Group 1 - Vanke has successfully extended two medium-term notes, with a total principal amount of 20 billion yuan for the 22nd medium-term note and 37 billion yuan for the 23rd medium-term note [1] - The repayment structure includes a 40% principal repayment and a 60% extension for one year, reflecting the company's acknowledgment of current cash flow challenges [2] - The company has received 100% approval from bondholders for the adjustment of repayment arrangements, which includes fixed repayment arrangements and credit enhancement measures [1][2] Group 2 - Vanke has committed to providing receivables pledges from project companies as credit enhancement for the medium-term notes, which strengthens the repayment guarantee and boosts market confidence [2] - The successful extension may be supported by the major shareholder, Shenzhen Metro Group, which has agreed to provide a loan of up to 2.36 billion yuan to assist in repaying the company's publicly issued bonds [3] - The loan from the major shareholder has a term of 36 months and an interest rate of 2.34%, reflecting market principles [3]

1月27日，根据中国银行间市场交易商协会存续期服务系统信息，万科两笔境内债"22万科MTN004""22 万科MTN005"公布了2026年第一次持有人会议决议结果，两次会议中的"议案三"均获得100%通过。 具体而言，"22万科MTN004"需在2026年1月28日完成10万元固定兑付，支付剩余本金的40%、6000万元 利息以及40%本金在2025年12月15日至2026年1月28日计息期间产生的利息。 1月底前，万科需筹集约28.71亿元用于三笔债券的首付款 文｜《财经》研究员 王文彤 编辑｜杨立赟 经过多轮会议，万科债券展期方案终于高票通过，同时获得大股东深铁集团23.6亿元的借款，以缓解当 前首付款的资金压力。 展期议案通过后，万科需在1月底前筹集三笔展期的首付款，合计约28.71亿元。 然而，当前万科的资金已近枯竭，化债是该公司的燃眉之急。 据DM查债通统计，截至目前，万科在境内还有16笔存量债务，包括6笔中票、10笔公司债，规模约为 217.98亿元。公司在境外还有两笔美元债，规模为13亿美元。 此外，万科的债务压力不只是公开发行的债券。万科2025年半年报披露，截至2025年6月底，公司有息 ...

Core Viewpoint - The former chairman of Vanke Group, Yu Liang, has reportedly been missing for half a month following his resignation from all positions on January 8, 2025, amid significant changes in the company's management structure and financial challenges [1][10]. Group 1: Management Changes - Yu Liang resigned from all positions at Vanke Group on January 8, 2025, after a 36-year career with the company, with a smooth transition of his shares [2][11]. - On January 27, 2025, Zhu Jiasheng, the then-president and CEO, also resigned due to "health reasons," and was later confirmed to be under criminal investigation [2][11]. - Following these resignations, Vanke underwent a major management reshuffle, with Yu Liang demoted to executive vice president and new management taking over [7][12]. Group 2: Career Highlights of Yu Liang - Yu Liang joined Vanke in 1990 and quickly became a key executor of the strategic plans laid out by then-chairman Wang Shi [3][11]. - He played a significant role in Vanke's B-share listing in 1993, raising HKD 450 million, and was instrumental in the company's strategic decisions during the "Junwan War" in 1994 [4][11]. - After the "Baowan War" concluded in 2017, Yu Liang succeeded Wang Shi as chairman, marking a significant leadership transition [5][12]. Group 3: Company Performance and Challenges - Under Yu Liang's leadership, Vanke pursued a diversification strategy, but the company's high turnover model began to show weaknesses as industry adjustments exceeded expectations [7][12]. - By the time of Yu Liang's retirement, Vanke was facing a debt crisis, contrasting sharply with the stable conditions during Wang Shi's tenure [8][12].

