另外一笔2022年度第五期中期票据（"22万科MTN005"），余额37亿元，票面利率3.00%，原兑付日为 2025年12月28日。与前述债券类似，在第二次持有人会议上，展期一年议案也未获通过。 万科股债今日集体上涨。 1月15日午间，万科于上清所公布2022年度第四期中期票据（"22万科MTN004"）持有人议案概要，提 议延长22万科MTN004的宽限期至90个交易日，提议调整22万科MTN004本息兑付安排。 据悉，22万科MTN004债券余额20亿元，票面利率3%，原兑付日为2025年12月15日。这是该债券展期 方案的第三次推进，所有议案均需经持有本期债券超90%表决权的持有人同意方可生效。尽管万科先后 三次优化展期方案，但在第二次持有人会议上，展期方案仅获得20.2%的同意率，反对比例高达 78.3%。 1月8日晚间，万科发布公告宣布，郁亮因到龄退休，并向公司董事会提交书面辞职报告，申请辞去公司 董事、执行副总裁职务。辞去上述职务后，郁亮将不再担任公司任何职务。郁亮的辞职不会导致公司董 事会成员低于法定人数，不会影响公司董事会的正常运作和公司的日常经营。公司将尽快完成董事的补 选工作。 有市场人 ...

万科股债今日集体上涨。 市场数据显示，目前万科境内债务共有160.98亿元，未来12个月内的兑付高峰在今年7月份，达到48.66 亿元，短期偿债压力巨大。此外，财报数据显示，2025年第三季度万科实现营业收入560.65亿元，同比 下降27.30%；单季净亏损160.69亿元。公司解释称，亏损主因包括开发业务结算规模下滑、毛利率处于 低位、新增存货跌价准备计提，以及部分资产处置价格低于账面价值。房地产开发业务结算面积同比大 幅萎缩，进一步削弱了现金流生成能力。 不过，就在15日下午交易时间，深交所发布公告称，"21万科04""22万科04""22万科02"和"22万科06""23 万科01"均涨超30%，盘中临停。与此同时，万科A股价收涨3.4%，港股万科企业收涨6.85% 1月8日晚间，万科发布公告宣布，郁亮因到龄退休，并向公司董事会提交书面辞职报告，申请辞去公司 董事、执行副总裁职务。辞去上述职务后，郁亮将不再担任公司任何职务。郁亮的辞职不会导致公司董 事会成员低于法定人数，不会影响公司董事会的正常运作和公司的日常经营。公司将尽快完成董事的补 选工作。 据悉，22万科MTN004债券余额20亿元，票面利率 ...

Core Viewpoint - Vanke is proposing to extend the grace period for its 2022 fourth phase medium-term notes (22 Vanke MTN004) to 90 trading days, amid significant debt repayment pressures and a recent history of failed proposals to extend repayment terms [1][2]. Group 1: Debt Management - Vanke's 22 Vanke MTN004 has an outstanding balance of 2 billion yuan with a coupon rate of 3%, originally due on December 15, 2025 [1]. - The proposal to extend the repayment period has been rejected previously, with only 20.2% approval in the last meeting, indicating strong resistance from bondholders [1]. - The company is also facing challenges with its 2022 fifth phase medium-term notes (22 Vanke MTN005), which has an outstanding balance of 3.7 billion yuan and a similar coupon rate, also failing to secure approval for an extension [1]. Group 2: Financial Performance - Vanke's total domestic debt amounts to 16.098 billion yuan, with a repayment peak of 4.866 billion yuan expected in July 2023, indicating substantial short-term repayment pressure [2]. - The company reported a significant decline in revenue for Q3 2025, with total revenue of 56.065 billion yuan, down 27.3% year-on-year, and a net loss of 16.069 billion yuan [2]. - The losses are attributed to a decrease in the scale of development business settlements, low gross margins, and provisions for inventory impairment [2]. Group 3: Market Reaction - Following the announcements, several of Vanke's bonds saw a price increase of over 30%, leading to trading halts, while Vanke's A-shares rose by 3.4% and its Hong Kong shares increased by 6.85% [2]. Group 4: Leadership Changes - On January 8, Vanke announced the retirement of its executive vice president, Yu Liang, who will no longer hold any positions within the company, although this change is not expected to affect the board's operations [2].

1月15日，"22万科MTN004"和"22万科MTN005"同时披露了2026年第一次持有人会议的议案概要。两笔 债券余额分别为20亿元、37亿元，原兑付日分别为2025年12月15日、2025年12月28日。 具体来看，"22万科MTN004"的会议议案共有四项。 "议案一"提出本金兑付时间展期12个月，调整后兑付时间为2026年12月15日。在利息支付上，于2025年 12月15日到期的应付利息6000万在宽限期内支付，也即2026年1月28日；宽限期间未偿付本金按3%计 息，展期期间也以3%的利息计息，利随本清。 同时，"议案一"此番明确具体的增信措施。发行人承诺为本期中票提供三家项目公司应收款质押（深圳 市荣兴、廊坊万恒盛业以及北京友泰）作为增信担保措施；同时，若本议案获得通过，发行人承诺协调 和保证相关主体于本议案获表决通过之日起60个工作日内与债权代理人签署、办理相关增信担保手续。 若未按期执行，则债权人可通过召开持有人会议方式宣布本期中票本息立即到期支付。 受此影响，万科股债上涨。 万科就两笔境内债交出第三版展期方案。 与"22万科MTN004"相似，"22万科MTN005"的2026年第一次 ...

