China Vanke Co.’s state-owned backer reported its biggest annual loss in two decades, driven largely by its investments in the embattled developer, which has been grappling with a liquidity crunch for more than two years.
Road construction outside China Vanke Co.'s Donglu residential compound in Beijing.
China is tightening approvals for overseas borrowings, leading some companies to scurry for cash with around $100 billion of bonds coming due this year.
China’s data center operators are tapping a fast-growing asset-backed security market, raising more than a billion dollars from investors hungry for higher yields.
Hainan Airlines Holding Co. is looking to return to the bond market after going through a debt restructuring more than four years ago, according to people familiar with the matter.
An airplane operated by Hainan Airlines at Haikou Meilan International Airport. Photographer: Qilai Shen/Bloomberg
Yuan bond issuance by foreign borrowers has surged in mainland China this month, eclipsing the momentum of such fundraising offshore and highlighting the appeal of a vast local market less affected by the Iran war.
A corner of China’s credit market is signaling the country’s closer ties with Europe, with a record amount of bonds issued via a mechanism established by the Shanghai Clearing House and its counterpart in Brussels.
A corner of China’s credit market is signaling the country’s closer ties with Europe, with a record amount of bonds issued via a mechanism established by the Shanghai Clearing House and its counterpart in Brussels.
China Vanke Co.’s bonds extended their rally, a day after the distressed developer unveiled sweetened proposals to extend payments on some notes, potentially easing the risk of an imminent default.
The Yunhe Vanke Center construction site in Beijing. Source: Bloomberg/Bloomberg
China Vanke Co. presented revised proposals to extend a local bond that included collateral pledges as well as a longer grace period, according to people familiar with the matter, as the distressed developer struggles to stave off default.
Distressed developer China Vanke Co. offered creditors better terms on its request to delay payment on a bond after creditors rejected its initial proposal.
China Vanke Co., the nation’s last major developer to have so far avoided default amid an unprecedented property crisis, has been left with little time to keep debt failure at bay after creditors spurned its proposal to push back a looming bond payment.
Residential buildings under construction at the China Vanke Co. Isle Maison development in Shanghai, China, on Friday, Jan. 17, 2025. Concerns over China Vanke spiked amid questions on the latest status of its top executive and a local news report that the property developer may be seized by state authorities.
When an emblem of China’s unprecedented property crisis lurches further toward the brink, it’s hard for investors across asset classes in the world’s second-biggest economy to look away.
Residential buildings under construction at a China Vanke development in Nanjing, China.
Wild swings in China Vanke Co.’s yuan bond prices have left credit traders puzzled for a second day in a row, as the market awaits details of the developer’s plan to delay repayment of a local note due next month.
Construction at China Vanke development in Hefei, China.
China Vanke Co. proposed delaying repayment on a local bond for the first time, a surprise move that raises fresh concerns about Beijing’s willingness to support even the largest distressed developers.
Cranes at the site of a China Vanke development in Hefei, China.
China’s property market is bracing for a worsening crisis at state-backed China Vanke Co., as the builder struggles to convince investors it can avoid default in the months ahead without clearer signs of government support.