Dec 15 (Reuters) - China Vanke will convene
a second bondholder meeting on Thursday to vote on a plan to
extend repayment of an onshore bond maturing on December 15, a
filing showed, after the developer failed last week to win the
nod for a one-year extension.
The vote on the 2 billion yuan note will
close on December 22 at 0200 GMT, the filing to the National
Association of Financial Market Institutional Investors showed.
The filing was made by the Shanghai Pudong Development Bank, the
organiser of the meeting.
Its filing over the weekend showed bondholders rejected
Vanke's earlier plan to push back payment by a year, raising the
risk of default for the developer and renewing concerns about
China's crisis-hit property sector. The three-day vote ended
late on Friday, leaving the company with a five-business-day
grace period to repay the 2 billion yuan ($283.49 million).
Interest during the grace period will be calculated on the
outstanding principal and unpaid interest, using the note's
coupon rate plus an additional 5 basis points, Vanke said in a
separate filing.
The setback for state-backed Vanke, one of China's
highest-profile developers with projects in major cities, comes
after some of the country's best-known developers have defaulted
in recent years.
Separately, the developer is also seeking to extend by one
year the repayment of a yuan bond worth 3.7 billion yuan due on
December 28, with a bondholder meeting also scheduled for
December 22.
($1 = 7.0548 Chinese yuan)
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Sherry
Jacob-Phillips and Muralikumar Anantharaman)