公司可用于增信的优质资产已所剩不多 面对即将到期的20亿元中期票据"22万科MTN004"，万科与债权人的展期博弈，进入了第二个回合。 首次方案全部未获通过后，万科提出包括"按期付息"与"延长宽限期"在内的新议案，试图化解僵局。万科承诺将在12月22日前支付6000万元到期利息、提供 增信措施，并提议将仅5个工作日的宽限期大幅延长至30个交易日，从而将实际偿付压力推迟至明年。 万科承诺提前支付6000万利息 "22万科MTN004"首次持有人会议的三份展期方案未获通过后，万科近期计划召开第二次持有人会议，并推出了三份新的议案，将展期协商推至"加时赛"。 根据上海清算所最新披露，万科三项新议案的核心诉求集中在程序简化、付息保障与时间置换上。与上一轮议案相比，此次议案的条件更为宽松。 公告显示，议案一拟缩短召集程序的时限，并提请持有人同意豁免此次持有人会议发布召开持有人会议公告、发送议案、提出补充议案、发送及披露最终议 案的期限要求，且拟在12月22日前完成表决。 第一财经注意到，该期限为原宽限期的最终日。这也意味着，万科希望在不实质违约的情况下，争取债权人同意展期。 议案二仍计划将本金兑付展期一年，调整后兑付日 ...

Core Viewpoint - The article reflects on the journey of Vanke and its founder Wang Shi, highlighting the company's rise and current challenges, emphasizing the impact of Wang's leadership style and market decisions on Vanke's trajectory [5][21]. Group 1: Company History and Development - Vanke was founded in 1984 by Wang Shi, initially as a trading company dealing in consumer electronics, achieving over 50 million in revenue and 3 million in net profit in its first year [9][10]. - The company underwent significant transformations, including a shareholding reform in 1986, which aimed to clarify ownership and led to the establishment of Vanke as a real estate developer [14][15]. - By 1991, Vanke was listed on the Shenzhen Stock Exchange, with a diverse shareholding structure that included state-owned, collective, and foreign shares, which facilitated its entry into the real estate market [15][16]. Group 2: Market Position and Strategy - Vanke quickly adapted to the real estate sector, becoming a leading player in a competitive market characterized by both state-owned enterprises and local developers [18][19]. - The company distinguished itself through a focus on product quality and customer service, achieving a reputation for excellence in the mid to high-end market segments [20][21]. - Vanke's strategic decisions, such as slowing down expansion in favor of quality over quantity, contributed to its strong financial health and reputation as a "top student" among real estate firms [21]. Group 3: Leadership and Challenges - Wang Shi's leadership style, characterized by a strong desire for control, led to significant conflicts during two major shareholder disputes, the "Junwan War" and the "Baowan War," which impacted Vanke's stability [23][24]. - The "Baowan War" resulted in substantial financial strain on Vanke, as aggressive tactics to fend off external investors drained resources and shifted the company's focus back to high turnover and expansion [24][25]. - The article suggests that had Wang Shi approached these conflicts with a more market-respecting attitude, Vanke might have navigated its challenges more effectively, potentially avoiding its current difficulties [25].

