China Vanke (HKG:2202, SHE:000002) is seeking to extend certain domestic bank loans by up to 10 years to ease liquidity pressure, Bloomberg reported Wednesday, citing people familiar with the matter.
The Shenzhen-based developer has submitted a preliminary proposal to major Chinese banks in recent weeks.
Some lenders are still assessing the request, while others are awaiting regulatory guidance before proceeding, the report said.
Such long-term extensions could give the company breathing room on its repayment obligations, Bloomberg said.
Vanke, battered by China's prolonged property downturn, recently warned its first-half loss could swell to as much as $1.67 billion.
Early this month, Vanke said it would apply for another loan of as much as 6.25 billion yuan from Shenzhen Metro, the report added.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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