China Vanke is drawing up a debt restructuring plan at the request of authorities, pushing it closer to default, Bloomberg News reported on Friday, citing people familiar with the matter. Chinese officials have urged the real estate developer to speed up the overhaul and submit the debt restructuring soon as possible,

US move calls into question China’s future financial commitments in Latin American country, potentially hurting Beijing’s regional strategy.

China Vanke Co., which just days ago got a reprieve on a local bond, is back in a familiar situation, as investors in another note finish voting on the distressed developer’s bid to delay payment amid its struggle with a mountain of debt due in coming months.

An Evergrande development in Huaian in China's eastern Jiangsu province. The company is bankrupt. Who's next? What does it mean for U.S. investors? (Photo by STR / AFP) / China OUT (Photo by STR/AFP via Getty Images) Days after Chinese real estate ...

US debt surpasses $38 trillion, with the majority held by domestic institutions. Interest costs are projected to reach $1 trillion annually by 2026.

China Vanke Co. is preparing a debt restructuring plan at the request of authorities, people familiar with the matter said, pushing one of the country’s largest real estate developers closer to default.

The report warns that the country may be heading towards a debt situation similar to Sri Lanka, which suffered a major economic collapse after heavy loan from China and officially defaulted on its debt in 2022.

Some Chinese online users are calling for a lightning Venezuela-style snatch of Taiwan's leaders in a prelude to taking over the island, but analysts, scholars and security officials say China's modernising military is still far from ready.