Vanke secures grace period extension for 2022 medium-term notes

China Vanke Co., Ltd. announced the extension of the grace period for its 2022 fifth tranche medium-term notes (22 Vanke MTN005). The original five-business-day grace period for principal and interest repayment has been extended to 30 business days, with the new deadline set for February 10, 2026. This adjustment follows approval during the first bondholder meeting for these notes in 2025.

The notes, with an issued amount of 37.00 bn yuan and a three-year tenor, were initiated on December 28, 2022, carrying an interest rate of 3% for the current period. The original principal and interest repayment date was December 28, 2025. During the extended 30-business-day grace period, if Vanke fully repays the principal and interest or receives a waiver from bondholders, it will not constitute a default. The company will continue to pay interest at the stated coupon rate on any unpaid principal within the grace period.

Vanke emphasizes it will continue transparent communication and negotiation with all parties to develop a solution for these notes, aiming to safeguard the long-term interests of all stakeholders. The company’s bonds are registered with the National Association of Financial Market Institutional Investors.