Core Viewpoint - Vanke has successfully extended the grace period for its 2022 fifth tranche medium-term notes from 5 working days to 30 trading days, allowing for a more flexible repayment schedule without triggering default conditions [1] Group 1: Grace Period Extension - The grace period for the repayment of principal and interest on the medium-term notes has been extended to 30 trading days, with the new deadline set for February 10, 2026 [1] - During this 30 trading day grace period, if the principal and interest are fully paid, it will not constitute a default by the issuer [1] - No penalties, late fees, or additional interest will be incurred during the grace period, and interest will continue to be paid at the original coupon rate [1]

海外監管公告 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。 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） 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 中國，深圳，2025年1 2月2 8日 於本 公 告日期，本 公 司 董 事 會 成 員 包 括：執 行董事郁 亮 先生及 王 蘊 女 士；非 執 行 董 事黃 力 平 先 生、胡 國 斌先生 及 雷 江 松 先 生；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 债券代码：102282785 债券简称：22 万科 MTN005 关于万科企业股份有限公司 2022 年度第五期中期 票据延长宽限期及宽限期内本息偿付安排的公告 为 ...

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。 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） 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 中國，深圳，2025年1 2月2 8日 於本 公 告日期，本 公 司 董 事 會 成 員 包 括：執 行董事郁 亮 先生及 王 蘊 女 士；非 執 行 董 事黃 力 平 先 生、胡 國 斌先生 及 雷 江 松 先 生；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 债券代码：102282785 债券简称：22 万科 MTN005 万科企业股份有限公司 2022 年度第五期中期票据 2025 年第 一次持有人会议已形成决议并于 ...

Group 1 - Vanke's bond extension proposals have failed, leading to a significant financial challenge as it faces the maturity of 3.7 billion yuan in bonds [1] - The company attempted to extend the maturity of a 2 billion yuan medium-term note on December 22, which was rejected, followed by another 3.7 billion yuan proposal on December 26 that also did not pass [1] - Out of six proposals voted on, only one related to extending the grace period to 30 trading days was approved, providing Vanke with a one-month reprieve [1]

Group 1 - The core issue revolves around Wuhan Zhongheng's accusation that Vanke has not paid the agreed 2 billion yuan for land costs related to urban renewal, despite Vanke's sales revenue of nearly 8 billion yuan from the B plot project [3][11] - Zhongheng claims that Vanke has evaded taxes amounting to 1.9 billion yuan over a period of 5 years, raising concerns about the company's financial practices and tax compliance [3][11] - The Wuhan government had previously requested a comprehensive tax settlement for the B plot project, but Vanke has allegedly continued construction and sales without proper procedures, leading to accusations of tax evasion [5][13] Group 2 - Vanke's Vice President, Cai Ping, who was responsible for dealings with the local government, has reportedly been in the United States for over a year, raising questions about his management of the alleged tax evasion funds [5][13] - Cai Ping has a history with Vanke, having joined the company in 2003 and rising through the ranks to become the regional partner for Central China, overseeing operations in multiple provinces [7][15] - The situation has prompted calls for a thorough investigation into Vanke's alleged tax evasion and corruption, emphasizing the need for fair competition and adherence to tax regulations [5][13]

Core Viewpoint - Vanke's attempts to extend the maturity of its bonds have failed, leading to a temporary one-month reprieve, while the company faces significant repayment pressure due to its large cooperative development model and inability to convince creditors [1][2][6]. Group 1: Voting Results and Proposals - On December 26, Vanke's proposal to extend the repayment period of its 37 billion bond was rejected, with only the extension of the grace period to 30 trading days being approved [1][2]. - The first proposal for a 12-month extension of the principal repayment was supported by only 1.76% of bondholders, while 96.81% opposed it [2]. - The other proposals related to additional credit enhancement measures also failed to meet the required approval threshold [2][3]. Group 2: Financial Condition and Market Reaction - Vanke's bonds have seen their prices drop to around 25% of their face value, indicating a loss of market confidence [4][6]. - Standard & Poor's has downgraded Vanke's credit rating to "Selective Default" (SD), reflecting the company's financial distress [4][6]. Group 3: Asset Management and Debt Restructuring - Vanke is reportedly accelerating asset sales to generate cash flow and negotiate with creditors, as it faces a total of 217.98 billion in outstanding bonds, with 157.53 billion maturing within a year [7][8]. - The company has limited options for providing collateral due to a high proportion of cooperative projects, which complicates its ability to enhance creditworthiness [12][14]. Group 4: Credit Enhancement Challenges - Vanke's financial statements show substantial asset values, yet the company claims it has few assets available for debt enhancement or repayment arrangements [14]. - The company's reliance on cooperative projects means that many assets cannot be used directly to secure debts at the group level, limiting its options for providing guarantees to creditors [12][14].

