Core Viewpoint - The article discusses the challenges faced by Vanke in managing its debt obligations, particularly focusing on the recent attempts to extend the maturity of its bonds and the implications of these decisions for both the company and its bondholders [2][14]. Group 1: Bond Extension Attempts - On December 22, the grace period for the "22 Vanke MTN004" bond expired, and the core extension proposal was not approved, although the extension of the grace period was granted [2][12]. - The first meeting on December 10 saw all three proposed extension plans fail to meet the required 90% approval threshold, primarily due to unattractive risk compensation for bondholders [5][6]. - The second meeting resulted in a commitment to pay the overdue interest of 60 million yuan within the grace period and to provide corresponding credit enhancement measures for the extension [12][13]. Group 2: Debt Pressure and Future Obligations - Vanke is facing significant debt repayment pressure, with a total of 58.71 billion yuan in bond principal and interest due between December 15 and 28 [14][15]. - The company has over 120 billion yuan in domestic debt due in 2026 and additional overseas debt obligations in 2027, indicating a challenging financial landscape ahead [15][16]. - As of September 2025, Vanke's total interest-bearing debt was 362.93 billion yuan, with a total liability of 835.5 billion yuan, highlighting a substantial liquidity pressure [16]. Group 3: Support from Major Shareholders - Shenzhen Metro Group has provided significant financial support to Vanke, totaling 30.796 billion yuan in shareholder loans at a low interest rate of 2.34% [18][26]. - The support from Shenzhen Metro is not unconditional, as new borrowing agreements require Vanke to provide adequate asset collateral [26][22]. - Vanke's founder, Wang Shi, has also expressed a desire to assist the company during its financial difficulties, indicating a collective effort to stabilize the situation [26][28]. Group 4: Asset Liquidation and Financial Performance - Vanke has been actively selling assets to improve cash flow, generating approximately 4.4 billion yuan from asset sales in the first three quarters of the year [29][32]. - The company's contract sales have significantly declined, with a 44.6% year-on-year drop, leading to a net loss of 28.02 billion yuan in the same period [29][32]. - The reduction in liquid assets and the increasing reliance on external support suggest a precarious financial position for Vanke moving forward [32].

首次方案全部未获通过后，万科第二次提出的中票展期也被否。 12月22日，"22万科MTNO04"第二次持有人会议投票结果出炉。该会议共表决涉及程序简化、展期方案与延长宽限期 三份议案。 其中，核心议案为"议案二"。该议案计划将本金兑付展期一年，调整后兑付日为2026年12月15日，万科将提供相应增 信措施。且万科承诺，在12月22日前先行支付本月15日到期的6000万元利息，展期期间利率不变，新增利息随展期后 的本金一并清偿，即利随本清。 投票结果显示，同意议案的比例为20.20%;反对议案的比例达到78.30%。因此，该议案未生效。这也意味着，万科中 票展期方案再被否。 "议案三"则要求延长宽限期。该议案提议将仅5个工作日的宽限期，大幅延长至30个交易日，届满日延后至2026年1月 28日。 投票结果显示，同意该议案的比例为90.7%，反对议案的比例为8.3%。议案生效。这也意味着，这笔年内到期的中票 将获得超过一个月的缓冲期，偿付压力可实质性地推迟至农历春节之后。 万科方面表示，发行人接受"22万科MTNO04"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 ...

Core Viewpoint - Vanke A (000002.SZ) announced an extension of the grace period for the fourth phase of its medium-term notes for 2022, allowing for a longer repayment timeline without penalties for late payments [1] Group 1: Announcement Details - The grace period for the repayment of principal and interest on the medium-term notes has been extended from 5 working days to 30 trading days [1] - During the grace period, no penalty interest will be charged, and the unpaid principal will continue to accrue interest at the original coupon rate [1] - The repayment order of the medium-term notes will not be inferior to that of any other bonds issued by the company that mature after December 15, 2025 [1] Group 2: Conditions and Restrictions - The issuer is prohibited from paying principal on any subsequent maturing bonds until the principal and interest of the current medium-term notes are fully paid [1] - The extension of the grace period only adjusts the repayment timeline and does not alter the original repayment order established for December 15, 2025 [1] - If the issuer pays principal on subsequent maturing bonds without fulfilling the obligations of the current medium-term notes, the unpaid principal and interest will become immediately due [1]

