China Vanke’s Paths to Avoid Default Narrow After Failed Vote

China Vanke Co., the nation’s last major developer to have so far avoided default amid an unprecedented property crisis, has been left with little time to keep debt failure at bay after creditors spurned its proposal to push back a looming bond payment.

Once China’s biggest homebuilder by sales, Vanke failed to obtain sufficient support for its plan to delay paying the 2 billion yuan ($283 million) note due Dec. 15, a filing to the National Association of Financial Market Institutional Investors showed late Saturday. The proposal, along with two others on the ballot, would have allowed a one-year extension. All three fell short of the more than 90% support required for passage.