BUSINESS

Vanke Seeks One-Year Extension on 2 Billion Yuan Domestic Bond

Published: Apr. 15, 2026 11:29 p.m. GMT+8

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A Vanke building in Shenzhen, Guangdong province. Photo: VCG

Cash-strapped developer China Vanke Co. Ltd. is seeking bondholder approval to extend by one year the maturity of a 2 billion yuan ($290 million) domestic bond, offering an upfront payment equal to 40% of principal.

The proposal, sent Tuesday to holders of the 23 Vanke MTN001 note, mirrors terms the company used to secure extensions on three other onshore bonds earlier this year. Bondholders are set to vote at a meeting Friday, with voting closing April 20.

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China Vanke seeks to extend 2B yuan ($290M) bond maturing April 23 by 1 year, offering 40% principal upfront (~900M yuan needed).
Proposal includes accrued interest (62.2M yuan), unchanged 3.1% coupon, and pledged receivables.
HQ cash at 850M yuan end-2025 (down 62.5M YoY); faces 9.3B yuan maturities by July 2026, relies on state support.

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Who’s Who

China Vanke Co. Ltd.: China Vanke Co. Ltd., cash-strapped, seeks bondholder approval to extend a 2B yuan ($290M) bond's maturity by one year, offering 40% upfront payment. HQ cash: 850M yuan end-2025 (down 62.5M YoY); total: 67.2B yuan (down 20.9B). Relies on state support like Shenzhen Metro amid liquidity crisis and pending debt plan. (58 words)

Shenzhen Metro Group Co. Ltd.: Shenzhen Metro Group Co. Ltd., Vanke's largest shareholder, provided over 30 billion yuan in shareholder loans to repay public debt, limiting further lending in November 2025. Support resumed in late January 2026 with 2.4 billion yuan for bond extension upfront payments. (48 words)

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