(Yicai) Dec. 8 -- Several China Vanke bonds surged after the debt-ridden developer unveiled three proposals to extend repayment on medium-term notes worth nearly CNY20 billion (USD2.83 billion) in total.

Six of Vanke’s domestic bonds surged today, with intraday gains of as much as 20 percent, triggering a temporary trading halt. The 22 Vanke 02 bond climbed the most, soaring almost 44 percent.

Vanke unveiled three extension options on Dec. 5: a 12-month delay, the addition of irrevocable full joint liability guarantees from major shareholder Shenzhen Metro Group, or other collateral measures acceptable to investors provided by other state-owned enterprises in the city.

They can only take effect if bondholders holding at least 90 percent of the debt agree, Vanke pointed out.

Vanke said late last month that it would hold a bondholders' meeting on Dec. 10 to consider extending a CNY2 billion note, the 22 Vanke MTN004. The firm also plans to hold another such meeting on extending bonds totaling CNY3.7 billion on Dec. 22. The two together entail principal and interest payments of about CNY5.87 billion.

Vanke posted a net loss of CNY16.1 billion (USD2.3 billion) in the three months ended Sept. 30, while operating revenue tumbled 27.3 percent to CNY56.1 billion (USD7.9 billion) from a year ago, according to its financial report. For the first three quarters, the net loss was CNY28.1 billion on a 26.6 percent drop in revenue to CNY161.4 billion (USD22.8 billion).

Interest-bearing liabilities due in the second half of this year and the first half of next year top CNY155.8 billion, Vanke noted.

The company’s shares [SHE: 000002] closed 0.8 percent lower at CNY4.91 (69 US cents) apiece in Shenzhen. Its Hong Kong-listed stock [HKG: 2202] dropped 3.1 percent to HKD3.46 (44 US cents).

Editors: Martin Kadiev