Core Viewpoint - The proposed extension plans for the "22 Vanke MTN004" bond have not been approved by creditors, leading the company to invoke its grace period rights and continue seeking a solution [1] Group 1: Bond Extension Proposals - Three extension proposals were presented, with the first proposal suggesting a 12-month delay in principal and interest payments without any additional credit enhancement [2] - The second proposal included additional credit enhancement measures and required interest payments to be made on December 15, 2023, while prioritizing the repayment of this bond over other upcoming bonds [2] - The third proposal was similar to the second but only required relative credit enhancement measures [2] Group 2: Voting Results - Proposal one received no support, with 16 opposing holders representing 76.70% of the total voting rights [2] - Proposal two garnered support from 7 holders, accounting for 83.40% of the voting rights, while 11 opposed it, representing 16.05% [2] - Proposal three received support from only one institution, with 18.95% of the voting rights in favor, while 76.70% opposed it [3] Group 3: Voting Threshold and Implications - All three proposals failed to meet the required threshold of 90% approval from bondholders for special resolutions regarding principal and interest payments [3] - The company has a grace period of five working days to repay the debt without constituting a default, with interest during this period calculated at a 5 basis points increase [3] Group 4: Market Reaction - Following these developments, Vanke's stock and bonds continued to decline, with "21 Vanke 02" dropping over 20% and Vanke A shares falling by 2.79% [5]

中国万科2028年1月到期债券跌幅超20%。 ...

Group 1 - The "21 Vanke 02" bond experienced a decline of over 24%, leading to a temporary trading halt [1] - The "23 Vanke 01" bond fell by more than 5% [1] - The "22 Vanke 04" bond decreased by over 3% [1]

万科企业股份有限公司（以下简称"公司"）在中国银行间市场交易商协会网站（简称"交易商协会"，www.nafmii.org.cn）披露了《关于万科企业股份有限 公司2022年度第四期中期票据宽限期内本息偿付安排的公告》。根据相关规定，公司同步在巨潮资讯网（www.cninfo.com.cn）对该公告予以刊登，供参 阅。 | 发行人名称 | 万科企业股份有限公司 | | --- | --- | | 债项名称 | 万科企业股份有限公司 2022年度 | | | 第四期中期票据 | | 债项简称 | 22 万科 MTN004 | | 债项代码 | 102282715 | | 发行金额(亿元) | 20.00 | | 起息日 | 2022-12-15 | | 发行期限 | 3 स | | 债项余额(亿元) | 20.00 | | 偿还类别 | 本息兑付 | | 本计息期债项利率(%) | 3 | | 本息兑付日 | 2025-12-15 | | 本期应偿付本息金额 | 正在筹备召开第二次持有人会议 | | (亿元) | 商议相关安排 | | 宽限期约定 | 根据《万科企业股份有限公司 2022 | | | 年度第四期中 ...

每经AI快讯，12月15日，港股万科企业股价下跌5.4%，报3.48港元。 （文章来源：每日经济新闻） ...

万科港股早盘低开5.4%，展期议案未通过。 ...

万科股价在香港市场下跌5.4%。 ...

