China’s Vanke Corporation (Vanke) is seeking an extension for a 2 billion yuan (RMB, Chinese currency) medium-term note, with the original principal payment date set for April 23, 2026.
According to the China Foreign Exchange Trading System website on April 3, the Bank of Communications, as the convener, issued an announcement regarding the convening of the first holder meeting for Vanke Corporation’s 2023 first medium-term note (23 Vanke MTN001) in 2026.
The announcement stated that a meeting for holders of the 23 Vanke MTN001 would be held on April 17 at 10:00 to discuss matters related to the extension of this bond. The original principal payment date of 23 Vanke MTN001 was scheduled for April 23, 2026, with a remaining balance of 2 billion yuan, an interest rate of 3.11%, and the managing institution during the existence period being Bank of Communications.
According to a report by The Paper, this is Vanke’s first bond seeking extension after the Chinese New Year. Due to tight funds, they started seeking bond extensions in November 2025, with several public bonds already completing extension voting in January. Among them, two medium-term notes (22 Vanke MTN004, 22 Vanke MTN005) totaling 5.7 billion yuan extension proposals were approved by bondholders.
The report also revealed data disclosed by Vanke showing that in 2026, Vanke is facing a total of 14.68 billion yuan of public bonds maturing, with 11.27 billion yuan due from April to July.
Moreover, according to Vanke’s Annual Report Summary for 2025 released on April 1, Vanke’s debt-to-asset ratio has climbed to 76.89%, while the net debt ratio has increased from 80.6% to 123.48%.
At the same time, Vanke has incurred significant losses, with the report stating, “In 2025, the Group achieved operating income of 233.43 billion yuan, with a net loss attributable to shareholders of the listed company of 88.56 billion yuan, representing a decrease of 32.0% and 79.0% respectively year-on-year.” The loss of 88.56 billion yuan marks Vanke’s bleakest financial performance since its listing. Additionally, the net cash flow generated from operating activities by Vanke has decreased by 126.00%, with total assets shrinking to 1.02 trillion yuan, putting immense pressure on debt repayment.