China Vanke Jolts Bondholders Again With Plan for One-Year Delay

China Vanke Co., the embattled developer that rattled markets last week with an unexpected request to delay a local bond payment, has again surprised creditors with details of the plan.

Shenzhen-based Vanke, once the nation’s largest builder by sales, told bondholders Monday that it was seeking a one-year delay to pay the 2 billion yuan ($283 million) note originally due Dec. 15, people familiar with the matter said. The 3% interest would also only be paid after a year. The proposed changes would require at least 90% approval from holders, based on the note’s prospectus.