China's largest real estate developer, Vanke, has offered to pay 40% upfront payment in return for a bond extension. The company, which already holds $50 billion in debt, has said it faces "particularly acute" repayment pressure between April and July, with some 14.7 billion yuan of bonds due to mature this year. The bond in question is a ⁠2 billion yuan ($290 million) note with a 3.11% coupon due on April 23. A bondholder meeting is scheduled for April 17, with a voting deadline of April 20. A default by Vanke could impact homebuyer confidence and the broader economy.