China’s antitrust regulator has asked big banks to step up their support for Vanke, the people said.

© Reuters. File photo: A Vanke sign is seen above workers working at a residential building construction site in Dalian, Liaoning Province, China, September 16, 2019. REUTERS/Stringer/File Photo

HONG KONG/SHANGHAI/BEIJING (Reuters) – Chinese regulators recently met with financial institutions to discuss state-run real estate developer China Vanke, asking big banks to step up its financing and asking private bondholders to extend their maturities. A request has been made to discuss an extension, two sources said.

Sources with direct knowledge of the matter said they had asked financial institutions to make quick progress and that China’s Cabinet, the State Council, was coordinating efforts to support China Banker.

Vanke declined to comment.

The National Administration of Financial Regulator and the State Council Information Office, which handles media inquiries about the council, did not respond to requests for comment.

Investors have sold off Vanke’s stocks and bonds over the past few weeks over liquidity concerns amid reports that the developer, previously considered financially sound by the market, is seeking to extend debt maturities with some of its insurers.