Vanke Buys Time in Debt Crisis as Bondholders Accept Delays

China Vanke Co. won more breathing room as it prepares what would be one of the country’s biggest-ever restructurings, after holders of two yuan bonds accepted the developer’s plan to delay the bulk of those payments by a year.

All holders of the two notes, which were both originally due in December, voted in favor of the revised extension plan, according to filings to Chinamoney.com on Tuesday. Under the proposal, Vanke would repay 40% of the principal on both its 2 billion yuan ($288 million) bond and its 3.7 billion yuan bond on Jan. 28. The remainder would be repaid in December.