此次涉及的债券"22万科MTN004"原定到期兑付日为2025年12月15日，债项余额20亿元，票面利率 3.00%。为稳妥推进债券本息兑付工作，浦发银行作为会议召集人及存续期管理机构于12月5日披露"22 万科MTN004"的三项展期议案，三项议案均拟将本金兑付展期12个月至2026年12月15日，展期期间票 面利率维持3.00%不变，且需经持有总表决权90%以上的持有人同意方可生效。 议案二要求"追加投资人可接受的增信措施、有条件调整中期票据本息兑付安排的议案"获得83.40%的同 意表决，也是最接近通过的方案。投票结果显示，同意议案二的持有人或持有人代理人共7家，有效表 决权数额为16680000，占总表决权数额的83.40%；投反对票的共11家，有效表决权数额为3210000，占 总表决权数额的16.05%；其他表决权均弃权。 议案三则仅获1家机构支持，有效表决权数额为3790000，占总表决权数额的18.95%；反对的持有人或 持有人代理人共16家，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。 三项议案的核心差异集中在利息支付与增信措施：议案一仅调整兑付安排，展 ...

Core Viewpoint - Vanke's proposal for the extension of its 2022 fourth phase medium-term notes (22 Vanke MTN004) was rejected by bondholders, with the closest proposal receiving 83.40% approval, falling short of the required 90% [1][3]. Group 1: Proposal Details - Three proposals for extending the bond were presented, all of which failed to pass [3]. - The second proposal, which included normal interest payments and robust credit enhancement measures, received the highest approval at 83.40% [3]. - The first proposal, initiated by Vanke, received no votes in favor, indicating a lack of support from bondholders [3]. Group 2: Grace Period and Default Status - A grace period of five working days is available after the principal and interest payment due date (December 15), during which Vanke can make full repayment without triggering a default [1][5]. - Current indications suggest that it is too early to determine if a default event has occurred, as Vanke is expected to negotiate actively during the grace period [5]. Group 3: Financial Context - Vanke has a total of 37 billion yuan in another medium-term note (22 Vanke MTN005) maturing on December 28, and approximately 120 billion yuan in public debt maturing by 2026 [5]. - In the first three quarters of 2025, Vanke repaid 28.89 billion yuan in public debt, with significant support from Shenzhen Metro Group, which provided 30.996 billion yuan in loans [6].

Core Viewpoint - Vanke's fourth phase of medium-term notes (22 Vanke MTN004) faced rejection for all extension proposals, with the closest option receiving 83.40% approval, indicating significant challenges in restructuring its debt obligations [3][6][7]. Group 1: Meeting and Voting Results - The extension meeting for 22 Vanke MTN004 was held on December 10, 2025, with 20 institutions participating, representing 99.45% of the total voting rights [5][7]. - All three proposed extension options were rejected, with the second proposal, which included robust credit enhancement measures, receiving the highest support at 83.40% [7]. - The first proposal, initiated by Vanke, received no votes in favor, highlighting the lack of confidence in the company's initial restructuring plan [7]. Group 2: Default and Grace Period - The principal and interest payment due date for 22 Vanke MTN004 is December 15, 2025, with a five-working-day grace period following this date [9]. - If Vanke makes full payment within the grace period, it will not constitute a default event, despite the current financial pressures [9][10]. - Vanke is also facing an upcoming maturity of 3.7 billion yuan for 22 Vanke MTN005 on December 28, 2025, and has approximately 12 billion yuan in public debt maturing in 2026 [9][10]. Group 3: Financial Performance and Market Reaction - Following the news of potential debt restructuring, Vanke's stock and bond prices declined but stabilized and began to recover after December 10, 2025 [10]. - Vanke repaid 28.89 billion yuan in public debt in the first three quarters of 2025, with significant support from Shenzhen Metro Group, which provided 30.996 billion yuan in loans [10]. - The company reported a negative net cash flow from operating activities, indicating ongoing financial challenges despite recent refinancing efforts [10].

Core Viewpoint - The three extension proposals for the "22 Vanke MTN004" bond were rejected, indicating a critical situation for Vanke's debt repayment capabilities, with potential implications for future negotiations on other bonds [3][4][18]. Group 1: Bond Extension Proposals - All three proposed extension plans for the "22 Vanke MTN004" bond were not approved during the first bondholder meeting [5]. - Proposal one suggested a 12-month extension for principal repayment, maintaining the original interest rate, but received zero support from bondholders [6][7]. - Proposal two, which included normal interest payments and additional guarantees, garnered 83.40% support but fell short of the required 90% [8][9]. - Proposal three, similar to proposal two but with different guarantee requirements, received 18.95% support, also failing to meet the necessary threshold [10][11]. Group 2: Market Reactions and Implications - The rejection of the extension proposals has raised concerns about Vanke's overall debt repayment ability and willingness, potentially affecting negotiations for the upcoming 37 billion yuan bond [18]. - Market participants are increasingly cautious, with some bondholders preferring to follow default procedures rather than agree to extensions, fearing undervaluation of assets [11][12]. - Vanke's current debt situation is compounded by a significant upcoming bond maturity of approximately 114 billion yuan between December 2025 and May 2026, increasing the risk of restructuring [19]. Group 3: Bondholder Composition and Trends - Over 85% of the "22 Vanke MTN004" bond is held by banks, with public and private institutions holding over 10% [14]. - Recent data indicates a significant reduction in holdings of Vanke's domestic bonds by institutional investors, with banks now being the primary holders [16]. - The overall impact on the market from Vanke's debt situation is expected to be limited due to the relatively small size of its bond issues and the predominance of bank holdings [17].

