** Hong Kong shares of China Vanke 2202.HK climb 6.6% to HK$3.71, their highest level since December 22

** Stock is the top pct gainer on the Hang Seng Composite Index .HSCIPC tracking properties and construction stocks, which slips 0.6%

** Shenzhen-listed stock 000002.SZ rises as much as 6.7% to 5.11 yuan, highest point since December 12

** China Vanke said on Wednesday it had gained creditor approval to defer some repayments soon to be owed on a 1.1 bln yuan ($158 mln) puttable bond, likely helping the state-backed property developer stave off an imminent default

** The embattled firm is also negotiating with creditors about payments for two other yuan bonds that matured last month, and this deal - the biggest concession so far from bondholders - bodes well for those discussions

($1 = 6.9635 yuan)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))