By Jiahui HuangChina Vanke said it will pay a dollar bond due Friday, the state-backed property developer's final offshore debt obligation for the year, seeking to calm liquidity concerns amid China's continuing property crisis. The note, issued in March 2019, is the property developer's third offshore bond due this year. Vanke has about $1.8 billion of four offshore bonds due in 2025, 2027 and 2029, according to Wind data. Next is a $423 billion bond issued in 2019 that will mature in May 2025, the data showed. Morningstar analyst Jeff Zhang said the dollar bond payment was expected, given the company's recent progress in getting more funding support from financial institutions.

Source: Wall Street Journal June 06, 2024 06:53 UTC