<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>

萬科企業

萬科A

萬科企業面臨另一個債券支付挑戰，因為投資者正在投票表決推遲其 37 億元債券的支付提案。這家開發商揹負着 500 億美元的債務，剛剛勉強避免了之前一筆債券的違約。標準普爾將其評級下調至選擇性違約。萬科的重組可能成為中國最大的重組之一，影響其無擔保債務。在萬科的財務困境中，政府面臨着穩定房地產市場的挑戰

萬科企業在躲過違約危機後再次面臨債券考驗