China Vanke Co. is seeking approval from lenders to modify the terms of two offshore loans amid deteriorating financial conditions due to an ongoing property crisis. The company is requesting waivers for certain covenants on two five-year loans totaling HK$15.7 billion, which are set to mature in December 2026.
China's real estate market continues to struggle, with sales down 36.6% in the first nine months of the year and new construction projects plummeting by 42% since 2019. Analysts predict stabilization by late 2025, but caution that significant government support is needed to address liquidity issues and unsold inventories, or the downturn could extend for another three years. Despite recent measures, property sales are expected to remain subdued, with projections indicating a drop to around 8 trillion yuan by 2025, less than half of 2021's levels.
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