Vanke’s Bid to Delay Bond Payment Sparks Selloff in Chinese Developers

China Vanke’s 000002 -5.60%decrease; red down pointing triangle proposal to delay repayment of an onshore bond led to trading halts in three other local notes and triggered a selloff in shares of Chinese property developers, ratcheting up fears about the country’s drawn-out real estate crisis.

Vanke, one of China’s biggest real-estate companies, was once regarded as one of the country’s most solid developers. It is among the few major Chinese developers that have yet to default amid the country’s massive property bust.