China Vanke’s bonds tumble as concerns for state-backed property firm mount
6:13 am Wednesday, September 11th, 2024
LONDON (Reuters) – The dollar-denominated bonds of state-backed Chinese property giant China Vanke extended a run of sharp falls on Wednesday, as concerns continued to weigh about its fate amid an ongoing crisis of confidence in the sector.
Tradeweb data showed two of Vanke’s main bonds due for repayment in late 2027 and 2029 down 2.9 cents and 3.7 cents to 44 cents and 40 cents, respectively.
That equates to an at least 60% discount to their face value and compares to the 72 cents and 66 cents they were respectively trading at in mid May.
(Reporting by Marc Jones; Editing by Amanda Cooper)
