China Vanke Seeks to Delay Second Bond Repayment as Crisis Grows

China Vanke Co. proposed delaying repayment of another local bond in the latest signal of mounting liquidity challenges for the embattled state-backed builder.

Vanke, once China’s top homebuilder by sales, asked bondholders to accept a plan that would allow it to delay payment on a 3.7 billion yuan note due on Dec. 28, according to a filing to the Shanghai Clearing House. The company plans to arrange a meeting with bondholders on Dec. 22 to discuss the proposal, it said.

The announcement comes just days after credit and stock markets were jolted by the developer’s earlier plan to extend a ...