Core Viewpoint - China Vanke Co. is seeking to delay payments on its bonds to avoid default amid liquidity challenges, with a total of nearly $2 billion in local debt due soon [1][4]. Group 1: Bond Payment Delays - Vanke is requesting a 12-month delay on both principal and interest payments for its 3.7 billion yuan ($524 million) note due on December 28, while maintaining the 3% coupon rate during the extension [2]. - The company is also trying to secure creditor support for delaying a 2 billion yuan bond due on December 15, highlighting its urgent need for liquidity [4][5]. Group 2: Financial Health and Market Impact - Vanke's total interest-bearing liabilities amount to approximately $51 billion, and the recent extension requests have raised concerns about the overall health of China's property sector, causing some of its bonds to hit record lows [5]. - The company's decision not to redeem a 1.1 billion yuan bond ahead of maturity indicates increasing liquidity issues [7]. Group 3: Expert Opinions - Analysts suggest that Vanke's strategy of extending bonds is merely a temporary measure to buy time for a comprehensive restructuring plan, which is seen as inevitable [6].