China Vanke Faces Another Bond Test After Dodging Default

China Vanke Co., which just days ago got a reprieve on a local bond, is back in a familiar situation, as investors in another note finish voting on the distressed developer’s bid to delay payment amid its struggle with a mountain of debt due in coming months.

Holders of its 3.7 billion yuan ($526 million) bond have until 3 p.m. Thursday to choose from six proposals that all seek to push back payments in some form. In the absence of any such extension, the cash-strapped developer would have to pay the note when it falls due Dec. 28 or within a five working day grace period, otherwise risk default.