Vanke Is Said to Ready Funds for $352 Million Bond Redemption

Distressed developer China Vanke Co. has secured sufficient funds to redeem a 2.5 billion yuan ($352 million) bond ahead of its maturity, according to investors briefed by the company this week.

The repayment is scheduled to take place this Friday, after the state-backed developer opted to exercise a call option that allows it to redeem the debt early, according to an exchange filing last month. The 3.45% onshore note was originally set to mature on October 31, 2027. The investors asked not to be identified as the discussions were private.

The planned payment may help soothe markets that were rattled ...