Core Viewpoint - Vanke A's management has confirmed that there has been no change in the personal shareholding of its senior management [1] Group 1 - The company stated that according to the regulations, senior management must report and disclose any share reduction plans to the Shenzhen Stock Exchange at least fifteen trading days before selling shares [1] - Currently, the company has not received any notifications from senior management regarding plans to reduce their holdings [1]

Group 1 - The core viewpoint of the article is that Vanke A emphasizes the importance of technological innovation and adheres to the strategy of integrating technology into its business operations [2] Group 2 - Vanke A responded to investor inquiries on an interactive platform, reinforcing its commitment to technology-driven business practices [2]

Group 1 - The management of Vanke A has confirmed that there has been no change in their personal shareholdings, addressing concerns about potential sell-offs [1] - Vanke A reported that senior management must disclose any plans to reduce shareholdings at least 15 trading days prior to selling, and no such plans have been communicated [1] - As of the 2025 semi-annual report, current board member and executive vice president Yu Liang holds 7,394,945 shares, representing 0.0620% of total shares, while executive vice president and CFO Han Huihua holds 141,000 shares, representing 0.0012% [1] Group 2 - Vanke A has completed 19 bulk asset transactions in the first three quarters of the year, achieving a signed amount of 6.86 billion yuan, covering various asset types [1] - The company has established asset exit channels, including asset securitization, and its REITs have performed well [1] - Vanke A is seeking to extend the maturity of its bonds, with a total of 5.871 billion yuan due for repayment by the end of December [4] Group 3 - The company announced a second bondholders' meeting to discuss the extension of the bond repayment schedule [4] - As of December 19, Vanke A's stock price was 4.9 yuan per share, reflecting a 0.62% increase [4] - The bondholders' meeting for the 22 Vanke MTN004 bond had 20 participating institutions, with 18 voting, representing 99.45% of the total voting rights [2]

Core Viewpoint - Vanke A is actively advancing bulk asset transactions, having completed 19 projects with a signed amount of 6.86 billion yuan in the first three quarters of the year, covering various asset types such as commercial, office, hotel, and apartment [1] Group 1: Bulk Asset Transactions - The company has completed 19 bulk transactions this year, achieving a total signed amount of 6.86 billion yuan [1] - The transactions encompass a diverse range of assets, including commercial, office, hotel, and apartment properties [1] Group 2: Business Optimization and Exit Strategies - Business optimization and exit strategies are being implemented in an orderly manner, with the ice and snow business having signed an agreement with China Travel Group [1] - The company has established multiple exit channels for assets, including asset securitization [1] Group 3: REITs Development - The company’s established REIT, Zhongjin Yinli Consumer Infrastructure REIT, has performed well [1] - Additionally, the company has set up three PRE-REITs funds to further enhance its investment strategies [1]

（文章来源：每日经济新闻） 每经AI快讯，12月19日，据深交所互动易消息，针对投资者提出的管理层持股是否有变动的问题，万 科企业股份有限公司回应称，"公司管理层的个人持股数量无变化"。根据《上市公司董事、监事和高级 管理人员所持本公司股份及其变动管理规则》的规定，高级管理人员如计划通过深交所集中竞价交易或 者大宗交易方式转让股份的，应当在首次卖出前十五个交易日向深交所报告并披露减持计划，目前公司 未收到任何高级管理人员告知有减持计划。 ...

12月19日，万科A在互动平台表示，公司管理层的个人持股数量无变化。根据《上市公司董事、监事和 高级管理人员所持本公司股份及其变动管理规则》的规定，高级管理人员如计划通过深交所集中竞价交 易或者大宗交易方式转让股份的，应当在首次卖出前十五个交易日向深交所报告并披露减持计划，目前 公司未收到任何高级管理人员告知有减持计划。 ...

