The end of the grace period on the note also would be further extended to April 29 from Jan 28. Previously, bondholders rejected plans to delay payments for 12 months, but agreed to lengthen the grace period from the original five working days.
(Jan 13): China Vanke Co presented revised proposals to extend a local bond that included collateral pledges as well as a longer grace period, according to people familiar with the matter, as the distressed developer struggles to stave off default.
Under the proposed terms, Vanke offered to use receivables from three property firms as collateral for its yuan bond that matured on Dec 15, according to a draft of the proposals sent to holders on Monday night. Those companies were listed in the draft as Shenzhen Rongxing Real Estate Development Co, Langfang Wanheng Shengye Real Estate Co and Beijing Youtai Real Estate Development Co.
