China Vanke fails to get bondholders' nod to extend onshore bond repayment, sources say

Reuters12-13 23:19

<a href="https://laohu8.com/S/CHVKF">China Vanke</a> fails to get bondholders' nod to extend onshore bond repayment, sources say

Dec 13 (Reuters) - State-backed developer China Vanke Co Ltd 000002.SZ has failed to get approval from bondholders to extend repayment obligation by one year for an onshore bond due on Monday, sources with knowledge of the matter said on Saturday.

After the rejection of the maturity extension proposal by the bondholders, Vanke will now have a five business day grace period to meet its 2 billion yuan ($280 million) bond payment and avoid a potential default, according to the deal terms.

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

A spokesperson for Vanke did not immediately respond to a Reuters request for comment outside of business hours.

($1 = 7.0548 Chinese yuan renminbi)

(Reporting by Reuters Staff; Editing by Sumeet Chatterjee)

((sumeet.chatterjee@thomsonreuters.com; +852 3462 7757;))

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