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3d ago

Vanke Dodges Default as Bondholders Extend Grace Period to Jan. 28

The brief reprieve follows a failed push to delay principal for a year, highlighting unresolved pressure from a larger onshore note due December 28.

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A Vanke sign is seen above workers working at the construction site of a residential building in Dalian, Liaoning province, China September 16, 2019. REUTERS/Stringer
A Vanke sign at its office building in Beijing, China, December 23, 2025. REUTERS/Tingshu Wang

Overview

  • Holders of the 2 billion yuan onshore note approved moving the grace-period deadline to January 28, according to a Chinamoney filing.
  • Vanke missed the bond’s December 15 maturity, and the original grace period would have expired on Monday.
  • A plan to defer principal repayment by 12 months was rejected, with only 20.2% support versus a requirement of more than 90%.
  • A separate 3.7 billion yuan bond maturing December 28 is under a consent vote to delay payments and extend its grace period, with balloting scheduled to conclude Thursday.
  • Fitch cut Vanke’s rating to C and warned of a restricted default designation if obligations go unmet, as the developer carries roughly $50 billion of interest-bearing liabilities.