Chinese regulators have initiated a series of measures to support the troubled property developer China Vanke amidst its financial difficulties. In an unprecedented move, they have asked major banks to increase their financing support for Vanke and urged private debt holders to consider extending the maturity of debts. This comes as Vanke faces significant challenges, including potential default on its 5.35% notes, for which it has deposited $650mn into an escrow account to repay, causing its stock to rise by 4%. Additionally, Moody's Ratings has downgraded Vanke's credit rating from investment-grade to 'junk' status, citing concerns over liquidity and falling home sales. The developer is also in talks with banks regarding a debt swap to avoid its first-ever bond default. Despite these efforts, Vanke is encountering resistance from the nation's two largest banks concerning a new offshore loan, highlighting the severity of its liquidity crisis.
China Vanke In Debt Swap Talks With Banks To Stave Off Default - BBG https://t.co/qtNCkzXnfm
China Vanke is in talks with banks on a debt swap that would help the cash-strapped developer stave off its first-ever bond default, sources say https://t.co/v8AJoxAX9r
CHINA VANKE IN DEBT SWAP TALKS WITH BANKS TO STAVE OFF DEFAULT
Chinese #property developers stage strong rally on market speculation that large banks are working on financing support for China Vanke. The Wire >> https://t.co/haGgRmRP6L https://t.co/UEt18ONJA5 https://t.co/PLHW9VPAmi
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China Asks Large Banks to Support Vanke in Rare Intervention, Sources Say https://t.co/j6xNKE49Zb
Moody's downgraded China #Vanke debt ratings to ‘junk’ status as liquidity concerns mount amid tumbling property sales, Vanke would have to offer discounts to strengthen its sales during the downcycle, which would weaken its profit margin. Some investors have been dumping shares… https://t.co/hUOKT8I6yi
Moody's withdraws #property developer China #Vanke 'Baa3' rating, put Vanke's all ratings on downgrade watch The Wire >>> https://t.co/haGgRmRP6L https://t.co/vw1LtLsENh
Exclusive: Chinese regulators ask large banks to step up support for Vanke https://t.co/p39FpM2h4k
Moody’s Ratings stripped state-backed developer China Vanke Co. Ltd. of its investment-grade credit rating and warned of further cuts, predicting credit metrics and liquidity will weaken because of falling home sales and funding uncertainties. https://t.co/cfAGaC26re
China Vanke Real Estate USD 3.975% 09 Nov 2027 Corp bid falls by 3.25 to 44.15. it is rated BBB/BBB, and as a reminder, it is an SOE https://t.co/NnLSq7hVMH
Chinese regulators ask large banks to step up support for Vanke, sources say https://t.co/8bET0KF8kO
Moody’s Ratings has stripped state-backed developer China Vanke of investment-grade credit rating and warned of potential further cuts, predicting credit metrics and liquidity will weaken because of falling home sales and funding uncertainties https://t.co/ZlKzV0kDA1
China Vanke is facing resistance from the nation’s two largest banks on a new offshore loan, sources say, in a major test of state support for the cash-strapped real-estate giant https://t.co/RBwFpUlolj
China has asked banks to enhance financing support for state-backed China Vanke and called on creditors to consider private debt maturity extension, in a rare intervention from central government to help an embattled property firm, two sources said https://t.co/yNK4f8lZGl
Chinese regulators recently met financial institutions to discuss state-backed #property developer #China #Vanke where they asked large banks to enhance financing support and asked private debt holders to discuss maturity extension, Reuters cites two sources. #Realestate https://t.co/PmNWb0KD21
Exclusive: Chinese regulators recently met financial institutions to discuss state-backed property developer China Vanke where they asked large banks to enhance financing support and asked private debt holders to discuss maturity extension https://t.co/EQOBW77GZk
Exclusive: Chinese regulators recently met financial institutions to discuss state-backed property developer China Vanke where they asked large banks to enhance financing support and asked private debt holders to discuss maturity extension. More here: https://t.co/ccdBtOq2BY
China's property company Vanke is up 4% overnight as it deposited $650mn into an escrow account with its agent bank to repay its 5.35% notes, which it could have defaulted on...
Exclusive: Chinese regulators ask large banks to step up support for Vanke, sources say https://t.co/uQX4kuR2yR https://t.co/e9GRnGVRzc
China Vanke is trying to extend around 5 billion yuan ($695 million) of privately issued debt owed to two state-backed insurance sector companies that had already been extended once, sources with knowledge of the matter told Caixin. In technical terms, it is an Event of Default.
Chinese Property Giant Vanke Seeks More Time to Repay Debts as Market Slump Lingers https://t.co/cygNPCUBoF
In Depth: Despite gaining public support from its state-owned backers in November, concerns about the finances of China Vanke have resurfaced amid reports the property giant is seeking to extend the maturity of some of its private debt https://t.co/z3esc7PQN9