Core Viewpoint - Vanke's attempts to extend the maturity of its bonds have failed, resulting in only a one-month grace period, indicating significant financial distress and a potential restructuring of its debt obligations [2][3][4]. Group 1: Bond Extension Attempts - Vanke's proposal to extend the maturity of a 37 billion bond was rejected, similar to a previous 20 billion bond extension that was also denied [2][3]. - Out of six proposals, only the extension of the grace period to 30 trading days was approved, while the other five related to maturity extensions did not meet the required approval threshold [3][4]. - The approved grace period allows Vanke to delay its repayment obligations, pushing the actual repayment pressure to the following year [7][8]. Group 2: Financial Ratings and Market Reaction - Standard & Poor's has downgraded Vanke's credit rating to "Selective Default" (SD), indicating that the company's financial commitments are unsustainable [4][6]. - The market has reacted negatively, with Vanke's domestic bond prices dropping to around 25% of their face value, reflecting a loss of investor confidence [4][5]. Group 3: Asset Management and Debt Restructuring - Vanke's significant reliance on cooperative development models has limited its ability to use consolidated assets to secure debt, complicating negotiations with creditors [2][13]. - The company is reportedly accelerating asset sales to generate cash flow before potential defaults, with several transactions expected to close by early next year [9][11]. - Vanke's financial statements show a high proportion of minority interests, which limits the assets available for debt collateralization, raising concerns among creditors [13][15].

Core Viewpoint - Vanke's recent attempts to extend its debt instruments have been unsuccessful, raising concerns about its ability to convince creditors despite having substantial assets [1] Group 1: Debt Extension Attempts - On December 22, Vanke's 2 billion yuan medium-term note extension was rejected by creditors [1] - On December 26, another extension proposal for 3.7 billion yuan ("22 Vanke MTN005") also failed to gain creditor approval [1] Group 2: Underlying Issues - The core issue lies in Vanke's extensive cooperative development model, which complicates its financial situation [1] - Creditors indicated that Vanke's explanation during meetings highlighted that a significant portion of its consolidated assets cannot be directly used to enhance the creditworthiness of the group's headquarters debt [1] Group 3: Strategic Intentions - Industry analysts believe Vanke's repeated attempts to delay debt obligations may be a strategy to "buy time" [1] - The company is likely aiming to accelerate asset sales to improve cash flow and create opportunities for debt restructuring negotiations with creditors [1]

Core Viewpoint - Vanke's attempts to extend the maturity of its bonds have failed, resulting in only a one-month grace period, indicating significant financial distress and a potential restructuring of its debts [3][4][5]. Group 1: Bond Extension Attempts - Vanke's proposal to extend a 37 billion bond maturity was rejected, with only a grace period extension to 30 trading days approved [4][6]. - The failure to secure approval for five out of six proposals indicates a lack of confidence from creditors, with only 1.76% of voting rights supporting the extension [6][8]. - The company's strategy appears to be focused on "buying time" to negotiate with creditors and sell assets for cash flow [5][15]. Group 2: Financial Pressure and Ratings - Standard & Poor's has classified Vanke's situation as "distressed debt restructuring," downgrading its credit rating to "selective default" (SD) [5][12]. - Vanke has 16 outstanding bonds totaling 21.798 billion, with 8 bonds amounting to 15.753 billion maturing within a year [14]. - The grace period extension does not resolve the underlying issues of Vanke's repayment capabilities, merely postponing the inevitable [15][22]. Group 3: Asset Liquidation and Collateral Issues - Vanke is accelerating asset sales to raise funds before a potential default, with several transactions expected to close soon [16]. - The company has significant investment properties valued at 137.363 billion, but a large portion is already pledged, limiting available collateral [19][20]. - Vanke's high proportion of minority interests (around 40%) complicates its ability to use assets for debt guarantees, as creditors can only pursue the parent company's assets [20][22].

Core Insights - 2013 marked a peak for Vanke, with total sales reaching 170.9 billion yuan, setting a record for real estate companies globally [1][11] - The management's compensation also peaked in 2013, with CEO Yu Liang earning 14.31 million yuan and Chairman Wang Shi earning 15.9 million yuan [1][4] - Following a four-month stock price decline in early 2014, Vanke's stock began a four-year upward trend, peaking at 31.92 yuan in January 2018 [1][11] Group 1: Management and Performance - In 2013, Vanke's management team was seen as capable of running the company effectively even in the absence of direct oversight, as evidenced by their record sales during a period of significant market growth [3][15] - The company had no actual controlling shareholder, with the largest stakeholder, China Resources, holding only about 15% of shares, leading to potential conflicts of interest [3][15] - The introduction of the "Partnership Plan" in 2014 allowed management to use part of their bonuses to purchase Vanke stock, which reportedly generated a floating profit of nearly 5 billion yuan by mid-2016 [5][19] Group 2: Control Battles and Changes - The "Baowan Battle" began in 2015, with Baoneng Group rapidly increasing its stake from 5% to 24.26%, becoming the largest shareholder and leading to a significant control struggle [7][20] - By 2017, Vanke's sales revenue reached 530 billion yuan, and the control battle concluded with Shenzhen Metro becoming the largest shareholder, pledging not to interfere with management decisions [8][21] - Following the board reshuffle in 2017, management salaries increased significantly, with Yu Liang earning 11.89 million yuan and the new board secretary earning 8.49 million yuan, among the highest in the A-share market [8][21] Group 3: Decline and Financial Struggles - By 2021, Vanke's net profit plummeted by 45% to 22.5 billion yuan, leading to drastic salary cuts for management, with Yu Liang's salary dropping to 1.44 million yuan [9][22] - In 2023, the company faced another significant decline, with net profit falling by 46% to 12.1 billion yuan, and management salaries further reduced [10][24] - The company reported a shocking loss of 49.4 billion yuan in 2024, prompting management to take drastic salary measures, with Yu Liang and the new president earning only 33,000 yuan each for the year [10][24]