Overview
- Vanke asked investors to accept a delay on an onshore bond repayment for the first time, setting off panic selling and record lows in its yuan notes.
- One 2027 onshore bond fell 22.5% to 31 per 100 yuan of par, and the Shenzhen Stock Exchange halted trading in several Vanke bonds as prices plunged.
- People familiar with the matter said at least two major Chinese banks turned down a short‑term liquidity loan sought to cover about 5.7 billion yuan due in December.
- The company also faces a larger 13.4 billion yuan maturity next June, intensifying concerns over near‑term cash needs and refinancing capacity.
- Support from top shareholder Shenzhen Metro, which has provided roughly 30 billion yuan in loans, appears to be tightening, reinforcing sector‑wide strains that analysts say could persist for years.