China Vanke yuan bondholders approve plan to defer some repayments for one year

Bondholders of China Vanke (2202) agreed to defer receiving payment of 60 percent of the principal for a 1.1 billion yuan puttable bond by one year, a filing showed on Wednesday.

Vanke surprised the market last week with a sweetened proposal to defer repayment for the bond by offering to pay 40 percent of principal, after some bondholders resoundingly rejected earlier plans.

Prices of Vanke's onshore bonds have jumped since the company announced the new proposals.

More than 90 percent investors holding the bond with a put date of January 22 supported the latest proposal, according to the filing, while 4.2 percent voted against it.

Reuters