Core Viewpoint - Vanke is actively seeking to extend its 20 billion medium-term notes (MTN) to avoid potential debt default, making concessions in its proposals to creditors [1][2][4]. Group 1: Debt Extension Proposals - On December 18, Vanke proposed a new plan for the extension of the "22 Vanke MTN004," which includes timely interest payments and additional credit enhancement measures [1]. - The first creditor meeting on December 10 saw a positive market reaction, with Vanke's A-shares hitting a trading limit, but the initial proposals were not approved [3][4]. - The second creditor meeting will review a single proposal to extend the principal repayment date by 12 months to December 15, 2026, while ensuring the payment of 60 million in interest [4][6]. Group 2: Creditor Meeting Dynamics - The first meeting had three proposals, with the second proposal receiving 83.4% support, but Vanke chose a less favorable option with only 18.95% support for the second meeting [5]. - The second meeting's proposal includes extending the grace period for the notes from 5 working days to 30 trading days, providing Vanke with additional time to remedy the situation if needed [7][8]. Group 3: Financial Support and Borrowing - Vanke has received over 30 billion in loans from its major shareholder, Shenzhen Metro Group, to help manage its debt obligations [16][18]. - As of June 30, 2025, Vanke's interest-bearing liabilities totaled 364.26 billion, with 42.7% maturing within one year [19]. - Vanke has pledged significant assets, including shares in its subsidiaries, to secure loans and meet its financial obligations [18][20]. Group 4: Upcoming Meetings and Proposals - A separate meeting for another 37 billion medium-term note ("22 Vanke MTN005") is scheduled for December 22, with six proposals aimed at addressing repayment and credit enhancement [9][10]. - The proposals for "22 Vanke MTN005" include options for extending principal repayment and interest payments, with some requiring guarantees from state-owned enterprises [12][13].

以下文章来源于阿尔法工场金融家 ，作者银妹妹 导语："不抽贷、细甄别"，正是当前银行应对房地产风险的主流路径。作为区域性重要银行，一旦信 用收缩引发连锁反应，其面临的风险传导压力远大于同业。 一边是20亿元中票展期陷入"零支持"困局，债权人博弈进入白热化；另一边却是子公司2000万 元贷款平稳续贷，担保措施清晰明确。万科这一组看似矛盾的债务境遇，构成了理解当前房地产 风险处置逻辑的样本。 12月15日，万科20亿元中票"22万科MTN004"三份展期方案在首次持有人会议上全数被否，其 无条件展期议案支持率更是低至0%。 "22万科MTN004"超85%由银行持有，公募或私募机构占比超10%，万科境内债持有人整体以 银行和理财子公司为主。 万科在12月18日召开第二 次持有人会议，重点讨论追加深圳国企担保等增信措施，争取在5个工 作日宽限期内避免实质性违约。 阿尔法工场金融家 . 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 究其根源，南京银行的资产质量早已与房地产市场的平稳运行深度绑定。 就在债券市场博弈升级的前两天，12月13日，万科旗下子公司上海筑浦信息技术有限公司经申 请 ...

Group 1: Land Transactions - Wuhan successfully sold 12 land parcels for a total of 3.97 billion yuan, covering approximately 320,000 square meters, with notable purchases by local state-owned enterprises and private companies [1] - In Wuxi, 7 residential land parcels were sold at the base price, generating 8.473 billion yuan, with the highest floor price reaching 18,300 yuan per square meter, indicating a stable supply for future real estate development [2] Group 2: Debt Restructuring and Financing - Baolong Real Estate's debt restructuring plan for approximately 4.336 billion yuan has received partial approval, providing a crucial breakthrough in alleviating short-term repayment pressures [3] - Vanke announced a debt extension plan for its 3.7 billion yuan bond, showcasing adjustments based on previous negotiations and reflecting the ongoing negotiations between the company and its creditors [4] - Zhuhai Huafa completed the issuance of 1 billion yuan in corporate bonds with a coupon rate of 2.70%, indicating active financing and repayment strategies as the year-end approaches [5]

（编辑 丛可心） 证券日报网讯 12月18日，万科A在互动平台回答投资者提问时表示，公司积极推进大宗资产交易工作， 今年前三季度，已完成19个项目的大宗交易，实现签约金额68.6亿元，涵盖商业、办公、酒店、公寓等 各类资产。业务优化与退出有序推进，冰雪业务已与中旅集团完成签约。此外，公司已建立包括资产证 券化在内的资产退出渠道，公司设立的中金印力消费基础设施REIT表现良好，同时也已设立三支PRE- REITs基金。有关公司项目大宗交易、业务优化与退出以及REITs方面的具体进展情况，可进一步查阅 公司定期报告。 ...

