State-backed property developer China Vanke, once the country’s largest homebuilder by sales, narrowly avoided defaulting on a 2 billion yuan ($284 million) bond last week as the painfully slow recovery in China’s property market drags on.
The Chinese developer also was seeking to delay repayment of another 3.7 billion yuan ($530 million) of onshore debt due on Dec. 28, with bondholders agreeing to extend the deadline to February.
