Vanke Fails to Get Enough Bondholder Support for Extension Plan
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Residential buildings under construction at a China Vanke Co. development in Shanghai.China Vanke Co. failed to obtain sufficient bondholder support for its proposed extension on a local bond due Dec. 15, heightening default risk for what was once the nation’s largest homebuilder by sales. The debt proposal, along with two other plans that bondholders voted on, would have allowed the cash-strapped developer to postpone repayments on a 2 billion yuan ($283 million) note by one year. All three fell short of the more than 90% support threshold that was required for passage, according to a public filing to the National Association of Financial Market Institutional Investors.