China Vanke (HKG:2202, SHE:000002) has circulated a revised plan to holders of a domestic yuan bond, proposing additional collateral and a further extension to the grace period, Bloomberg News reported Tuesday, citing people familiar with the matter.
The latest proposal includes pledging receivables from three property companies as security for the bond that matured on Dec. 15, according to the report.
The receivables would reportedly come from Shenzhen Rongxing Real Estate Development, Langfang Wanheng Shengye Real Estate, and Beijing Youtai Real Estate Development.
Vanke is also seeking to push back the end of the bond's grace period to April 29, from Jan. 28, Bloomberg reported.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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