继20亿元中期票据后，万科37亿元中票展期议案出炉。12月17日晚，交通银行股份有限公司作为召集人 披露万科2022年度第五期中期票据（22万科MTN005）第一次持有人会议的议案概要。此次拟展期 的"22万科MTN005"原到期日为今年的12月28日，债券余额37亿元，票面利率3.00%，交通银行此前已 发布公告，拟于12月22日召开持有人会议审议展期。这是万科年内拟推进展期的第二笔债券，此前另一 笔20亿元规模的中期票据"22万科MTN004"首次展期议案因未达90%同意比例未获通过，万科已于12月 16日推出新的展期方案，目前仍待债权人投票表决。根据此次37亿元中票的议案概要，共涉及六项议 案，所有议案均须获得超过90%表决权的持有人同意后方可生效。（智通财经） ...

【#万科抛出37亿中票展期方案#】12月17日晚间，交通银行在上清所网站公布关于万科企业股份有限公 司2022年度第五期中期票据（"22万科MTN005"）2025年第一次持有人会议的议案概要。 据了解，这笔债券本金兑付日为2025年12月28日，债项余额37亿元。万科提议，本期中期票据的本金兑 付时间展期12个月，调整后兑付时间为2026年12月28日。2026年12月28日偿付本期中期票据全部本金。 本期中期票据展期前已经产生的利息于原付息日起延期12个月支付，即2026年12月28日支付，延期期间 不计复利。展期期间本期中期票据票面利率维持不变，即按照3.00%计息。（每经，希隆） ...

Core Viewpoint - Vanke has announced an extension plan for its 220,000 MTN005 bond, with a principal repayment date extended by 12 months to December 28, 2026, amid ongoing negotiations with bondholders [2][3]. Group 1: Bond Extension Details - The outstanding balance of the MTN005 bond is 3.7 billion yuan, with a bondholder meeting scheduled for December 22 to discuss six proposals, including the extension of the principal repayment date [2]. - The interest rate during the extension period will remain at 3.00%, with previously accrued interest of 111 million yuan to be paid on the original due date of December 28, 2025 [2][3]. - Vanke is also working on extending another bond worth 2 billion yuan, with a new repayment date set for December 15, 2026, and a similar interest rate structure [3]. Group 2: Implications and Market Reactions - Analysts believe that the revised proposal for the MTN004 bond has a higher chance of passing compared to previous attempts, as it includes additional credit enhancement measures [5]. - The success of the MTN004 extension is crucial for Vanke, as failure to extend the 2 billion yuan bond could negatively impact the 3.7 billion yuan bond's extension [6][7]. - Vanke's current debt situation includes a total of 20.3 billion yuan in domestic bonds, with 3.7 billion yuan maturing soon, highlighting the urgency of the bond extension [8].

万科还在多方谋求时间换空间。 万科又将开启新一笔中票的展期。 12月17日晚，交通银行作为召集人披露了22万科MTN005第一次持有人会议的6项议案。其中前五项都 是关于本次中票的展期方案。据披露，该笔中票本金到期日为2025年12月28日到期，余额37亿元，票面 利率为3%。 具体来看各项议案。议案一提出要将本期中票的本息兑付均展期12个月，调整后兑付时间为2026年12月 28日，且延期期间不计复利；在展期期间（2025年12月28日至2026年12月28日），本期中票票面利率维 持3%不变，新增利息也随本金的兑付一起支付。同时，本次调整本息兑付安排不构成违约事项。 议案二至五中，都保持了本金展期12个月及对展期期间利息支付的安排，且均要求在原定付息日即2025 年12月28日支付展期前已产生的利息11100万元，另外增加了对增信措施的要求，部分议案还附带了其 他条件。 其中，议案二提出，展期将由发行人提供相应的增信措施；议案三、四、五明确提出，要求对本期中期 票据本金及展期利息追加投资人可接受的增信措施，包括但不限于深圳市地铁集团有限公司或投资人可 接受的其他大型深圳国企提供的全额不可撤销连带责任担保或 ...

