China Vanke vows to improve bond delay plan after vote fails; default risk looms.

• China Vanke's plan to delay a bond payment was rejected by creditors, increasing default risk.
• Vanke will revise its proposal and hold a new meeting for the 2 billion yuan bond maturing December 15.
• The failed vote underscores the persistent challenges in China's property market crisis.
• Vanke's shares and dollar bonds experienced declines following the news.
• Investor confidence in Vanke, previously bolstered by state-owned backing, is now wavering.

Why It Matters: Vanke's potential default signals deepening crisis in China's property market.