Core Viewpoint - Vanke's fifth medium-term note (22 Vanke MTN005) has extended its grace period for principal and interest repayment from 5 working days to 30 trading days, following the approval of the relevant proposal by bondholders [2][4]. Group 1: Bondholder Meeting Outcomes - The bondholder meeting for 22 Vanke MTN005 included six proposals, of which only the proposal to extend the grace period was approved, while the other five proposals were rejected [2][4]. - The total outstanding balance of the 22 Vanke MTN005 bond is 3.7 billion yuan, with an interest rate of 3% for the current interest period, and the principal repayment date is set for December 28, 2025 [3][4]. - Among the rejected proposals, proposal 4 received approximately 71.35% support and proposal 5 received about 73.77% support, but neither reached the 90% threshold required for approval [4]. Group 2: Company Commitments - Vanke has committed to ensuring that the repayment order for the extended grace period will not be inferior to that of any subsequent maturing bonds, meaning no payments will be made on later maturing bonds until the principal and interest of the current medium-term note are fully paid [5]. - The company has expressed its intention to engage in open communication and collaboration with all parties to seek solutions for the current bond issues, aiming to protect the long-term interests of all stakeholders [5]. Group 3: Previous Bond Extensions - Previously, Vanke's other bond (20 billion yuan) also had its grace period extended to 30 trading days, indicating a trend in the company's approach to managing its bond obligations [6].

Core Viewpoint - Vanke has received a 30-day grace period for the repayment of its second medium-term note, extending the repayment deadline to February 10, 2026, which may alleviate immediate financial pressure on the company [1] Group 1: Grace Period Extension - The grace period for the repayment of Vanke's 2022 fifth medium-term note has been extended from 5 working days to 30 trading days [1] - This extension was approved during the first bondholders' meeting related to the medium-term note [1] - If Vanke repays the principal and interest within the 30-day grace period, it will not constitute a default [1] Group 2: Previous Proposals - Multiple proposals for extending the repayment period were not approved in the bondholders' meeting [1] - The announcement regarding the grace period extension was published by the Shanghai Clearing House [1]

Core Viewpoint - Vanke's proposal to extend the grace period for its 3.7 billion yuan bond has been approved, while other related proposals did not meet the required threshold for approval [2][4]. Group 1: Bond Proposal Details - The bond in question is the 2022 fifth phase medium-term note (22 Vanke MTN005) with a balance of 3.7 billion yuan, originally due on December 28, 2023 [2]. - The proposal to extend the grace period to 30 trading days was approved with a support rate of 92.11%, receiving agreement from 12 institutions [4]. - The first proposal, which aimed to extend the principal repayment date by 12 months to December 28, 2026, received only 1.76% support, with 96.81% opposing it [2][3]. Group 2: Additional Proposals and Support Rates - The second proposal, which included a requirement for the repayment of 111 million yuan in accrued interest along with additional credit enhancement measures, garnered only 3.19% support [3]. - Proposals three to five, which included various credit enhancement measures and conditional adjustments to the repayment arrangements, saw increasing support but still did not reach the 90% approval threshold: proposal three received 17.03%, proposal four 71.35%, and proposal five 73.77% [3]. - The company has committed to ensuring that the repayment order for the current bond will not be inferior to any bonds maturing after December 28, 2025, and will not make payments on subsequent bonds until the current bond is fully repaid [4].

万科企业股份有限公司 关于在交易商协会披露《关于 2022 年度第五期中期票据 2025 年第 一次持有人会议的答复公告》的提示性公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-166 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 万科企业股份有限公司（以下简称"公司"）在中国银行间市场交易商协会 网站（简称"交易商协会"，www.nafmii.org.cn）披露了《关于 2022 年度第五期 中期票据 2025 年第一次持有人会议的答复公告》。根据相关规定，公司同步在巨 潮资讯网（www.cninfo.com.cn）对该公告予以刊登，供参阅。 特此公告。 万科企业股份有限公司 董事会 二〇二五年十二月二十六日 1 债券代码：102282785 债券简称：22 万科 MTN005 万科企业股份有限公司关于 2022 年度第五期中期票据 2025 年第一次持有人会议的答复公告 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 2025 年 12 月 26 日公告 ...

万科企业股份有限公司 关于在交易商协会披露《关于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》的提示性公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-167 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 万科企业股份有限公司（以下简称"公司"）在中国银行间市场交易商协会 网站（简称"交易商协会"，www.nafmii.org.cn）披露了《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》。 根据相关规定，公司同步在巨潮资讯网（www.cninfo.com.cn）对该公告予以刊登， 供参阅。 特此公告。 万科企业股份有限公司 董事会 二〇二五年十二月二十六日 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 为保证万科企业股份有限公司 2022 年度第五期中期票据 （债券简称：22 万科 MTN005，债券代码：10228278 ...

