Game Over - Vanke Defaults

[hepburn21]

China Vanke Co., the distressed builder that surprised markets last week when it proposed an unspecified delay in paying a local bond, has now asked holders to wait a year to be made whole, as it faces mounting liquidity pressure amid waning state support.

Shenzhen-based Vanke, once the nation’s largest builder by sales, told creditors Monday that it was seeking a one-year delay to pay the 2 billion yuan ($283 million) note originally due on Dec. 15 along with interest, people familiar with the matter said. During the extension period, the 3% coupon would remain unchanged, according to the people, who asked not to be identified discussing private matters.

The state-backed builder announced its request last week to delay repayment on the local bond — the first of a 13.4 billion yuan wall of repayments stretching through mid-2026. But it had not specified details of the proposal. The move sent some of Vanke’s notes plunging to record lows and sparked broaders concerns about Beijing’s commitment to support even its largest distressed developers.

No one could be reached when Vanke was called.

 

[laksaboy]

Tiong dirty money drying up. Delay here, delay there no use one.

 

[ftan42]

Other builders facing similar situations as Vanke included Evergrande Group, Country Garden Holdings Co., and Sunac China Holdings. They continued to expand excessively and over-leveraged themselves by issuing bonds to fund their operations.

 

[hepburn21]

Xi xi pee pick fight with Japan n distract from economic woes.

Now xi backed down and lose face. dare not to escalate.

 

[k1976]

DBS, OCBC and others owed $306m by S’pore car-sharing service Shariot and related firms​

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Debt from hire-purchase agreements formed the bulk of the amount owed by the group of companies including car-sharing service Shariot.

ST PHOTO: AZMI ATHNI

Follow topic:​

Banks and financial institutions

Summary

• 18 related companies, including Autobahn Rent A Car and Shariot, seek a moratorium to halt creditor actions due to $305.9 million in debts.
• Debts, largely from vehicle hire-purchase agreements, affect creditors like DBS ($94.8m), Teck Wei Credit ($70m) and Toyota Financial Services ($25m).
• Fleet insurance termination threats and potential account freezes could cripple operations; the High Court will hear the application on Dec 5

 

[k1976]

S’pore car-sharing service Shariot and related firms potentially restructuring amid $180m debt​

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Car-sharing company Shariot is among nine related companies potentially restructuring.

ST PHOTO: AZMI ATHNI

Follow topic:​

Debt restructuring/Insolvency

Summary

• Shariot and eight related firms seek creditor reprieve to explore restructuring options due to $180 million debt, mainly from Autobahn Rent A Car.
• Autobahn Rent A Car's earnings declined due to rising costs and falling rental fees; rental contracts are currently unaffected by this request
• The companies are assessing options like court protection and schemes of arrangement, major motor dealers are among creditors.

 

[k1976]

Bitcoin logs its worst day since March​

PUBLISHED MON, DEC 1 2025 2:30 AM ESTUPDATED AN HOUR AGO

Liz Napolitano@LIZKNAPOLITANO
Hugh Leask
WATCH LIVE

KEY POINTS

• Bitcoin and ether fell sharply on Monday.
• Risk-off sentiment in broader markets hangs over digital assets as sell-off resumed in December.
• In Asia, shares in digital assets-related stocks dropped after the People's Bank of China warned of illegal activities.

Bitcoin and ether fell sharply on Monday, as the recent sell-off in cryptocurrencies resumed.

Bitcoin was last seen at about $85,894.03 at 04:19 p.m. ET, a 6% slide. Ether dropped 8.4% to hit $2,776.39.

 

[k1976]

Crypto Downturn Wipes Out Almost $1 Billion in Levered Bets​

By Suvashree Ghosh and Muyao Shen
December 1, 2025 at 8:53 AM GMT+8
Updated on
December 2, 2025 at 5:55 AM GMT+8
Save
Translate

Takeaways by Bloomberg AI​

Almost $1 billion of leveraged crypto positions were liquidated during another sharp drop in prices on Monday that brought fresh momentum to a wide-ranging selloff.

Bitcoin slid as much as 8% to $83,824 in New York, bringing its decline since early October to almost 30%. Ether dropped as much as 10% to as low as $2,719, and is down 36% over the past seven weeks.

The market downturn has been even tougher on smaller, less liquid tokens that traders often gravitate toward because of their higher volatility and typical outperformance during rallies. A MarketVector index tracking the bottom half of the largest 100 digital assets is down almost 70% this year.