Report Summary 1. Core Views - The National Financial System Work Conference emphasized the need to effectively carry out key financial tasks in 2026, including risk prevention, regulatory strengthening, and promotion of high - quality development [3]. - The central bank will continue to implement a moderately loose monetary policy, using various tools like reserve requirement ratio cuts and interest rate cuts, and focus on promoting economic growth and price stability [5]. - The Fed officials have different views on interest rate cuts, with some opposing due to concerns about inflation [9]. 2. Domestic News 2.1 Policy - related - At the National Financial System Work Conference, measures were proposed to prevent and resolve risks in local small and medium - sized financial institutions, real estate enterprises, and local government financing platforms, and to strengthen financial supervision and promote high - quality development [3]. - The National Development and Reform Work Conference summarized 2025 work and set nine key tasks for 2026 [4]. - The central bank will continue the moderately loose monetary policy, using the integrated effect of existing and new policies and multiple monetary policy tools [5]. - The National Financial Supervision and Administration总局 issued the "Interim Measures for the Supervision and Administration of Commercial Bank Custody Business" to standardize the custody business of commercial banks [7]. - Three departments jointly issued a notice to boost consumption by strengthening financial support [7]. 2.2 Economic Data - As of the end of November 2025, the stock of social financing scale was 440.07 trillion yuan, with a year - on - year increase of 8.5%. The cumulative increase in social financing scale in the first 11 months was 33.39 trillion yuan, 3.99 trillion yuan more than the same period last year [6]. - China's economic aggregate is expected to reach about 140 trillion yuan this year [8]. 3. International News - Fed officials debated whether interest rate cuts would harm inflation, and there were differences among next year's voting members on policy [9]. 4. Commodities - On December 12, WTI January crude futures fell 0.28% to $57.44 per barrel, down about 4.4% for the week; Brent February crude futures fell 0.26% to $61.12 per barrel, down about 4.1% for the week. COMEX February gold futures rose 0.35% to $4328.3 per ounce, up 2% for the week. NYMEX natural gas prices fell 3.14% to $4.101234 per ounce [10]. 5. Fundamentals 5.1 Open - market Operations - On December 12, the central bank conducted 1205 billion yuan of 7 - day reverse repurchase operations, with an operating rate of 1.40%. With 1398 billion yuan of reverse repurchases maturing, the net withdrawal was 193 billion yuan [12]. 5.2 Fund Rates - On December 12, DR001 decreased by 0.21bp to 1.275%, and DR007 increased by 1.75bp to 1.469%. Other rates also showed different changes [13][14]. 6. Bond Market Dynamics 6.1 Interest - rate Bonds - On December 12, the bond market weakened. The yield of the 10 - year treasury bond active bond 250016 rose 2.75bp to 1.8425%, and the yield of the 10 - year CDB bond active bond 250215 rose 3.35bp to 1.9165%. There were also auctions of 2 - year and 10 - year treasury bonds [15][17]. 6.2 Credit Bonds - On December 12, 5 bonds had a trading price deviation of more than 10%. "21 Vanke 02" fell more than 17%, while some bonds of Shimao and Baolong rose significantly. There were also credit - related events such as Zheng Rong being listed as a dishonest executor [17][18]. 6.3 Convertible Bonds - On December 12, the A - share market rose, and the convertible bond market also followed. The CSI Convertible Bond, Shanghai Stock Exchange Convertible Bond, and Shenzhen Stock Exchange Convertible Bond indices rose 0.35%, 0.38%, and 0.30% respectively. There were new listings, price increases and decreases of individual bonds, and various events such as proposed price adjustments and early redemptions [19][20][26]. 6.4 Overseas Bond Markets - In the US bond market on December 12, the yield of the 2 - year US Treasury remained unchanged at 3.52%, while other maturities generally rose. The 10 - year TIPS break - even inflation rate rose 1bp to 2.26%. In the European bond market, the 10 - year government bond yields of major European economies generally rose [23][27][28].

China Vanke, once the nation’s biggest homebuilder and now at the epicenter of the years-long property crisis, is set to meet in Shenzhen with some insurance firms and commercial banks https://t.co/RUuV5nlLFj ...

万科 据悉周三将在深圳与 保险 公司和商业银行开会。 ...

万科据悉周三将在深圳与保险公司和商业银行开会。 ...

2025.12. 17 本文字数：1075，阅读时长大约2分钟 作者 | 第一财经 郑娜 此外，本次方案亦明确，展期将由万科提供相应的增信措施。 该笔中票的首次持有人会议在12月10日召开，彼时共有三个展期方案，其一为万科提出的本息展期一年且无任 何增信措施，另外两项则为债权人提出的，本金展期一年的同时，要求支付利息且给出相应增信措施。但前述 三个方案在此时均未能获得通过，其中万科提出的无增信方案展期方案获0票支持。 而最新提出的展期方案中，对利息支付和增信措施都进行了优化。有业内人士认为，"三个方案变成一个方案， 大概率是与债权人达成一致了。" 除了展期方案外，此次还有一项新议案，即延长该期中期票据的宽限期的议案。议案提出，拟将本期中票存续 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，宽限期届满日定为2026年1月28日。宽限期内足额 偿付本息、消除违约事件或获得持有人会议豁免的，不构成发行人违约，且期内不产生罚息、违约金、逾期利 息等，未偿付本金按票面利率计息，在实际支付日利随本清，未偿付利息不额外计息。 上述业内人士提到，"有了宽限期兜底，万一上述方案没通过，也还有缓冲时间，还可以继续谈，应该 ...

