Vanke Offers 40 Percent Upfront to Extend Yuan Bond
Vanke is offering a 40 percent upfront payment to extend a 2 billion yuan bond due this month. The firm faces 11.3 billion yuan in maturities through July.
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The embattled property developer CHINA VANKE CO LTD -A is reportedly proposing to repay 40% of the principal on a yuan-denominated bond due this month in exchange for a one-year extension. This move comes as the company, a major player in China, seeks to manage its liquidity amid a challenging environment for the domestic real estate sector.