Core Viewpoint - Vanke's bond extension proposals have been rejected, raising concerns about the company's debt repayment capabilities and increasing expectations for potential debt restructuring [2][3][4]. Group 1: Bond Extension Proposals - Three bond extension proposals for "22 Vanke MTN004" were presented but none received approval, with the first proposal having a support rate of 0% [3][4]. - The first proposal aimed to extend the principal repayment date by 12 months to December 15, 2026, without additional costs for Vanke, but was opposed by 76.70% of the voting rights [3][4]. - The second proposal, which included normal interest payments and additional guarantees, received 83.40% support but failed to meet the required 90% threshold [4][5]. Group 2: Market Reactions and Implications - The rejection of the proposals has cast doubt on Vanke's ability to negotiate extensions for an upcoming 3.7 billion yuan bond, potentially leading to increased demands for risk compensation from creditors [6][14]. - Concerns have been raised among creditors about the risk of asset undervaluation or non-market disposals if extensions are agreed upon, which could lead to significant credit events for Vanke [6][14]. - The market is closely monitoring the situation, as Vanke may utilize a 5-day grace period for repayment, extending the final deadline to December 20 [7][14]. Group 3: Debt Structure and Ownership - Over 85% of the "22 Vanke MTN004" bonds are held by banks, with public and private institutions holding over 10% [8][10]. - Recent data indicates a significant reduction in holdings of Vanke's domestic bonds by institutional investors, with banks now being the primary holders [10][13]. - Vanke's overall debt situation is concerning, with approximately 203.16 billion yuan in outstanding bonds, including upcoming maturities in 2026 [14][15].

从"零支持"到"高票未过" 12月14日，第一财经记者从中国银行间市场交易商协会存续期服务系统获悉，"22万科MTN004"首次持有人会议结果已公布，针对该笔中期票据提出的三份 展期方案均未获得通过。其中，一份被视为对万科较为有利的无条件展期议案，支持率甚至为零。 目前万科的偿债窗口已高度紧迫。该债券原定兑付日为12月15日。不过，根据募集说明书条款，若届时未能完成偿付，发行人可进入5个工作日的宽限期， 但仍需按票面利率上浮5个基点的标准支付利息。 业内分析人士认为，此次议案使万科今年后续37亿元债券的展期谈判前景蒙上阴影，也可能进一步推高市场对公司进行债务重组的预期。 三份中票展期方案均被否 记者从中国银行间市场交易商协会存续期服务系统获悉，"22万科MTN004"第一次持有人会议决议结果已公布，该中期票据的三份展期方案均未获得通过。 "议案一"的方案为本金兑付时间展期12个月，调整后兑付时间为2026年12月15日，到期时偿付本期中期票据全部本金。延期期间不计复利。展期期间（2025 年12月15日至2026年12月15日）的票面利率维持不变。 该笔议案因万科无须在展期期间付出额外代价，被视为对发行人万科 ...

每经记者｜黄婉银 每经编辑｜金冥羽 陈梦妤 向江林 12月13日，据"22万科MTN004"第一次持有人会议决议公告，公司三个展期议案均未获得有效通过。 截至债权登记日12月9日，22万科MTN004的持有人或持有人的代理人共计20家机构。参加本次展期会议的持有人或持有人代理人有18家，参加会议的有 效表决权数额为19890000，占总表决权的99.45%。 此次会议共涉及三项议案，核心展期规则保持一致：均为展期一年，展期期间暂不支付首付及利息。 差异主要集中在增信安排上——议案一维持初始展期方案，未设置增信措施；议案二、三则新增投资人可接受的增信条款，同时明确有条件调整本息兑付 安排。 根据"22万科MTN004"债券募集说明书，议案要通过，需持有本期债务融资工具表决权超过总表决权数额90%的持有人同意。 从投票结果看，三个议案都未获得超过90%的有效表决同意。其中，无人投票同意议案一，而反对票的持有人或持有人代理人共16家，占总表决权数额的 76.70%，因此议案一未生效。 "之所以展期条款看上去强硬，一方面是因为万科本身经营现金流和再融资渠道已被压缩，只能优先保证保交楼、刚性金融债务和运营支出，希望用时 ...

市场消息： 万科 展期计划未能获得足够债券持有人的支持。 ...

Financial Risk - China Vanke Co faces increased default risk after a local bond extension plan failed [1] Company Operations - The bond extension plan was intended to extend past December 15 [1]

市场消息：万科展期计划未能获得足够债券持有人的支持。 ...