(Yicai) March 5 -- Struggling real estate developer China Vanke said it has prepared funds to pay a USD630 million bond due on March 11.

Vanke is arranging the funds transfer, the Shenzhen-based company said in a statement today. The builder sold the bond, which carries a coupon rate of 5.35 percent, in December 2018.

After March 11, Vanke's next debt payment deadline will be April 29, when a CNY2 billion (USD277.8 million) bond comes due.

Vanke’s shares [SHE: 000002] closed 0.5 percent higher at CNY9.48 (USD1.30) in Shenzhen, after sinking 4.7 percent yesterday. Its Hong Kong-listed stock [HKG: 2202] fell 2.5 percent to HKD5.46 (70 US cents), adding to a 7.1 percent plunge yesterday.

Rumors circulating on social media said Vanke's attempt to roll over a CNY10 billion (USD1.4 billion) debt owed to New China Assets Management had been rejected by the creditor despite Chairman Yu Liang personally going to New China’s Beijing headquarters for talks.

The recent rumors about New China and Vanke are untrue, the asset manager announced on March 3, without specifying which rumors it was talking about.

Editor: Emmi Laine