Core Viewpoint - Vanke is facing significant liquidity challenges and debt repayment pressures, with recent bondholder meetings revealing a lack of consensus on extending repayment terms, leading to a precarious financial situation for the company [1][2][5]. Group 1: Bondholder Meetings and Proposals - The bondholder meeting on December 18 failed to approve Vanke's proposals for extending the repayment of the "22 Vanke MTN004" bond, which has a principal of 2 billion yuan and a coupon rate of 3% [2][3]. - The initial proposals aimed to extend the repayment deadline to December 15, 2026, but lacked attractive risk compensation, resulting in no proposals receiving the required 90% approval [2][3]. - A subsequent meeting allowed for a 30-day extension of the grace period, providing Vanke with additional time to negotiate with creditors, although the core extension proposal was rejected with only 20.20% approval [5][6]. Group 2: Debt Repayment Pressure - Vanke is under pressure to repay a total of 5.871 billion yuan in bonds within a short timeframe, including the "22 Vanke MTN005" bond, which also seeks a 12-month extension [7]. - The company faces over 12 billion yuan in domestic debt repayments in 2026 and additional international debt pressures in 2027, indicating a challenging financial landscape ahead [8]. Group 3: Financial Health and Ratings - As of September 2025, Vanke's total liabilities reached 835.5 billion yuan, with interest-bearing debt at 362.93 billion yuan, highlighting a significant liquidity gap as cash reserves were only 65.68 billion yuan [9]. - Credit ratings for Vanke have been downgraded multiple times, with S&P lowering its rating to "CCC-" and Fitch to "C," reflecting concerns over the company's liquidity and financial commitments [9]. Group 4: Shareholder Support and Self-Rescue Efforts - Shenzhen Metro Group has provided substantial financial support to Vanke, totaling 30.796 billion yuan in loans at low interest rates, but this support is becoming more conditional [10][11]. - Vanke has been actively selling assets to improve cash flow, generating approximately 4.4 billion yuan from asset sales in the first three quarters of 2025, but the market conditions are challenging [15][16].

Core Insights - Zhejiang Province plans to auction 20 residential land plots this week, covering an area of 1.25 million square meters with a total starting price of 6.8 billion yuan and an average starting floor price of 5,606 yuan per square meter [1][6]. Group 1: Land Auction Details - In Hangzhou's Fuyang District, a low-density residential land plot (Yinhu 52-2) will be auctioned with an area of 39,239 square meters and a starting floor price of 6,095 yuan per square meter [2]. - The Fuyang District has already sold two residential land plots this year, with the total area expected to reach approximately 182,000 square meters, indicating a significant reduction in transaction volume compared to previous years [2]. - The auction for the Fuyang plot is scheduled for December 23, and live updates will be provided by Zhejiang Media Real Estate Research Institute [2]. Group 2: Recent Land Transactions - Last week, Zhejiang Province sold 18 residential land plots, totaling a built area of 1.12 million square meters and generating a total revenue of 8 billion yuan [4]. - Huzhou accounted for the highest revenue with 7 plots sold for a total of 3.5 billion yuan, while the total built area sold was the largest at 510,000 square meters [4]. - All residential land plots were sold at the base price, with local state-owned enterprises winning the majority of the bids in Huzhou [4]. Group 3: Upcoming Land Auctions Overview - A total of 20 land plots will be auctioned this week, with a combined area of 766,121 square meters and a total starting price of 6.78 billion yuan [7]. - The auction includes various types of land, including residential and commercial plots across multiple cities in Zhejiang Province [7].

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 萬科企業股份有限公司 董事會 中國，深圳，2025年1 2月2 2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 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。 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> ...

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 2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 万科企业股份有限公司 公告编号：<万>2025-162 关于为子公司提供履约担保的公告 证券代码：000002、299903 证券简称 ...

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 关于万科企业股份有限公司 2022 年度第四期中期 票据延长宽限期及宽限期内本息偿付安排的公告 为保证万科企业股份有限公司 2022 年度第四期中期票据 （债券简称：22 万科 MTN004，债券代码：102282715）付息兑付 工作的顺利进行，现将有关事宜公告如下。 1 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 2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 ...

Group 1 - The only extension proposal for "22 Vanke MTN004" was not effectively approved during the second bondholder meeting, but Vanke received a 30-day grace period [1] - A total of 20 institutions participated in the voting, with an effective voting power of 19,990,000, accounting for 99.95% of total voting rights [1] - The extension proposal received only three votes, with an effective voting power of 4,040,000, representing 20.20%, while the opposition was as high as 78.30% [1] Group 2 - The grace period for principal and interest payment on the "22 Vanke MTN004" has been extended from 5 working days to 30 trading days [2] - If the principal and interest are fully paid within the 30-day grace period, it will not constitute a default by the issuer, thus avoiding related default liabilities [2]

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 2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：102282715 债券简称：22 万科 MTN004 万科企业股份有限公司关于 2022 年度第四期中期票据 2025 年第二次持有人会议 ...