China Vanke Seeks to Delay Another Bond Payment to Avoid Default

Developer China Vanke Co. told some bondholders that it is seeking to extend a yuan bond due this month with an offer to repay 40% of the principal upfront, according to people familiar with the matter, as it again races to avoid default.

Vanke is considering offering the same terms as earlier proposals to extend three other bonds by a year, the people added, highlighting how a company at the epicenter of China’s property crisis is still facing liquidity challenges.