Market Overview - Hong Kong stock market opened positively with Hang Seng Index up 0.73%, National Enterprises Index up 0.63%, and Hang Seng Tech Index up 0.56% [1][4] - Major blue-chip stocks like HSBC Holdings rose by 2.23%, Zijin Mining by 2.21%, China Ping An by 1.65%, and JD Group by 1.5% [1][4] - New Oriental saw a decline of 3.56%, Haidilao down 0.75%, and Trip.com down 0.72% [1][4] Company Highlights - CloudWalk Technology (云知声) opened high at 10.56%, expecting to achieve revenue from large model-related businesses of approximately RMB 600 million to 620 million for the fiscal year ending December 31, 2025, representing a year-on-year growth of about 1,057% to 1,095% compared to RMB 51.87 million for the fiscal year ending December 31, 2024 [1][4] - China Gold International (中国黄金国际) opened up 3.76% and provided production guidance for 2026, estimating copper production at approximately 140 million to 149 million pounds (about 63,500 to 67,500 tons), gold production at approximately 70,732 to 75,554 ounces (about 2.2 to 2.35 tons), and silver production at approximately 4.18 million to 4.82 million ounces (about 130 to 150 tons) from the Jiamar Mine [5] - Vanke Enterprises (万科企业) opened up 2.49%, announcing that its major shareholder, Shenzhen Metro Group, will provide a loan of up to RMB 2.36 billion for repaying bond principal and interest, with a loan term of 36 months [6] Financial Activities - Vanke also reported that the extension proposal for the principal repayment of its medium-term notes "22 Vanke MTN004" and "22 Vanke MTN005" was approved unanimously at a bondholder meeting [6] - Cao Cao Travel (曹操出行) opened down 1.96%, planning to place 12 million shares at HKD 32.46 per share, which represents a discount of approximately 8.97% compared to the last trading day's closing price, with expected total proceeds of about HKD 389.52 million [6]

刚退休20天，郁亮却传出疑似失联半个月，消息已在万科内部小范围发酵。 1月8日，万科公告郁亮因到龄退休，辞去董事及执行副总裁职务，结束36年万科生涯。 但市场消息传出，郁亮从退休次日（1月9日）起，日常点赞视频的行为就停止了，疑似失联。此前两个月，他曾频繁通过微信点赞，业内人士经常能刷到。 郁亮出生于1965年，已年满60周岁，符合正常退休年龄。宣告退休当天，外界认为郁亮 已经平稳着陆；但自1月中旬以来，郁亮或被有关部门带走调查的消 息，在万科内部小范围流传。 出品 | 搜狐财经 作者 | 王泽红 他曾主导万科的职业经理人制度升级为事业合伙人机制，解决了职业经理人"只共享不共担"的痛点，使万科成为中国公司治理典范。 但在行业遇冷、急转之下，这套激励机制逐渐显露弊端，为后续诸多事件埋下隐患，"员工跟投制"的资金兑付困难频频发生，并滋生出多个上市公司体系外 的"影子"，包括博商、鹏金所及财顾事业部等历史遗留问题。 郁亮曾制定了瘦身健体的"一揽子方案"，但万科还是陷入了现金流紧张困境。虽有大股东深铁集团多次驰援、提供借款已达338.2亿，债务压力依旧严峻。 截至2025年三季度末，万科有息负债合计3629.3亿元， ...

2026年开年，万科债务化解进程全面提速。1月27日晚间，万科集中发布六份公告，其中三份公告披露，"22万科MTN004""22万科MTN005"两笔合计57亿元 的中期票据展期议案，均已获表决通过。另外三份公告则聚焦深铁集团再次向万科提供借款事宜。北京商报记者梳理统计，加上1月21日成功落地展期的"21 万科02"11亿元债券，1月以来万科已有累计68亿元债券的兑付压力得到缓释，暂时步入安全区间。 两笔合计57亿元债券获展期 公告显示，万科旗下"22万科MTN004""22万科MTN005"于近日分别召开了债券持有人会议，会议均审议了4项议案，其中仅议案三获得通过，该议案为特别 议案，涉及本息兑付安排调整。 两笔债券展期的方案也颇为一致。其中，"22万科MTN004"的"议案三"明确，对于参加本次持有人会议且表决同意议案三或议案四任一议案的每个持有人账 户，万科要在2026年1月28日实施10万元的兑付；在扣除上述固定兑付部分的本金后，剩余本金的40%也在1月28日兑付，其余60%本金展期一年。 "22万科MTN005"的方案同样是在1月28日完成10万元固定兑付安排的同时，支付剩余本金的40%，其余60% ...

