Insurers raise alarm bells over Vanke debt
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China Vanke, the country's second-biggest developer by sales, is facing debt risks as shares and bonds hit record lows. At least two Beijing-based insurers have instructed their external portfolio managers to closely monitor Vanke's credit risks, while one life insurer has told its pension managers to reduce exposure. Vanke has started negotiations with state insurers to extend maturities of some private borrowings, but no agreement has been reached yet. The developer's shares and bonds slumped, with shares closing down 7.1 percent in Hong Kong and falling 4.7 percent in Shenzhen. Vanke's yuan bonds also hit their lowest levels, and its 3.975 percent dollar bond due in 2027 fell by more than 6 cents on the dollar to 47.3 cents. China's home sales slump has accelerated this year, adding to concerns about Vanke's debt obligations.

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https://www.thestandard.com.hk/section-news/section/2/260881/Insurers-raise-alarm-bells-over-Vanke-debt