Core Viewpoint - Vanke Enterprise Co., Ltd. is seeking to adjust the repayment terms of its medium-term notes "22 Vanke MTN004" and "22 Vanke MTN005" due to financial challenges, proposing extensions and changes to the repayment schedule [1][2]. Group 1: Bond Details - The total scale of the two bonds is 5.7 billion yuan, with "22 Vanke MTN004" having a balance of 2 billion yuan and "22 Vanke MTN005" a balance of 3.7 billion yuan, both with a coupon rate of 3.00% [1][2]. - The original maturity dates for "22 Vanke MTN004" and "22 Vanke MTN005" are December 15, 2025, and December 28, 2025, respectively [1][2]. Group 2: Proposed Adjustments - The proposed adjustments include extending the principal repayment date for "22 Vanke MTN004" to December 15, 2026, and for "22 Vanke MTN005" to December 28, 2026, while maintaining the coupon rate at 3.00% [2][4]. - The unpaid interest for "22 Vanke MTN004" of 60 million yuan is due by January 28, 2026, and for "22 Vanke MTN005" of 111 million yuan by February 10, 2026 [2][4]. Group 3: Credit Enhancement Measures - Vanke will provide project company receivables as collateral for credit enhancement, involving several subsidiaries [2][3]. - The proposals include extending the grace period for principal and interest payments from 30 trading days to 90 trading days, with specific deadlines for each bond [3][4]. Group 4: Meeting and Voting - The bondholders' meetings for "22 Vanke MTN004" and "22 Vanke MTN005" are scheduled for January 21, 2026, with a voting deadline of January 26, 2026 [5].

Group 1 - The real estate development sector increased by 0.53% on January 15, with Bright Real Estate leading the gains [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] - Bright Real Estate's stock price rose by 10.09% to 3.82, with a trading volume of 410,100 shares and a transaction value of 152 million yuan [1] Group 2 - The real estate development sector experienced a net inflow of 395 million yuan from institutional investors, while retail investors saw a net outflow of 275 million yuan [2] - Major stocks in the sector showed varied performance, with Vanke A experiencing a net inflow of 235 million yuan from institutional investors, but a net outflow of 151 million yuan from retail investors [3] - Poly Development had a net inflow of 128 million yuan from institutional investors, while retail investors had a net outflow of 104 million yuan [3]

海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則 第 13.10B 條 作出。兹 載 列 該 公 告如下， 僅供 參 閱。 萬科企業股份有限公司 董事會 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 中國，深圳，2026年1月15日 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：2202） 於本 公 告日期，本 公司 董 事會 成 員包 括：非 執 行 董 事黃 力 平 先 生、胡 國 斌 先 生 及雷 江 松 先 生；執 行 董 事 王 蘊 女 士；以 及 獨 立非 執 行 董 事 廖 子 彬 先 生、林 明 彥 先 生、沈向洋 博士及 張 懿 宸 先 生。 * 僅供識別 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 ...

Core Viewpoint - Four bonds issued by Vanke, namely "22 Vanke 04", "22 Vanke 02", "22 Vanke 06", and "21 Vanke 04", experienced a price increase of over 20% during trading, leading to a temporary suspension of trading by the Shenzhen Stock Exchange [1] Summary by Relevant Sections - **Bond Trading Suspension** - The Shenzhen Stock Exchange announced a temporary suspension of trading for the aforementioned bonds due to their significant price increase [1] - The suspension took effect at 13:35:47 and trading resumed at 14:05:48 [1]

Group 1 - The core viewpoint of the article highlights a significant increase in the bond prices of Vanke, with various bonds experiencing substantial gains [1] Group 2 - "22 Vanke 04" bond rose over 55% [1] - "22 Vanke 02" bond increased by more than 51% [1] - "22 Vanke 06" bond saw a rise of over 50% [1] - "21 Vanke 04" bond surged by more than 39% [1] - "23 Vanke 01" bond experienced an increase of over 20% [1]

Core Viewpoint - The bond market saw significant movements, particularly in Vanke bonds, with most experiencing substantial increases while some local bonds and special government bonds showed mixed performance [1] Group 1: Vanke Bonds - "22 Vanke 02", "22 Vanke 04", and "22 Vanke 06" rose over 50% [1] - "21 Vanke 04" increased nearly 40% [1] - "23 Vanke 01" saw an increase of over 20% [1] - However, "21 Vanke 06" dropped over 40% [1] Group 2: Local Bonds - "22 Hunan Bond 22" increased by over 9% [1] - "21 Shenzhen Bond 57" rose by over 5% [1] - Conversely, "24 Xiamen 45" fell by over 5% [1] - "24 Tibet Bond 20" and "19 Hunan Bond 04" both decreased by over 3% [1] Group 3: Special Government Bonds - "24 Special Government Bond 01" decreased by 0.02% [1] - "24 Special Government Bond 02" increased by 0.11% [1] - "24 Special Government Bond 03" rose by 0.09% [1] - "24 Special Government Bond 04" fell by 0.02% [1] - "Special Government Bond 2401" decreased by 0.201% [1] - "Special Government Bond 2402" fell by 0.21% [1] - "Special Government Bond 2403" increased by 0.37% [1] - "Special Government Bond 2404" decreased by 0.03% [1]