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Vanke Surges After Creditors Approve Bond Rollovers & New Loan
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Vanke Surges After Creditors Approve Bond Rollovers & New Loan
Shares of China Vanke increased after the property developer successfully avoided an immediate default on its debt. Creditors unanimously approved extensions for two bonds that matured last month, and the company’s largest shareholder agreed to provide an additional loan to cover upcoming principal and interest payments. Consequently, its bonds also saw gains. Vanke’s stock in Shenzhen closed 2.3% higher at CNY4.86 (roughly 70 US cents) per shar…
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