<div id="readability-page-1"><div>[SHENZHEN] Ripples from the crisis at Chinese developer China Vanke are reaching all the way to builders fully owned by the state.One such firm, Overseas Chinese Town Enterprises, told some bondholders in meetings on Monday (Jan 5) and Tuesday that Vanke’s crisis has already impacted the property market this year, and that it wanted to address those concerns, sources said. Overseas Chinese Town representatives told the investors that it had received clear guidance from its owner, the state asset supervisor, that it would offer all necessary support to ensure that bond repayments are made, the sources added, asking not to be identified as the matter is private.The sources noted that the mid-size developer, which focuses mainly on cultural and tourism-related projects, also said that the Assets Supervision and Administration Commission of the State Council has been exploring possible options, such as a cash injection or asset transfer.The small-group meetings with investors come as Vanke struggles to gain creditor backing for bond extension proposals, after state-run Shenzhen Metro Group, its largest shareholder with a 27 per cent stake, scaled back its support for the distressed builder. Chinese policymakers have long sought to ease concerns in the sector, and recently pledged to intensify their efforts to stabilise the housing market. Overseas Chinese Town and the state asset supervisor did not immediately respond to requests for comment. The state-owned builder and the regulator are also in talks to bolster the builder’s refinancing abilities, sources said, citing the company. One possibility would be for the builder to issue longer-dated bonds in the first half of this year, the sources added. Overseas Chinese Town only issued yuan-denominated notes maturing in less than one year in 2025, indicated Bloomberg-compiled data. The company’s yuan bond due November 2027 was trading at 97 yuan on Tuesday afternoon. BLOOMBERG</div></div>

萬科A

萬科企業

中國萬科的危機正在影響像華僑城集團這樣的國有建築公司，該公司正尋求向債券持有人保證國家資產監督管理機構對債券償還的支持。該公司正在探索現金注入或資產轉讓等選項，以穩定其財務狀況。與此同時，萬科在爭取債權人對債券展期的支持方面面臨困難，這促使其討論增強再融資能力的方案，包括潛在的發行長期債券。中國政策制定者也在加大力度穩定房地產市場

萬科企業的影響被認為較小，而較小的建築商正在尋求國家支持