(Reuters) – Property developer China Vanke told some investors on Wednesday that it had no plans to extend its bonds amid a market sell-off, financial news outlet REDD reported, citing two persons briefed by the company on the matter.
The news outlet said on Thursday that the investors were briefed on the matter after online rumors that China Vanke was considering bond extensions.
The property developer, however, did not clarify whether it had prepared funds to repay debt maturing this quarter, REDD reported.
China Vanke did not immediately respond to a Reuters request for comments.
China Vanke highlighted its reliance on operating cash flow and asset sales for funding, with proceeds from several transactions signed last year beginning to materialise, the report said.
Funds from the asset sales will be used to support debt repayments, the report said.
