China Vanke Debt Cracks Exposed After First Loss in 20 Years

(Bloomberg) — China Vanke Co. Ltd. faces mounting concerns about its ability to repay debt after posting its first loss in two decades.

Vanke, the Shenzhen-based property developer, had a short-term refinancing gap of about 12 billion yuan ($1.69 billion) at the end of June due to a spike in long-term debt within a year, according to Bloomberg calculations based on company data. That is the first time Vanke’s cash balance has failed to cover interest-bearing debt maturing in less than a year since at least 2014.