In Depth: Chinese Property Giant Vanke Seeks More Time to Repay Debts as Market Slump Lingers

China’s prolonged property slump and continuing squeeze on developers’ finances have led to renewed pressure on state-backed China Vanke Co. Ltd. (000002.SZ) (万科企业股份有限公司), one of the country’s most financially robust home builders.

The Shenzhen-based developer is trying to extend around 5 billion yuan ($695 million) of privately issued debt owed to two state-backed insurance sector companies that had already been extended once, sources with knowledge of the matter told Caixin. The liabilities were originally due for repayment on Dec. 11 and in January, respectively, but were extended by three months after talks with creditors and help from regulators, they said.