Vanke's Bond Extension: A Temporary Reprieve

Chinas Vanke Averts Default, But Faces Major Challenges: The once-top property developer narrowly avoids a default bullet, securing a grace period extension on a two billion yuan bond. However, they fall short in pushing back the main payment, and their plan to delay another three point seven billion yuan bond is in progress. Amid Chinas severe property crisis, Vankes last big name still paying debts, with fifty billion dollars in liabilities, a default would significantly impact the market. The company posts record losses, and ratings agencies downgrade them, pushing them closer to a massive restructuring of their one hundred sixty billion dollars in assets.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.