China Vanke's 2027 onshore yuan bond dropped 22.5% to 31 per 100 of par value on November 28, leading to an automatic trading halt in Shenzhen. This sharp decline followed Vanke's unprecedented request to delay repayment on an onshore note, reflecting worsening liquidity issues and diminishing confidence in China's real estate sector. Additionally, trading of three other onshore bonds was suspended, underscoring the broader financial stress in China's property credit market and sparking concerns about potential contagion effects on the yuan and other risk assets.