（来源：向爷房谈） 近期，在与公开债债权人展期博弈的同时，万科正密集向大股东深铁集团交付质押资产。迹象显示，近 一个月以来，深铁已持续从万科获取抵质押资产。 12月16日，据市场消息，万科将旗下资管平台万丈资本100%股权质押给大股东深铁集团，为220亿元股 东借款补充增信。这是过去一个月内，万科第三次向深铁完成全额股权质押，凸显其流动性纾困的紧迫 性。 据悉，万丈资本是万科在2015年成立的资管平台，注册于珠海，旨在布局城市存量资产收购与改造业 务。其香港关联公司V Capital曾联合收购上海企业天地3号、中区广场等核心物业，目标是打造类似黑 石集团的综合性资管平台。 2025年12月，万科将万丈资本100%股权质押给大股东深铁集团，作为220亿元股东借款的担保措施之 一。该平台曾主导上海中区广场改造，2023年该项目净利润达4435万元，但近期随万科流动性压力加 剧，其资产陆续被用于抵债。 值得一提的是，此次万丈资本质押并非孤立事件。过去一个月内，万科已向深铁完成三次100%股权质 押。 另外，12月15日，在20亿债券展期方案被拒的关键时刻，万科最新公告称，公司已成功就一笔金额约为 10.5亿港元的存 ...

该笔中票的首次持有人会议在12月10日召开，彼时共有三个展期方案，其一为万科提出的本息展期一年 且无任何增信措施，另外两项则为债权人提出的，本金展期一年的同时，要求支付利息且给出相应增信 措施。但前述三个方案在此时均未能获得通过，其中万科提出的无增信方案展期方案获0票支持。 在利息支付上，该方案提出，在2025年12月15日到期的应付利息6000万元在宽限期内支付，即2025年12 月22日内支付。上述宽限期间未偿付本金按照3.00%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）本期中期票据票面利率维持不变，即按照3.00%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。 此外，本次方案亦明确，展期将由万科提供相应的增信措施。 经过一轮博弈后，万科对已到期的20亿中票又推出了新的展期方案。 12月17日，上清所披露了位22万科MTN004第二次持有人会议的议案概要，不仅在中票利息支付和增信 承诺等方面有所改变，还提出了延长宽限期的新议案。 具体来看，此次的展期方案为，将本金兑付时间展期12个月，调整后兑付时间为2026年12月15日，届时 偿付本期中期票据全 ...

12月16日晚间，万科在上海清算所发布关于万科企业股份有限公司2022年度第四期中期票据（"22万科 MTN004" ）2025年第二次持有人会议的议案概要。 此次万科再度提出三项议案，分别是：关于豁免本次持有人会议召集、召开程序的相关时限要求的议案 （特别议案）；调整中期票据本息兑付安排的议案（特别议案）；延长本期中期票据的宽限期的议案 （特别议案）。 新议案提出要求拟缩短召集、召开程序等时限，同时要求延长宽限期并在宽限期内进行本期利息支付， 本金展期一年。 关于时限，新议案提请持有人同意缩短会议公告披露、议案发送等流程时限。调整后，12月15日完成会 议公告及议案发送，12月16日15:00前为补充议案提交截止时间，同日完成最终议案披露，12月22日 10:00前将结束全部表决。 关于调整中期票据本息兑付安排，新议案提议本期22万科MTN004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15日。2026年12月15日偿付本期中期票据全部本金。新议案还提议， 本期中期票据于2025年12月15日到期的应付利息6000万元在宽限期内支付，即2025年12月22日内支付。 上述宽限期间 ...