Vanke Delays $2B Debt Payments, Seeks Restructuring

Chinas Vanke Faces Debt Crisis: Seeking Extensions on Billions in BondsChinas major property developer, Vanke, is grappling with a debt crisis, seeking extensions on nearly two billion dollars in local debt. The company recently offered creditors details about pushing back the due date on a second bond, part of a larger effort to avoid defaulting on upcoming financial obligations. Vanke is also seeking a twelve-month delay for both the principal and interest payments on a note worth five hundred and twenty-four million dollars. This latest request comes as Vanke tries to get enough support from creditors for a similar plan to delay payment on another two billion yuan bond. The company, historically known for avoiding default, is now facing financial stress due to tightened financing terms from its biggest state shareholder, Shenzhen Metro Group. Analysts suggest Vanke is extending its bonds one by one to buy time for a larger restructuring plan, with thirteen point four billion yuan in publicly issued bonds maturing or facing early redemption pressure through mid-two thousand twenty-six.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.