Property developer China Vanke narrowly dodged a default on Monday after onshore bondholders approved a plan to extend the grace period of a RMB 2 billion ($284 million) bond repayment reports Reuters. The bond in question matured on December 15, and bondholders rejected an earlier proposal by Vanke to delay repayments. But bondholders again rejected the state-backed developer’s […]
Category: Property
Creditors are holding a vote on whether to give Vanke, which has $50 billion of interest-bearing liabilities, more time to forestall a default, reports Bloomberg. If they vote not to, it would mark a new phase in the country’s real estate woes that have already prompted $130 billion of defaults as well as restructurings and liquidations […]
Creditors are holding a vote on whether to give Vanke, which has $50 billion of interest-bearing liabilities, more time to forestall a default on the loan. Vanke failed to make a payment on December 15 and proposed a one-year extension. Vanke is the biggest property developer in China, and the fact that it is seeking […]
There is a clear disconnect growing in terms of information and perceptions on the state of China’s economy, and its positioning in terms of the tech and AI revolutions. This week’s news provides many examples of this. The real estate market—the heart of China’s economy—seems to be going from bad to worse, with total sales […]
China’s housing construction has slowed to its lowest level in more than two decades, reports Caixin. The shift marks a structural turning point for China’s property sector, which is now focused on shrinking balance sheets and clearing excess inventory rather than expanding supply. Data released by the National Bureau of Statistics showed that nationwide residential housing […]