<div id="readability-page-1"><div>[HONG KONG] China Vanke, which just days ago got a reprieve on a local bond, is back in a familiar situation, as investors in another note finish voting on the distressed developer’s bid to delay payment amid its struggle with a mountain of debt due in the coming months.Holders of its 3.7 billion yuan (S$676 million) bond have until 3 pm on Thursday (Dec 25) to choose from six proposals that all seek to push back payments in some form. In the absence of any such extension, the cash-strapped developer would have to pay the note when it falls due Dec 28 or within a five working day grace period, otherwise risk default.China’s last major developer to so far avoid debt failure, Vanke is straining under the weight of US$50 billion of interest-bearing liabilities amid an unprecedented real estate market slump. The latest negotiations come after it narrowly won last-minute support to extend a grace period on a two billion yuan bond, even as its proposal to defer principal payment for 12 months was rejected. The firm’s long-term issuer rating was downgraded to selective default this week by S&amp;P Global Ratings, which viewed the grace-period extension as a distressed debt restructuring tantamount to default.Vanke, once China’s biggest developer, has been holding rapid rounds of back-to-back talks with creditors as it faces a 13.4 billion yuan maturity wall by the end of June. If it eventually does embark on a restructuring, it would be among the biggest-ever in China. The builder has roughly US$160 billion of assets and more than 125,000 employees.The ballot options this time include one that mirrors what creditors opted for on the other bond just days ago: extending the grace period to 30 trading days. Other choices include Vanke’s initial proposal that would extend principal and interest payments by 12 months, or plans with more generous terms, such as requiring the company to add credit enhancements or a cross-default clause to the security, among other things.In the past, Vanke has benefited from the backing of its largest state-owned shareholder, Shenzhen Metro Group, but that support came into question in recent months after the subway operator signalled plans to tighten its lending terms. The shift triggered a sharp sell-off in Vanke’s securities, pushing them into deeply distressed territory.A default could have a cascading impact on the builder’s notes and loans through any cross-default clauses. Around 45 per cent of Vanke’s roughly US$50 billion debt load is unsecured, according to Barclays, making it particularly vulnerable if the company goes into restructuring.Some of Vanke’s offshore bondholders have recently been approached by Houlihan Lokey and PJT Partners, which are both seeking to advise them. Such steps are often a prelude to forming ad hoc committees that typically act as the holders’ main representative in restructuring talks.Vanke’s debt woes also underscore the government’s challenges as it tries to revive an economy worn down by years of falling home prices and weak consumer sentiment. Policymakers have long sought to balance efforts to stabilise the property market without directly rescuing individual firms.Beijing city is relaxing home-purchase rules for non-residents in its latest effort to boost sales. The Chinese capital will reduce the number of years buyers need to have paid individual income tax or social security before they’re eligible to buy a home, according to an announcement on Wednesday. BLOOMBERG</div></div>

万科企业

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万科企业面临另一个债券支付挑战，因为投资者正在投票表决推迟其 37 亿元债券的支付提案。这家开发商背负着 500 亿美元的债务，刚刚勉强避免了之前一笔债券的违约。标准普尔将其评级下调至选择性违约。万科的重组可能成为中国最大的重组之一，影响其无担保债务。在万科的财务困境中，政府面临着稳定房地产市场的挑战

万科企业在躲过违约危机后再次面临债券考验