万科12月18日与债券持有人举行会议，当前距离这支寻求展期的债券宽限期届满仅剩四天，如果没有达 成延长支付期限的协议，可能触发曾被视为不可想象的违约。 每项议案需要持有本期债务融资工具表决权超过总表决权数额90/100的持有人同意后方可生效，然后由 万科自行决定是否实施。 万科12月18日暂未置评。 随着耐心逐渐耗尽，一些观察人士开始表示，现在就违约反而可能帮助债权人避免更坏结果，有助于可 能在未来更大范围的重组中为债券持有人保住资产。 万科部分股权由国有企业深圳市地铁集团持有，受益于国资背景，深铁长期以来曾为其大量输血。然而 近几个月来，随着深铁发出收紧借款条件的信号，这项支持受到密切关注，这一转变导致万科证券大幅 下跌。 "鉴于流动性状况恶化、政府支持极为有限，以及公司融资条件不佳，我认为万科最终陷入债务重组几 乎不可避免，"Creditsights Singapore的亚洲策略主管Zerlina Zeng最近在接受彭博电视台采访时表 示。"如果立即发生违约，回收过程可能会更快，而不是在与债券持有人的持续谈判中拖延。" 万科近期公布修订后的票据展期方案，主要有两个议案。债券持有人可以两个都不选、选择其中一 ...

证券日报网讯 12月18日，万科A在互动平台回答投资者提问时表示，股价涨跌受多方面因素所影响，如 行业政策、市场情绪、公司经营情况变化等。 （文章来源：证券日报） ...

证券日报网讯12月18日，万科A在互动平台回答投资者提问时表示，一年内到期的应付债券列示于财务 报告资产负债表"一年内到期的非流动负债"科目。 ...

证券日报网讯 12月18日，万科A在互动平台回答投资者提问时表示，有关公司的销售情况，请关注公司 定期报告。 （文章来源：证券日报） ...

Core Viewpoint - Vanke's second medium-term note extension plan will be announced on December 22, with proposals primarily supporting a one-year extension of the principal repayment of the 2022 fifth phase medium-term note [1] Group 1: Proposal Overview - The first proposal extends the principal repayment date of the medium-term note by 12 months to December 28, 2026, with interest accrued before the extension to be paid on the same date without compound interest [1] - The second proposal mirrors the first, with a principal extension of one year and a normal payment of previously accrued interest of 111 million yuan on the original payment date, maintaining a coupon rate of 3% during the extension period [1] Group 2: Credit Enhancement Measures - The third proposal requires the issuer to provide acceptable credit enhancement measures for the principal and interest during the extension, including guarantees from large state-owned enterprises in Shenzhen [2] - The fourth proposal adds a priority repayment requirement, mandating Vanke to fully repay the outstanding principal and interest of this medium-term note before repaying other maturing bonds [2] - The fifth proposal imposes stricter conditions, requiring Vanke to repay this medium-term note's outstanding principal and interest before any other bonds maturing after December 28, 2025, with immediate repayment triggered upon violation [2] Group 3: Default and Grace Period - The sixth proposal extends the grace period for principal and interest repayment from 5 working days to 30 trading days, with no default triggered if Vanke makes full payment within this period or obtains a waiver from bondholders [3] - All proposals require approval from bondholders holding over 90% of the voting rights for the debt financing tool to take effect [3] - As of the announcement date, the balance of the "22 Vanke MTN005" bond is 3.7 billion yuan, with a coupon rate of 3% and a payment date of December 28, 2025, alongside unpaid interest of 111 million yuan [3]

Core Viewpoint - Vanke is facing a critical test regarding its debt resolution, with two bond extension proposals totaling 5.7 billion yuan set for holder votes on December 22, which will determine the company's ability to avoid default risk in the short term [2]. Group 1: Bond Extension Proposals - The proposals for the 3.7 billion yuan "22 Vanke MTN005" bond include six extension options, all based on extending the principal repayment to December 28, 2026, while maintaining a fixed interest rate of 3% [2]. - The second bond, 2 billion yuan "22 Vanke MTN004," has faced challenges, with a previous proposal failing to gain the required 90% support, highlighting the urgency of the situation [4]. Group 2: Creditor Assurance Measures - The proposals include varying degrees of assurance for creditors, with some options offering guarantees from Shenzhen state-owned enterprises, which are seen as crucial for enhancing creditworthiness [3]. - The design of the proposals includes a progressive repayment priority, with specific clauses to ensure that the current bonds are prioritized over future debts, thereby providing additional security to bondholders [4]. Group 3: Market Reaction and Implications - Since rumors of the bond extensions emerged in November, Vanke's stock has dropped approximately 20%, reflecting market sensitivity to the company's financial stability [5]. - The outcome of the December 22 vote is viewed as a pivotal moment for Vanke's debt restructuring and credit recovery efforts, with significant implications for the company's future [5].