China Vanke seeks 40 percent repayment, one-year extension for bonds due in June and July, sources say

Property developer China Vanke (2202) is seeking to extend four onshore bonds by one year, offering to repay 40 percent of principal upfront, sources told Reuters on Tuesday.

The bonds in question are two 2 billion yuan medium-term notes with 3.07 percent coupons each, due on June 15 and July 7, respectively.

A bondholder meeting is scheduled for June 5, with a voting deadline on June 9.

Two corporate bonds due or puttable in July are also subject to the same proposal, sources said.

The sources declined to be named as they were not authorised to speak to media.

Vanke did not immediately respond to a request for comment.

In January, Vanke won investor approval to extend three yuan bonds under similar terms.

Reuters

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