Vanke's Debt Crisis: A Test for China's Real Estate Market
Update: 2025-12-23
Description
Chinas Vanke Faces Bondholder Revolt: A Test Case for Real Estate CrisisChina Vanke, once a top property developer, is grappling with debt amid a real estate crisis. Bondholders rejected a plan to extend a two billion yuan bond by a year, but narrowly approved a grace period extension. Vanke faces high execution risks and potential default, as bondholders demand upfront cash or principal paydowns. The companys three hundred sixty-four billion yuan in borrowings overwhelm support from its major shareholder, state-owned Shenzhen Metro. Vankes fate could shake buyer confidence and signal local government support for struggling firms, potentially leading to defaults and haircuts.
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