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China Vanke Co is seeking one-year extension for four onshore bonds, offering 40% upfront repayment of principal. Two medium-term notes of 2 billion yuan each due June 15 and July 7 with 3.07% coupons are included. A bondholder meeting is scheduled for June 5 with voting deadline June 9. Two additional corporate bonds due or puttable in July also fall under proposal. The move follows earlier approval in January for similar extensions on three yuan bonds. Sources said company has not responded.
China Vanke Co is in discussions with bondholders to restructure parts of its onshore debt by seeking a one-year extension for four bonds, while proposing an upfront repayment of 40% of the principal amount. Sources familiar with the matter indicated that the discussions are part of ongoing efforts to manage upcoming repayment pressures in the domestic bond market. Advertisement
The bonds under consideration include two medium-term notes, each valued at 2 billion yuan, carrying a coupon rate of 3.07%. These instruments are scheduled to mature on June 15 and July 7 respectively, and are among the key obligations covered under the proposed restructuring plan.
A bondholder meeting has been arranged for June 5 to deliberate on the proposal, while the voting process is expected to conclude by June 9. Investors are expected to evaluate the partial repayment structure alongside the one-year extension framework before arriving at a decision.
In addition, two corporate bonds due or puttable in July are also included under the same restructuring proposal, according to sources. The development comes after the company had already secured investor approval in January for extending three yuan-denominated bonds on similar terms, reflecting an ongoing pattern of liability management within its domestic debt portfolio. The company has not issued an official response on the latest discussions.
Source Reuters
5th Jun, 2025
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