 

[ftan42]

The consistently record-breaking COE bidding prices indicate a robust performance in related car industries, whether for private use or commercial purposes. However, despite the strong demand, companies may still face challenges such as declining earnings and falling rental fees, which could lead to financial strain, including debts amounting to $180 million.

 

[k1976]

The consistently record-breaking COE bidding prices indicate a robust performance in related car industries, whether for private use or commercial purposes. However, despite the strong demand, companies may still face challenges such as declining earnings and falling rental fees, which could lead to financial strain, including debts amounting to $180 million.

COE is a world class safe haven assets mah
Some rich big shots too psycho Gao Lee Gao Lee

 

[50000]

The consistently record-breaking COE bidding prices indicate a robust performance in related car industries, whether for private use or commercial purposes. However, despite the strong demand, companies may still face challenges such as declining earnings and falling rental fees, which could lead to financial strain, including debts amounting to $180 million.

let them burn!!!!

 

[syed putra]

Crypto Downturn Wipes Out Almost $1 Billion in Levered Bets​

By Suvashree Ghosh and Muyao Shen
December 1, 2025 at 8:53 AM GMT+8
Updated on
December 2, 2025 at 5:55 AM GMT+8
Save
Translate

Takeaways by Bloomberg AI​

Almost $1 billion of leveraged crypto positions were liquidated during another sharp drop in prices on Monday that brought fresh momentum to a wide-ranging selloff.

Bitcoin slid as much as 8% to $83,824 in New York, bringing its decline since early October to almost 30%. Ether dropped as much as 10% to as low as $2,719, and is down 36% over the past seven weeks.

The market downturn has been even tougher on smaller, less liquid tokens that traders often gravitate toward because of their higher volatility and typical outperformance during rallies. A MarketVector index tracking the bottom half of the largest 100 digital assets is down almost 70% this year.

Tjis is how US got rich. On speculative transaction. Non productive effort.

 

[hepburn21]

Vanke kababoom

​ Screenshot

China Vanke Seeks a One-Year Extension on a Second Local Bond​

China Vanke Co. offered creditors details of its plan to delay payment on a second bond maturing this month, as it races to avert a default on any of its nearly $2 billion of local debt that is due in the coming months.
Shenzhen-based Vanke, once the nation’s largest builder by sales, told some bondholders that it is seeking a 12-month delay on both principal and interest payments on its 3.7 billion yuan ($524 million) note due Dec. 28, according to people familiar with the matter. The 3% coupon rate will remain unchanged during the extension period, the people added.

Vanke announced the proposal in a public filing last week, but didn’t include details, and is planning a meeting with bondholders on Dec. 22 to discuss it, according to the filing.

The latest extension request comes as Vanke scrambles to secure enough creditor support for a plan to delay payment on a 2 billion yuan bond due Dec. 15. Vanke, one of the few major Chinese developers that hasn’t defaulted, has in the past relied on financial lifelines from its largest state shareholder, Shenzhen Metro Group Co. But recently the company shifted its stance and tightened financing terms, adding to the developer’s stress.

Securing the extensions is crucial for Vanke’s efforts to shore up its liquidity and mitigate default risk. Its plan to extend the 2 billion yuan bond reignited worries about China’s beleaguered property sector, and sent some of the company’s bonds plunging to record lows. The company has total interest-bearing liabilities of about $51 billion.

The latest extension plan also raises questions about the company’s strategy for dealing with its looming maturity wall.
“Vanke is extending its bonds one by one simply to buy time for an eventual holistic restructuring plan,” said Li Huan, co-founder of Forest Capital Hong Kong Ltd.

Li said the extensions are a waste of time because they don’t address the underlying issues, and risk adding further disruption to the financial markets. “In the end, a full-scale restructuring is inevitable,” he added.

Vanke didn’t immediately respond to a request for comment.

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The company said last week that it had decided not to exercise an issuer right that would allow it to redeem a 1.1 billion yuan bond ahead of maturity, in another sign of mounting liquidity problems.

The coming months are likely to be challenging for Vanke, with 13.4 billion yuan of publicly issued bonds maturing or facing early redemption pressure through mid-2026.
The yuan bond maturing Dec. 28 traded at 20 yuan on Thursday, down from near-par level in early November, according to data compiled by Bloomberg.


China economy go byebye

 

[Dreamliner787]

Other builders facing similar situations as Vanke included Evergrande Group, Country Garden Holdings Co., and Sunac China Holdings. They continued to expand excessively and over-leveraged themselves by issuing bonds to fund their operations.

All the condos in JB finished eggs liao.