Chinese Builder Vanke Gets Support From Local Regulator, Biggest Holder
- Builder also says will repay offshore, onshore debts on time
- Some bonds set for record gains after surging up to 12 cents
Apartment blocks under construction at a Vanke Co. residential development in Xining, Qinghai province, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China Vanke Co., the country’s second-largest developer by contracted sales, said it will repay its debts on time after getting signals of support from a local regulator and its biggest shareholder Monday.
Shenzhen’s State-owned Assets Supervision and Management Commission has sufficient confidence in Vanke and if needed has enough cash and tools to support the builder in a legal and market-driven way if it “faces an extreme situation,” said senior official Ye Xinming.