Chinese Builder Vanke Repays Its Only Dollar Bond Due This Year
Residential buildings under construction at a China Vanke Co. development in Shanghai.
Photographer: Qilai Shen/BloombergChina Vanke Co. has wired funds to repay a dollar bond due on Monday, according to people familiar with the matter, clearing its only such obligation of the year after a government-led overhaul of the developer.
Two holders have received principal and interest payments on a 3.15% dollar bond issued by a Vanke offshore subsidiary that matured on May 12, with $423 million outstanding, said the people, who asked not to be identified discussing private matters. The note traded at 99.7 cents on the maturity date, according to Bloomberg-compiled data.