原标题：郁亮被爆失联 专题：万科集团前任董事长郁亮，被爆失联半月 来源：地产资管界 来源：地产资管界 1月27日，据财新披露，万科集团前任董事长郁亮，似乎已失联半月。 资料显示，郁亮，1965年出生于江苏苏州，北京大学经济学硕士，曾任万科集团董事会主席、执行副总 裁。 原标题：郁亮被爆失联 他于2026年1月8日因到龄退休辞去万科所有职务，此前在万科工作36年。郁亮以财务严谨和行业前瞻性 著称，曾提出"活下去"等行业预警，但万科近年陷入债务危机，原总裁祝九胜已被采取刑事强制措施。 郁亮辞职时未获公司公开致谢，引发争议。 1月27日，据财新披露，万科集团前任董事长郁亮，似乎已失联半月。 责任编辑：江钰涵 专题：万科集团前任董事长郁亮，被爆失联半月 资料显示，郁亮，1965年出生于江苏苏州，北京大学经济学硕士，曾任万科集团董事会主席、执行副总 裁。 他于2026年1月8日因到龄退休辞去万科所有职务，此前在万科工作36年。郁亮以财务严谨和行业前瞻性 著称，曾提出"活下去"等行业预警，但万科近年陷入债务危机，原总裁祝九胜已被采取刑事强制措施。 郁亮辞职时未获公司公开致谢，引发争议。 责任编辑：江钰涵 ...

责任编辑：江钰涵 来源：数钱不累 责任编辑：江钰涵 来源：数钱不累 ...

消息面上，万科债务化解取得重大进展，"22万科MTN004""22万科MTN005"两笔合计57亿元中期票 据，展期议案均获通过。与此同时，万科第一大股东深铁集团向其提供不超过23.6亿元借款，专项用于 偿还公司公开市场债券本金与利息。华泰证券此前认为，龙头压力缓释有助于阶段性稳预期，叠加近期 地产政策预期升温，有助于带来地产股估值修复机遇。 东北证券指出，2026年开年楼市政策持续加码，央行下调结构性工具利率，保障性住房再贷款利率降至 1.25%，商办首付比例从50%降至30%，换房退税政策延期，政策力度明显增强。一线城市供需结构同 步改善，市场预期稳步修复。北京新政后新房成交放量，二手房带看与成交回升，价格跌幅显著收窄。 上海二手房定金与成交量明显回暖，挂牌量持续下降，价格趋稳。深圳二手房带看与签约量创2025年小 阳春以来新高，挂牌价降幅进一步收窄。整体来看，政策支持力度加大叠加一线城市数据改善，楼市量 价指标有望加速筑底。 内房股多数上涨，截至发稿，中国金茂(00817)涨6.62%，报1.62港元；绿城中国(03900)涨5.49%，报 10.38港元；中国海外宏洋集团(00081)涨4.2%，报2 ...

Group 1 - The majority of Chinese property stocks have risen, with notable increases in China Jinmao (up 6.62% to HKD 1.62), Greentown China (up 5.49% to HKD 10.38), and China Overseas Macro Group (up 4.2% to HKD 2.48) [1] - Vanke has made significant progress in debt resolution, with the extension proposals for two medium-term notes totaling CNY 5.7 billion approved [1] - Vanke's largest shareholder, Shenzhen Metro Group, has provided a loan of up to CNY 2.36 billion specifically for repaying the company's public market bond principal and interest [1] Group 2 - Northeast Securities indicates that housing market policies are being strengthened, with the central bank lowering the structural tool interest rate and the guaranteed housing re-loan rate down to 1.25% [2] - The down payment ratio for commercial properties has been reduced from 50% to 30%, and the tax refund policy for home exchanges has been extended, indicating a significant increase in policy support [2] - In first-tier cities, the supply-demand structure is improving, with new home transactions in Beijing increasing and second-hand home prices stabilizing [2]