Chinese regulators ask large banks to step up support for Vanke, sources say

A construction worker at China Vanke Co.'s Isle Maison development in Hefei, China. - Bloomberg

HONG KONG/SHANGHAI/BEIJING: Chinese regulators recently met financial institutions to discuss state-backed property developer China Vanke where they asked large banks to enhance financing support and asked private debt holders to discuss maturity extension, two sources said.

The sources with direct knowledge of the matter said the financial institutions were asked to make progress quickly, and that the State Council - China's cabinet - is coordinating effort related to supporting China Vanke.