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China Vanke Co., once the country's top developer, awaits a crucial creditor vote today that will determine if it can delay payments and avoid default on its $50 billion debt.
Over $1.2 billion in property-backed loans are on the brink, placing major Asian banks like HSBC under intense pressure as China's real estate crisis spreads.
Powerlong Real Estate Holdings has secured a key agreement with creditors holding 31% of its Scheme Debt, offering cash, shares, and bonds to address its liquidity issues.
CKO Real Estate, a Chicago property firm, is reportedly in $20 million of debt, while its CEO faces multiple lawsuits for unpaid corporate and personal bills.
