Ghost cities, railroads, airports that nobody uses or asked for and all the other super expensive make work projects are coming home to roost. I don't see how they get out of this without hyperinflating the currency.
— Original Settler (@MAPatriot1630) November 28, 2025
China’s property crisis is resurfacing with new force as China Vanke — long viewed as one of the country’s most stable developers — faces a sharp deterioration in its debt profile, raising uncomfortable echoes of Country Garden’s near-collapse, which began in late 2023 and worsened into early 2024.
Vanke Bonds Crash On First-Ever Repayment Delay
Vanke’s bonds plunged on Thursday after the state-backed company sought to delay an onshore bond repayment for the first time, according to Reuters. The move rekindled fears of another major developer sliding toward restructuring, a scenario that could rattle an already fragile sector.
The selloff began earlier in the week following a media report suggesting Beijing had instructed local authorities in Shenzhen, where Vanke is based, to explore a “market-oriented approach” to handling its debt — widely interpreted as restructuring. The slump accelerated after Vanke announced plans to seek bondholder approval to push back repayment of a 2 billion yuan ($280 million) onshore bond due Dec. 15.
An offshore Vanke dollar bond due in November 2027 fell to 23 cents on the dollar on Thursday, compared to around 55 cents earlier in the week, Reuters reported.
China Vanke seeks first extension on onshore bond payment, bonds slump
https://www.investing.com/news/stock-market-news/china-vanke-bonds-slump-as-concerns-mount-over-state-support-4378736