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Story summary
- China Vanke Co., Ltd., backed by state-owned Shenzhen Metro, secured a 30-day grace period to negotiate a $285 million bond.
- Bondholders rejected Vanke's proposal to delay repayment by one year.
- Vanke carries more than $50 billion in debt amid widespread Chinese real estate defaults since 2021.
- Analysts warn a default could destabilize the housing market and affect other developers, while the government remains cautious.
