China Vanke Seeks a One-Year Extension on a Second Local Bond

China Vanke Co. offered creditors details of its plan to delay payment on a second bond maturing this month, as it races to avert a default on any of its nearly $2 billion of local debt that is due in the coming months.

Shenzhen-based Vanke, once the nation’s largest builder by sales, told some bondholders that it is seeking a 12-month delay on both principal and interest payments on its 3.7 billion yuan ($524 million) note due Dec. 28, according to people familiar with the matter. The 3% coupon rate will remain unchanged during the extension period, the people added.