Vanke Skips Interest on Onshore Private Debt, Seeks Lower Rates

China Vanke Co. is in talks with major domestic creditors to cut borrowing costs on private debt worth tens of billions of yuan, as the embattled developer seeks to ease liquidity stress, according to people familiar with the matter.

Vanke recently decided to skip interest payments on some private debt as part of the negotiations, said the people, requesting not to be named because the information is private. The Shenzhen-based firm told some creditors, including insurance firms, that it wants to cut interest rates on some debt to about 3% or lower, from at least 4.3% currently, the people added. ...