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Vanke Receives Creditors’ Support to Extend Local Bond’s Payments
April 22, 2026
China Vanke won creditors’ support to extend payments on a yuan bond due Thursday, easing near-term default risks. The developer will repay 40% of the RMB 2bn ($293mn) principal upfront and postpone the remainder by a year. Vanke needed more than the 90% support for the passage of the aforementioned extension and all participating bondholders voted in favor. Vanke faces more than RMB 11bn ($1.6bn) of bond maturities in the coming months across several local notes, two of which have embedded put options that could be exercised before the end of July. Earlier this year, Vanke secured approval from bondholders to extend three of its other local bonds and offered similar terms. While immediate default risks have reduced, Vanke continues to remains under financial strain with any default potentially set to trigger cross-default clauses across other debt obligations.
Vanke’s dollar bonds continue to trade at distressed levels of 38-40 cents on the dollar.
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