Core Viewpoint - Vanke's second attempt to extend a 3.7 billion yuan medium-term note (MTN) has failed to gain creditor support, following the unsuccessful extension of a previous 2 billion yuan MTN [2][4]. Group 1: Meeting Outcomes - On December 26, the Shanghai Clearing House disclosed the results of the first bondholder meeting for Vanke's MTN005, where five out of six extension proposals were rejected, with only a proposal to extend the grace period to 30 trading days being approved [2][4]. - The original maturity date for the MTN005 was December 28, 2025, with an outstanding balance of 3.7 billion yuan and a coupon rate of 3.00% [2][4]. Group 2: Proposal Details - The first proposal aimed to extend the principal and interest payment to December 2026 without any additional credit enhancement measures [2][3]. - Proposals two to five maintained a 12-month extension for the principal and included conditions for interest payments, requiring additional credit enhancements from acceptable entities such as the Shenzhen Metro Group [3][4]. Group 3: Voting Results - The voting results showed that none of the five extension proposals met the required threshold of 90% approval, with the highest support being 73.77% for the fifth proposal [4]. - The only proposal that passed was to extend the grace period from five working days to 30 trading days, receiving 92.11% approval from 12 bondholders [4][5]. Group 4: Future Actions - Vanke has accepted the results of the bondholder meeting and plans to communicate and negotiate with stakeholders to explore solutions for the MTN [4][5]. - To protect bondholder interests, Vanke committed to ensuring that the payment order for this MTN will not be inferior to that of any subsequent maturing bonds [5].

Core Viewpoint - Vanke's second attempt to extend a 3.7 billion yuan medium-term note (MTN) has failed to gain creditor support, following the unsuccessful extension of a previous 2 billion yuan MTN [1][2]. Group 1: MTN Extension Attempts - The first meeting of the holders of Vanke's MTN005 on December 26 revealed that none of the five proposed extension plans were approved, except for a plan to extend the grace period to 30 trading days [1][3]. - The original maturity date for the MTN005 was December 28, 2025, with an outstanding balance of 3.7 billion yuan and a coupon rate of 3.00% [1]. Group 2: Proposed Amendments - Proposal one aimed to extend the principal and interest payment deadline to December 2026 without any credit enhancement measures [2]. - Proposals two to five maintained a 12-month extension for the principal and included various credit enhancement requirements, such as guarantees from large state-owned enterprises in Shenzhen [2]. Group 3: Voting Results - The voting results showed that the approval rates for the proposals were significantly below the required threshold of 90%, with proposal one receiving only 1.76% support and proposal five receiving approximately 73.77% [2]. - The only proposal that passed was the sixth, which extended the grace period from five working days to 30 trading days, with 92.11% of the voting rights in favor [3]. Group 4: Future Actions - Vanke has accepted the results of the meeting and plans to communicate with all parties to explore solutions for the MTN, aiming to protect the long-term interests of all stakeholders [3]. - The company has committed to ensuring that the payment order for the MTN will not be inferior to that of any subsequent maturing bonds, meaning no payments will be made on later bonds until the MTN's principal and interest are fully paid [3].

Core Viewpoint - Vanke A announced an extension of the grace period for the repayment of principal and interest on its fifth tranche of medium-term notes for 2022, allowing for a longer grace period of 30 trading days instead of the previous 5 working days [1] Group 1 - The grace period for the repayment of principal and interest is extended to 30 trading days, with the new deadline set for February 10, 2026 [1] - During the grace period, if the principal and interest are fully repaid, or if a waiver is granted through a bondholders' meeting, it will not constitute a default by the issuer [1] - No penalty interest or additional fees will be incurred during the grace period, and interest will continue to be paid at the nominal rate on any unpaid principal [1]

万科境内债"22万科MTN005"上清所公告，延长本期中期票据的宽限期的议案生效，调整中期票据本息 兑付安排的多个议案因同意票数表决权数额未达90%未生效。 ...

Core Viewpoint - The emphasis on developing rural industries is crucial for enhancing agricultural efficiency and revitalizing the rural economy, as highlighted in recent government meetings and initiatives [1][2]. Group 1: Rural Industry Development - The "14th Five-Year Plan" explicitly states the importance of cultivating and expanding rural characteristic industries, which are vital for invigorating county-level economic development [2]. - Currently, there are 94,000 agricultural leading enterprises at the county level and 2,250 national-level leading enterprises across the country [2]. Group 2: Technological Support for Rural Industries - A comprehensive agricultural technology innovation system has been established, comprising over 800 agricultural research institutions and more than 120,000 researchers [4]. - There are over 400,000 grassroots agricultural technology promotion personnel actively working on the front lines [4]. - More than 1,000 enterprises are involved in ongoing national agricultural technology projects, accounting for over half of the total participating units [4]. Group 3: Future Outlook - The focus on industrial revitalization is expected to accelerate the modernization of agriculture, transforming harvests into tangible benefits for the community [6].