Vanke Bonds Rebound From Lows as Focus Shifts to Local Note (3)

China Vanke Co. rebounded from record lows in credit markets, as people familiar with the matter said the distressed developer had previously told some creditors it had enough cash prepared to repay a local note.

The firm told some creditors prior to turbulence in its bonds and shares on Friday that it had prepared enough cash to repay a 3 billion yuan ($409 million) security due Jan. 27, according to the people.

Uncertainty continued to swirl around the whereabouts of the company’s top executive following an earlier local news report that the property developer may be seized by state authorities. ...