China Vanke Debt Talks Expand as It Seeks More Time From Banks

China Vanke Co., once the nation’s biggest homebuilder, lurched closer toward what would be one of the country’s largest-ever debt restructurings.

Vanke has asked some commercial banks to accept delayed interest payments on certain borrowings, people familiar with the matter said. The developer was already struggling to convince a group of bondholders to extend the maturity on 2 billion yuan ($284 million) of notes that matured on Dec. 15. And it’s separately asking holders of a bond due Dec. 28 for another 12 months to meet obligations on that debt.