China Vanke is once again seeking to delay the repayment of a maturing domestic bond, reports Caixin. This is the third such attempt as the embattled property developer faces intensifying liquidity pressure and dwindling state support.
Vanke announced it would convene a meeting of bondholders for its “21 Vanke 02” corporate note to vote on a proposal to push back repayment. The meeting is scheduled for January 16, with voting to conclude on Jan. 19. Trading of the bond will be suspended starting January 5, the company said.
A number of investors have exercised a put option requiring Vanke to repay the RMB 1.1 billion ($157 million) bond on January 22. The company is proposing a one-year extension to January 22, 2027, along with a 30-trading-day grace period. It pledged to pay interest due on January 22, 2026, and to provide additional credit enhancements.