China Vanke Co. has approached holders of a 2 billion yuan bond due April 23 to seek a payment delay, while signaling a broader restructuring that could include maturity extensions of up to 10 years, a tender offer and asset-backed trust. The firm faces over 11 billion yuan of bond maturities and put options by July and needs approval from more than 90% of noteholders for any extension. Vanke is also negotiating delayed interest payments with banks and plans to consult creditors before finalizin

China Vanke Co. has approached holders of a 2 billion yuan bond due April 23 to seek a payment delay, while signaling a broader restructuring that could include maturity extensions of up to 10 years, a tender offer and asset-backed trust. The firm faces over 11 billion yuan of bond maturities and put options by July and needs approval from more than 90% of noteholders for any extension. Vanke is also negotiating delayed interest payments with banks and plans to consult creditors before finalizing proposals with major shareholder Shenzhen Metro Group.