Core Viewpoint - Vanke Enterprise Co., Ltd. has announced the suspension of its bond "21 Vanke 02" starting January 5, 2026, to protect the interests of bond investors amid market conditions [1] Group 1: Bond Details - The bond "21 Vanke 02" has a remaining balance of 1.1 billion yuan, with an issuance date of January 22, 2021, and a maturity date of January 22, 2028 [1] - The bond features a 7-year term with options for redemption, interest rate adjustment, and investor repurchase [1] - Vanke has decided not to exercise its redemption option and will maintain the coupon rate at 3.98% for the remaining two years [1] Group 2: Bondholder Meeting - A bondholder meeting is scheduled from January 16 to January 19, 2026, to discuss adjustments to the principal and interest payment arrangements [2] - Only bondholders who have exercised their repurchase option will be allowed to participate in the voting [2] - Three proposals will be reviewed, including waiving procedural requirements, adjusting the repayment date, and extending the grace period for repayment [2] Group 3: Proposed Adjustments - The proposed adjustment for the repayment date of the repurchased bonds is set to January 22, 2027, with interest payments continuing at 3.98% [3] - A grace period of 30 trading days is proposed for the repayment of the repurchased bonds, during which no default will be considered [3] - Vanke will provide additional credit enhancement measures if the proposals are approved, and bondholders can opt out of these enhancements [3] Group 4: Additional Context - Vanke is facing pressure from two other domestic bonds that have not received the necessary approval for extension, despite some proposals being passed [4] - The company is committed to ongoing communication and collaboration with stakeholders to find solutions for its bond obligations [4]

Core Viewpoint - Vanke A announced the suspension of trading for its bond "21 Vanke 02" starting January 5, 2026, to protect the interests of bond investors during the upcoming bondholders' meeting [1] Group 1 - The company plans to hold the first bondholders' meeting for the public issuance of housing rental special corporate bonds (Phase 1) [1] - The suspension is in accordance with the Shenzhen Stock Exchange's revised rules for corporate bond listings [1] - The decision aims to ensure the protection of bond investors' interests [1]

Group 1 - Vanke A announced that "21 Vanke 02" will be suspended from trading starting January 5, 2026 [1]

149358.SZ 21 万科 02 149478.SZ 21 万科 04 149568.SZ 21 万科 06 149815.SZ 22 万科 02 149931.SZ 22 万科 04 149976.SZ 22 万科 06 中信证券股份有限公司 关于万科企业股份有限公司公司债券 临时受托管理事务报告 受托管理人 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 签署日期：2025 年 12 月 30 日 债券代码 债券简称 148380.SZ 23 万科 01 "22 万科 MTN005"存续期内的本息兑付日之宽限期由 5 个工作日延长至 30 个交易日，延长宽限期后，其偿付顺序不劣于发行人所有初始到期顺序晚于 "22 万科 MTN005"的债券。发行人接受本次持有人会议的表决结果，后续发 行人将与各方坦诚沟通协商，研究完善举措，继续寻求本期债券解决方案，维护 各方长远共同利益。 2 声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》，以及《万科企业股份有限公司 2020 年面向合格投资者公开发行住房 租赁专项公司债券债券持有人会议规则》《万科企业股份有限公司 2 ...

vanke 万科企业股份有限公司 2021 年面向合格投资者公开发行住房租赁专项公司债券 (第一期)(品种二)停牌公告 证券代码:000002、299903、149358 证券简称:万科 A、万科 H 代、21万科 02 公告编号:〈万〉2025-169 本公司及董事会全体成员保证公告内容的真实、准确和完整,对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 (本页无正文,为《万科企业股份有限公司 2021 年面向合格投 资者公开发行住房租赁专项公司债券(第一期)(品种二)停牌公告》 之盖章页） 万科企业股份有限公司 二〇二五年十二月三十一 日 2 因公司拟于近期召开万科企业股份有限公司 2021年面向合格投 资者公开发行住房租赁专项公司债券(第一期)(品种二)(以下简 称"21万科 02")2026年第一次债券持有人会议,为保护债券投资 者利益,根据《深圳证券交易所公司债券上市规则(2023年修订)》 等相关规定,经公司申请,"21万科 02"自 2026年1月5日开市起 停牌。 停牌期间,公司将严格按照法律法规的规定履行信息披露义务, 待有关事项确定后,公司将及时公告并申请公司债券复牌。敬请广大 债券 ...

| 股票简称：万科 | A | | 股票代码：000002 | | --- | --- | --- | --- | | 万科 | H | 代 | 299903 | | 债券简称：21 | 万科 | 02 | 债券代码：149358 | 关于召开万科企业股份有限公司 2021 年面向合格投资者 公开发行住房租赁专项公司债券（第一期）（品种二） 2026 年第一次债券持有人会议的通知 特别提示： 1、债权登记日：2026 年 1 月 14 日。 2、会议表决时间：2026 年 1 月 16 日 9:00-2026 年 1 月 19 日 17:00。 3、会议召开背景：为稳妥推进万科企业股份有限公司 2021 年面向合格投 资者公开发行住房租赁专项公司债券（第一期）（品种二）（以下简称"本期 债券"或"21 万科 02"）本息兑付工作，特召开持有人会议对本期债券本息兑 付安排调整相关事项进行审议。 4、因"21 万科 02"部分债券持有人已行使回售选择权，导致该部分债券 持有人对发行人享有的给付请求权与未行使回售选择权的其他债券持有人不同。 因此，本次持有人会议仅由具有相同请求权的债券持有人就不涉及其他债券持 有人 ...

