China Vanke, the nation's second-largest developer, is under increasing financial pressure as it seeks solutions for its liquidity stress, including discussing options for a private debt solution with major insurers. The company is attempting a second extension on the maturity of around 5 billion yuan ($695 million) of privately issued debt owed to two state-backed insurance sector companies, a situation described as an Event of Default. This effort follows public support from its state-owned backers in November, amid a lingering market slump. Chinese regulators have asked large banks to step up support for Vanke and have called on private debt holders to consider maturity extension. Additionally, Vanke has deposited $650 million into an escrow account to repay its 5.35% notes, avoiding a potential default. However, the company is facing resistance from the nation's two largest banks on a new offshore loan, marking a significant test of state support for the embattled real-estate giant.
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/UE1ShJGo11
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
China Vanke is facing deepening pressure as several major insurers seek to protect their privately issued debt on concerns over potential liquidity stress at the nation’s second-largest developer, sources say https://t.co/dDwmMNuxUk
CHINA #VANKE, INSURERS DISCUSS OPTIONS FOR PRIVATE DEBT SOLUTION.