#HSBC Research

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Architectural model of a Chinese residential complex with caution lights

Vanke Debt Restructuring Risks 2026: Why This Technical Default Won’t Spark Contagion

Vanke debt restructuring risks in 2026 are highlighted by S&P's downgrade to SD. However, HSBC reports that contagion is unlikely, labeling it a technical default.

Jan 13, 2026