Core Viewpoint - Vanke is actively seeking to extend its 20 billion medium-term notes (MTN) to avoid potential debt default, making concessions in its proposals to creditors [1][2][4]. Group 1: Debt Extension Proposals - On December 18, Vanke proposed a new plan for the extension of the "22 Vanke MTN004," which includes timely interest payments and additional credit enhancement measures [1]. - The first creditor meeting on December 10 saw a positive market reaction, with Vanke's A-shares hitting a trading limit, but the initial proposals were not approved [3][4]. - The second creditor meeting will review a single proposal to extend the principal repayment date by 12 months to December 15, 2026, while ensuring the payment of 60 million in interest [4][6]. Group 2: Creditor Meeting Dynamics - The first meeting had three proposals, with the second proposal receiving 83.4% support, but Vanke chose a less favorable option with only 18.95% support for the second meeting [5]. - The second meeting's proposal includes extending the grace period for the notes from 5 working days to 30 trading days, providing Vanke with additional time to remedy the situation if needed [7][8]. Group 3: Financial Support and Borrowing - Vanke has received over 30 billion in loans from its major shareholder, Shenzhen Metro Group, to help manage its debt obligations [16][18]. - As of June 30, 2025, Vanke's interest-bearing liabilities totaled 364.26 billion, with 42.7% maturing within one year [19]. - Vanke has pledged significant assets, including shares in its subsidiaries, to secure loans and meet its financial obligations [18][20]. Group 4: Upcoming Meetings and Proposals - A separate meeting for another 37 billion medium-term note ("22 Vanke MTN005") is scheduled for December 22, with six proposals aimed at addressing repayment and credit enhancement [9][10]. - The proposals for "22 Vanke MTN005" include options for extending principal repayment and interest payments, with some requiring guarantees from state-owned enterprises [12][13].

Group 1: Land Transactions - Wuhan successfully sold 12 land parcels for a total of 3.97 billion yuan, covering approximately 320,000 square meters, with notable purchases by local state-owned enterprises and private companies [1] - In Wuxi, 7 residential land parcels were sold at the base price, generating 8.473 billion yuan, with the highest floor price reaching 18,300 yuan per square meter, indicating a stable supply for future real estate development [2] Group 2: Debt Restructuring and Financing - Baolong Real Estate's debt restructuring plan for approximately 4.336 billion yuan has received partial approval, providing a crucial breakthrough in alleviating short-term repayment pressures [3] - Vanke announced a debt extension plan for its 3.7 billion yuan bond, showcasing adjustments based on previous negotiations and reflecting the ongoing negotiations between the company and its creditors [4] - Zhuhai Huafa completed the issuance of 1 billion yuan in corporate bonds with a coupon rate of 2.70%, indicating active financing and repayment strategies as the year-end approaches [5]

（编辑 丛可心） 证券日报网讯 12月18日，万科A在互动平台回答投资者提问时表示，公司积极推进大宗资产交易工作， 今年前三季度，已完成19个项目的大宗交易，实现签约金额68.6亿元，涵盖商业、办公、酒店、公寓等 各类资产。业务优化与退出有序推进，冰雪业务已与中旅集团完成签约。此外，公司已建立包括资产证 券化在内的资产退出渠道，公司设立的中金印力消费基础设施REIT表现良好，同时也已设立三支PRE- REITs基金。有关公司项目大宗交易、业务优化与退出以及REITs方面的具体进展情况，可进一步查阅 公司定期报告。 ...

万科12月18日与债券持有人举行会议，当前距离这支寻求展期的债券宽限期届满仅剩四天，如果没有达 成延长支付期限的协议，可能触发曾被视为不可想象的违约。 每项议案需要持有本期债务融资工具表决权超过总表决权数额90/100的持有人同意后方可生效，然后由 万科自行决定是否实施。 万科12月18日暂未置评。 随着耐心逐渐耗尽，一些观察人士开始表示，现在就违约反而可能帮助债权人避免更坏结果，有助于可 能在未来更大范围的重组中为债券持有人保住资产。 万科部分股权由国有企业深圳市地铁集团持有，受益于国资背景，深铁长期以来曾为其大量输血。然而 近几个月来，随着深铁发出收紧借款条件的信号，这项支持受到密切关注，这一转变导致万科证券大幅 下跌。 "鉴于流动性状况恶化、政府支持极为有限，以及公司融资条件不佳，我认为万科最终陷入债务重组几 乎不可避免，"Creditsights Singapore的亚洲策略主管Zerlina Zeng最近在接受彭博电视台采访时表 示。"如果立即发生违约，回收过程可能会更快，而不是在与债券持有人的持续谈判中拖延。" 万科近期公布修订后的票据展期方案，主要有两个议案。债券持有人可以两个都不选、选择其中一 ...