Core Viewpoint - Vanke's fourth phase of medium-term notes for 2022, "22 Vanke MTN004," failed to pass all three proposals during the bondholders' meeting, indicating investor reluctance to support market-based debt solutions [1][4][5] Group 1: Meeting Results - As of the debt registration date on December 9, 2025, 20 institutions held the bonds, with 18 participating in the meeting, representing 99.45% of total voting rights [3] - Proposal one, which aimed to adjust the repayment arrangements, received no support, with 76.70% of voting rights opposing it [3] - Proposal two, concerning additional credit enhancement measures, garnered 83.40% support but was still opposed by 16.05% of voting rights [3] - Proposal three, which combined adjustments to repayment arrangements and additional credit measures, received only 18.95% support [3] Group 2: Implications of the Meeting - All three proposals failed to pass as they required over 90% approval from bondholders, highlighting a significant divide between Vanke and its creditors [4] - Vanke acknowledged the meeting's outcome and expressed regret over the impact on stakeholders, indicating a need for further communication and collaboration to find a solution [4][6] Group 3: Financial Context - The bond has a total outstanding balance of 3.7 billion yuan, with an interest rate of 3%, and the principal repayment date set for December 28, 2025 [7] - A grace period of five working days is in place, during which Vanke can make full payments without being considered in default [6][8] Group 4: Market Reactions and Future Outlook - Analysts suggest that the failure of the proposals reflects increasing pressure on Vanke to address its debt issues, with external financing channels becoming problematic [5][8] - Comparisons are drawn with other real estate companies like Sunac and Country Garden, which have successfully restructured their debts, indicating that Vanke's approach may need to evolve to include debt reduction strategies [8]

根据万科2022年度第四期中期票据展期方案投票结果，三项展期方案均未获90%的生效门槛。 其中，议案一遭零票支持；16家机构投出反对票，有效表决权数额为15340000，占总表决权数额的 76.70%；其他表决权均弃权。议案二获得83.40%的同意表决，也是最接近通过的方案。 20亿中票展期方案未获债权人有效通过（详情《万科"22万科MTN004"20亿债展期方案未获有效通过， 有5个"宽限日"》），12月15日，万科企业股份有限公司（万科A，000002.SZ）发布关于2022年度第四 期中期票据（22万科MTN004）第一次持有人会议的答复公告，确认知晓本次债券持有人会议的表决结 果，并就展期相关事宜给各相关方带来的影响致歉。万科表示，公司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。 同日，该债券召集人及存续期管理机构上海浦东发展银行股份有限公司发布公告，为稳妥推进该期中票 本息兑付工作，维护各方长远共同利益，经公司与投资人坦诚沟通协商，定于2025年12月18日10时召开 第二次持有人会议，对本期债券展期相关事项进行审议。 此次涉及的债券"22万科MTN004" ...

Core Viewpoint - Vanke is facing challenges in negotiating a debt extension of 2 billion, with a deadline approaching on the 20th, and the creditors, primarily banks, are showing a firm stance against the proposed terms [2][7]. Group 1: Debt Negotiation and Company Situation - Vanke's initial proposal for a one-year debt extension without new credit, principal repayment, or interest payment was rejected [2]. - The company has made multiple attempts to negotiate, with one proposal receiving 83% support but failing to meet the 90% threshold required for approval [2]. - The company is currently in a 5-day grace period to resolve the debt issue [4]. Group 2: Historical Context and Support - Vanke has previously faced difficulties, including a dual decline in stock and bond prices in November 2023, prompting state-owned enterprises to express support for the company [4]. - The company has received nearly 30 billion in funding support from its major shareholder, Shenzhen Metro, to help repay debts [4]. Group 3: Market Conditions and Strategic Shifts - A significant turning point occurred on November 25, when Vanke's stock price dropped by 20%, reaching its lowest point since 2008, and the company's debt prices fell to 20-30% of their issuance value [6]. - The major shareholder's stance has shifted from unconditional lending to requiring collateral and urging Vanke to find ways to repay its debts [6]. - The Ministry of Housing and Urban-Rural Development's media coverage indicated a shift towards a market-oriented approach, suggesting Vanke must rely on its own efforts [6]. Group 4: Broader Economic Trends - The real estate sector is undergoing a transformation, with a focus on shifting economic support from real estate to high-tech industries, as emphasized in recent important meetings [8]. - The traditional methods of government intervention to support real estate, such as central bank lending and large-scale liquidity injections, are no longer applicable, as the focus has shifted to social welfare and not just rescuing real estate companies [9]. - There is a strategic intent to avoid repeating Japan's past mistakes of propping up failing real estate markets, which led to broader economic issues [10].