Group 1 - The U.S. stock market experienced a collective decline, with the Dow Jones down 0.47%, Nasdaq down 1.81%, and S&P 500 down 1.16%, driven by significant drops in large tech stocks such as Tesla and Nvidia [4] - International oil prices surged, with U.S. crude oil rising by 2.87% to $56.71 per barrel, and Brent crude oil increasing by 2.9% to $60.63 per barrel [5] - International gold prices increased, with spot gold rising by 0.97% to $4343.7 per ounce, and COMEX gold futures up by 1.02% to $4376.3 per ounce [6] - Silver prices reached a new historical high, with spot silver rising by 4.29% to $66.45 per ounce, and COMEX silver futures up by 5.38% to $66.72 per ounce [7] Group 2 - The Chinese government is actively engaging in diplomatic efforts, with Foreign Minister Wang Yi supporting Venezuela's sovereignty and independence during a phone call with the Venezuelan Foreign Minister [9] - The Chinese Ministry of Foreign Affairs announced plans for further mediation efforts between Cambodia and Thailand to resolve border conflicts [9] - The Chinese Ministry of Defense responded to the Philippines regarding the Spratly Islands incident, asserting China's indisputable sovereignty over the area [10] Group 3 - The Chinese National Health Commission and five other departments issued guidelines to strengthen the construction of specialty departments in grassroots medical institutions, aiming to enhance healthcare services [11] - The Chinese State Administration for Market Regulation indicated that platforms requiring merchants to offer "lowest prices online" may constitute monopolistic behavior [11] - The Chinese Ministry of Education released measures to improve daily exam management in primary and secondary schools, aiming to reduce student burdens and enhance exam quality [11] Group 4 - Beijing's housing authority and other departments conducted joint interviews with major internet platforms, resulting in the removal of over 17,000 pieces of illegal real estate information [12] - Shenzhen introduced new housing support policies for young talents, offering a monthly housing subsidy of 1250 yuan and transitional housing options [13] - A police operation dismantled a group that spread negative information about electric vehicle companies, resulting in the arrest of 12 individuals and the shutdown of over 8,000 accounts [14] Group 5 - Tencent upgraded its AI model development structure, appointing a former OpenAI researcher as Chief AI Scientist to enhance its capabilities in AI infrastructure [19] - CATL launched the world's first humanoid intelligent robot production line for battery assembly, marking a significant advancement in smart manufacturing [21] - Huayi Brothers announced a reduction in shareholding by Alibaba's venture capital arm and Jack Ma, with their combined stake falling below 5% [22]

编辑｜杨立赟 12月16日，万科A（000002.SZ）在上海清算所发布公告称，将于12月18日召开第二次债券持有人会 议，重新审议表决关于"22万科MTN004"展期的相关事项，并对这笔债券提出了三份新议案。 会议表决截止时间为12月22日上午10时。这一时间恰好是"22万科MTN004"的原宽限期届满日。 12月17日万科A报收4.96元/股，当日跌0.20%，总市值为591.76亿元。 "22万科MTN004"是万科在2022年12月发行的中期票据，也是万科首笔寻求展期的债券。其主承销商为 浦发银行、中国银行，期限为三年。该笔中票余额为20亿元，票面利率为3%。 新的三份议案中，一份提出30天宽限期，另一份提出部分付息、增加增信措施 文｜《财经》研究员 王文彤 "议案一"提请持有人同意豁免此次会议召开相关程序的时限要求，缩短多项程序时间，即万科希望缩短 各项流程的议案，尽快进行持有人表决。 "议案二"提出"22万科MTN004"的新版展期方案，核心是支付部分利息，增加增信措施。 具体而言，万科提出对债券展期一年，调整后的兑付时间为2026年12月15日。展期前已经产生的利息为 6000万元，万科将在宽限 ...

