Vanke Wins Approval for Revised Plan to Extend Yuan Bond

China Vanke Co. won enough creditor backing to extend payments on a yuan bond for a year, after it sweetened an earlier proposal with an upfront cash payment, easing the embattled developer’s risk of an imminent default.

According to a filing to the Shenzhen Stock Exchange, 92.11% of holders who exercised a put option on Vanke’s 1.1 billion yuan ($158 million) bond voted in favor of the revised extension plan. Under the proposal, Vanke would repay 40% of the 1.03 billion yuan owed to those investors. The builder will make the payment on Jan. 30. It would delay repaying the rest of that amount until Jan. 22 next year.