China Vanke Shares, Bonds Hit New Lows on Debt Worries
- Vanke shares fell 7.1% in Hong Kong, and 4.7% in Shenzhen
- Declines follow reports that Vanke seeks debt-payments delay
Vanke shares fell as much as 6.6% in Hong Kong — nearing their record closing low — and as much as 5.2% in Shenzhen, the biggest drop since December 2022.
Source: Bloomberg
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Shares and bonds of China Vanke Co., the country’s second-biggest property developer by sales, hit record lows Monday on renewed concerns that the company may need more breathing room to repay creditors.
Vanke shares closed down 7.1% in Hong Kong at their lowest level ever, and fell 4.7% in Shenzhen, the biggest drop since December 2022. Some of Vanke’s yuan bonds also hit their lowest levels, according to Bloomberg-compiled prices, while its 3.975% dollar bond due in 2027 fell by more than 6 cents on the dollar to 47.3 cents.