Core Viewpoint - The proposal by Vanke to extend the maturity of its medium-term notes indicates a strategic move to manage its debt obligations amid financial pressures [1] Group 1: Company Information - The principal repayment date for Vanke's medium-term notes (22 Vanke MTN005) is set for December 28, 2025, with a total outstanding amount of 3.7 billion yuan [1] - Vanke has proposed to extend the repayment period by 12 months, pushing the new repayment date to December 28, 2026 [1] - Interest accrued before the extension will be paid on the original interest payment date, also deferred by 12 months to December 28, 2026, with no compound interest during the extension period [1] Group 2: Financial Terms - The coupon rate for the medium-term notes will remain unchanged at 3.00% during the extension period [1]

（文章来源：每日经济新闻） 每经AI快讯，12月17日晚间，交通银行在上清所网站公布关于万科企业股份有限公司2022年度第五期 中期票据（"22万科MTN005"）2025年第一次持有人会议的议案概要。据了解，这笔债券本金兑付日为 2025年12月28日，债项余额37亿元。万科提议，本期中期票据的本金兑付时间展期12个月，调整后兑付 时间为2026年年12月28日。2026年12月28日偿付本期中期票据全部本金。本期中期票据展期前已经产生 的利息于原付息日起延期12个月支付，即2026年12月28日支付，延期期间不计复利。展期期间本期中期 票据票面利率维持不变，即按照3.00%计息。 ...

Core Viewpoint - Vanke is engaged in a second round of negotiations with creditors regarding the extension of the 2 billion yuan medium-term note "22 Vanke MTN004," after the initial proposal was rejected. The company has proposed new measures including timely interest payments and an extended grace period to alleviate repayment pressure [3][5]. Summary by Sections Negotiation Progress - After the initial proposals were rejected, Vanke plans to hold a second meeting with bondholders and has introduced three new proposals aimed at simplifying procedures, ensuring interest payments, and extending the timeline for repayment [6][9]. - The new proposals include shortening the notice period for meetings, extending the principal repayment deadline by one year to December 15, 2026, and paying 60 million yuan in interest by December 22, 2025 [6][7]. Financial Position and Asset Utilization - Vanke's ability to provide additional collateral is limited, as the company has already pledged a significant portion of its assets. As of mid-2025, Vanke's investment properties were valued at 137.36 billion yuan, with over half already pledged [11][12]. - The company has limited cash available for immediate use, with only 8.58 million yuan accessible on its balance sheet as of September 30, 2025, due to regulatory restrictions on funds [13]. Asset Disposal Strategy - Vanke is actively pursuing asset sales to generate cash, having completed transactions worth 6.43 billion yuan across various property types in the first half of the year [14]. - The company is facing challenges in selling assets quickly due to a lack of buyers in the current market, which may force it to accept significantly lower prices than expected [15].

未付及新增利息方面，该票据于2025年12月15日到期的应付利息6000万元将在宽限期内支付，即2025年 12月22日内支付。上述宽限期间未偿付本金按照3%计息，未偿付利息不计复利。 展期期间（2025年12月15日至2026年12月15日），票据票面利率维持不变，即按照3%计息，展期期间 的新增利息随本金的兑付一同支付，即利随本清。 更为重要的是，这一次万科企业明确"展期将由发行人提供相应的增信措施"。 除上述展期方案外，万科企业还有一项关于延长该期中期票据宽限期的议案。具体情况是，拟将该中期 票据存续期内的本息兑付宽限期由原5个工作日延长至30个交易日，即宽限期届满日为2026年1月28日。 赶在宽限期内，万科又推出了新的展期方案。 12月16日，万科企业股份有限公司（下称"万科企业"）披露公告，称将在12月18日召开第二轮债权人会 议，会议将对已到期的20亿中期票据（22万科MTN004）的兑付安排进行审议。 根据新的议案，万科企业拟将该票据的本金兑付时间展期12个月，调整后兑付时间为2026年12月15日。 也就是说，公司将在2026年12月15日偿付该中期票据全部本金。 要知道，一周前召开的首次持 ...