish voting later today regarding an extension of debt payments, as the grace period on the note ends. If Vanke does not get sufficient support from its creditors or is unable to pay up, it will lead to a default. Vanke is also separately said to be asking holders of a local bond due December 28 for extension by 12 months to meet its repayment obligations. Vanke’s dollar bonds continue to trade at distressed levels of 22-23 cents on the dollar.
In related news, China Powerlong Real Estate which defaulted in 2023, has received support from 85.48% of its bondholders to restructure its debt. Powerlong’s dollar bonds are trading at deeply distressed levels of just 6 cents on the dollar.
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