Vanke Averts Default as Bondholders Approve Longer Grace Period

China Vanke Co., once the country’s biggest developer before it succumbed to an unprecedented property crisis, won last-minute support from creditors to extend a bond grace period in a reprieve that helps it avoid default, at least for now.

Holders of Vanke’s 2 billion yuan ($284 million) note voted in favor of a proposal to extend the grace period to Jan. 28, according to a filing to Chinamoney.com on Monday. The company didn’t pay the security by its Dec. 15 maturity, which left it in a grace period that otherwise would have expired Monday.

The Yunhe Vanke Center construction site in Beijing.

Source: Bloomberg

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