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China Vanke to hold second bondholder meeting after debt-extension plan rejected
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China Vanke to hold second bondholder meeting after debt-extension plan rejected
Mar 10, 2026 10:25 PM

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)

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