Vanke Wins Approval for Longer Grace Period on Another Yuan Bond

China Vanke Co., which just days ago got a reprieve on a local bond, has gained further breathing room after investors agreed to extend the grace period of another note, helping the embattled developer avert an imminent default once again.

Holders of Vanke’s 3.7 billion yuan ($528 million) bond due Dec. 28 rejected all five proposals that would have permitted the Shenzhen-based homebuilder to push back principal repayments in some form, according to a filing to the Shanghai Clearing House. They instead approved a plan to extend the five-working-day grace period to 30 trading days, granting it more time to work out solutions for its looming mountain of maturing debt.