China Vanke wins bondholders’ reprieve, averts default for now
China Vanke, once a leading developer, avoided default by securing bondholders' support to extend a grace period for a 2 billion yuan note. However, its proposal to defer principal payment failed, highlighting ongoing financial challenges. Vanke faces potential restructuring amid China's real estate crisis, with US$50 billion in liabilities. The situation underscores government challenges in reviving the property market without rescuing individual firms.
