China Vanke Faces Critical Default Deadline as Creditors Vote on $284M Bond Extension

• China Vanke, a major property developer, faces a critical deadline for a $284 million bond payment, with creditors voting on an extension.
• The company is nearing the end of a grace period for a 2 billion yuan bond, risking an unprecedented default for a firm once considered too big to fail.
• Bondholders are voting on a revised proposal to delay repayment and extend the grace period from five to 30 trading days, including interest payments.
• Vanke's shares show modest movement, and credit ratings have been downgraded amid intensifying liquidity pressures and meetings with insurers and banks.
• A default by Vanke would significantly escalate China's property crisis, impacting falling home sales, price weakness, and developer restructurings.

Why It Matters: China Vanke's potential default on a $284M bond could severely worsen China's property crisis.