China Vanke shares and bonds plunged on Thursday after it became the first state-backed property developer to request a delay on a bond payment, reigniting fears around the Chinese real estate sector’s financial health.
Vanke, whose majority shareholder is Shenzhen Metro, disclosed late on Wednesday it had asked holders of a Rmb2bn ($280mn) onshore bond for a delay in a payment of principal due next month.
The exchange filing sent its Shenzhen-listed shares down 7.1 per cent on Thursday to Rmb5.47, their lowest level in nearly two decades. An onshore renminbi bond maturing in 2027 with Rmb1.1bn outstanding dropped to 40 cents on the dollar on Wednesday, having traded at 86 cents at the start of the week.
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