Vanke Dumps GIC Venture Stake as Clock Ticks on Default Vote

China Vanke Co. has sold its remaining stake in a Shanghai joint venture with Singapore’s sovereign wealth fund GIC, a last-ditch move to raise cash just hours before a pivotal bondholder vote that will determine if the developer defaults on its debt.

Corporate records reviewed on Monday, December 22, 2025, confirmed the stake sale. The timing is critical, as Vanke scrambles to secure creditor approval to delay bond repayments. A rejection would trigger a default, sending fresh shockwaves through China's already battered property sector.

This is a make-or-break moment for one of China's few remaining developers once considered a blue-chip name. The developer's quest to avoid a default now hinges entirely on the outcome of the vote, expected in a matter of hours. The sale of its stake in the GIC venture underscores the intense liquidity pressure facing even state-linked property giants.

For investors, this vote is a key litmus test. A failure by Vanke to secure an extension would signal that Beijing's support measures are failing to stabilize the market, potentially deepening the crisis of confidence. A default could trigger a domino effect, impacting the portfolios of global investors exposed to Chinese real estate debt and further pressuring the country's banking system.