万科企业股份有限公司 关于担保进展情况的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2025-168 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 一、已有担保事项进展 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"） 之控股子公司前期已向金融机构融资，公司或公司之控股子公司继续通过信用保 证、股权质押等方式为相应的融资提供担保。 本次担保事项在上述担保额度范围内, 被转授权人员已在上述授权范围内 决策同意本次担保事项，具体情况如下： 公司 2024 年度股东大会审议通过了《关于提请股东大会授权公司及控股子 公司对外提供担保的议案》，同意在授权有效期内提供的新增担保总额须不超过 人民币 1,500 亿元，有效期为自 2024 年度股东大会决议之日起至 2025 年度股东 大会决议之日止。董事会在取得股东大会授权之同时，已进一步转授权公司指定 高管人员对于单笔金额低于人民币 50 亿元的对外担保进行审批，并签署相关法 律文件。 公司名称：福州市万滨房地产有限公司 成立日期：2015 年 10 月 ...

Company Overview - China Vanke, a state-backed property developer, narrowly avoided defaulting on a 2 billion yuan ($284 million) bond as the slow recovery in China's property market continues [1] - The company is also seeking to delay repayment of another 3.7 billion yuan ($530 million) of onshore debt due on December 28, with bondholders agreeing to extend the deadline to February [1] Industry Context - Chinese property developers are struggling to recover from a downturn that began years ago, despite government policies aimed at reviving the industry [2] - Weak investment and declining housing prices have undermined investor confidence, impacting the broader economy as many homeowners face significant losses on their properties [2] - The property market, once a major driver of prosperity, is now a burden on the economy [2] Financial Performance - Vanke's revenue fell by 27% year-on-year in the latest July-September quarter, and several of its onshore bonds were suspended from trading due to price declines [3] - The company owes more than $50 billion, significantly less than the over $300 billion debt of China Evergrande, which defaulted in 2021 [4] Market Conditions - The property sector in China remains in a prolonged downturn, with home prices dropping by 20% or more from their peak in 2021 [5] - New home sales fell by 11.2% in value year-on-year in the first 11 months of 2025, and property investments decreased nearly 16% from the previous year [6] - The ongoing decline in the property market poses significant risks to China's transition to a domestically demand-driven growth model [7]

Core Viewpoint - The introduction of a "flexible pricing" service model by Vanke Property in the Tianxi Mingting community in Nanjing allows residents to choose from a menu of services, enhancing their autonomy in property management [1][3]. Group 1: Service Model - Vanke Property's new model transforms traditional bundled property services into a menu-based selection, enabling homeowners to have more control over the services they receive [1][3]. - The service list includes 350 optional services and 158 mandatory packages, totaling 508 clearly defined services [1][3]. Group 2: Customization and Community Engagement - Homeowners in Tianxi Mingting can negotiate and select specific services based on their community's needs and preferences, establishing a personalized service standard [3]. - After multiple discussions with the property company, residents selected 336 services for their community, comprising 132 mandatory and 204 optional services [3]. Group 3: Industry Standards and Pricing - The residential property service standards in Nanjing are categorized into five levels, covering seven aspects including basic services and environmental maintenance, with specific quantitative standards [4]. - The official pricing guidelines range from 0.5 to 1.7 yuan per square meter per month for low-rise buildings and 0.9 to 2.6 yuan for high-rise buildings, with a maximum allowable increase of 20% [4]. - The menu-based service model not only clarifies property expenses but also aligns more closely with residents' needs, offering a new approach to enhance service transparency and improve relationships between homeowners and property management [4].

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 18.48%, 16.79%, and 15.54% respectively [1][2] - The companies with the largest absolute increase in short positions are CATL (03750), Lens Technology (06613), and UBTECH Robotics (09880), which increased by 2.35%, 2.34%, and 1.29% respectively [1][2] - The companies with the largest absolute decrease in short positions are Changfei Optical Fiber (06869), Mao Ge Ping (01318), and Meilan Airport (00357), which decreased by -1.26%, -0.68%, and -0.67% respectively [1][2] Group 2 - The latest short ratio for Vanke Enterprises (02202) is 18.48%, down from 19.04% previously [3] - The latest short ratio for COSCO Shipping Holdings (01919) is 16.79%, down from 16.79% previously [2] - The latest short ratio for Heng Rui Medicine (01276) is 15.54%, up from 3919.30 million shares to 4011.67 million shares [2]