By Kimberley Kao
China Vanke failed to secure bondholder support for a one-year extension of a bond payment due Monday, as debt continues to plague the Chinese property sector.
The three-day vote ended on Friday, with the developer given a grace period of five working days to pay 2 billion yuan, the equivalent to $283.5 million, on the onshore bond, according to a filing on Monday to the National Association of Financial Market Institutional Investors.
The proposal to extend principal and interest payments was rejected, with 76.7% of holders rejecting it. Two other proposals that included credit enhancement measures won some backing but all three were short of the over 90% threshold support needed.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
12-14-25 2017ET
