Vanke Sweetens Terms of Bond Delay Request After Failed Vote

Distressed developer China Vanke Co. offered creditors better terms on its request to delay payment on a bond after creditors rejected its initial proposal.

Vanke, once China’s biggest homebuilder by sales, told bondholders late Monday afternoon that it could pay the 60 million yuan ($8.5 million) interest on the 2 billion yuan bond due Dec. 15 before Dec. 22. It also sought to extend the five-business-day grace period to 30 trading days, according to people familiar with the matter.