中國，深圳，2025年12月1 5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 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 三、宽限期约定及其他需说明事项 2 根据《万科企业股份有限公司 2022 年度第四期中期票据募 集说明书》中的约定，对未能按期足额偿付债务融资工具本金或 利息的违约情 ...

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） * 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 年度第四期中期票据 2025 年第 一次持有人会议已形成决议并于 2025 年 12 月 15 日公告，本公 司对相关决议情况答复公告如下。 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12月1 5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 ...

特此公告。 万科企业股份有限公司 关于在交易商协会披露《关于 2022 年度第四期中期票据 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〉2025-157 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 年度第四期 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。 万科企业股份有限公司 董事会 二〇二五年十二月十五日 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 年度第四期中期票据 2025 年第 一次持有人会议已形成决议并于 2025 年 12 月 15 日公告，本公 ...

公告编号：〈万〉2025-156 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 年度第四期中期票据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 二〇二五年十二月十五日 万科企业股份有限公司 关于在交易商协会披露《2022 年度第四期中期票据宽限期内本息偿 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 三、宽限期约定及其他需说明事项 根据《万科企业股份有限公司 2022 年度第四期中期票据募 集说明书》中的约定，对未能按期足额偿付债务融资工具本金或 利息的违约情形设置了 5 个工作日的宽限期。宽限期内应以当期 应付未付的本金和利息为计息基数、按照票面利率上浮 5BP 计算 利息。 公司计划于宽限期内召开万科企业股 ...

Group 1 - Vanke's proposal to extend the maturity of a 2 billion yuan bond was not approved, raising concerns about the difficulty of debt management for real estate companies [1] - The bond has a principal repayment date of December 15, 2025, with an interest rate of 3%, and if no consensus is reached during the grace period, Vanke may face substantial default [1] Group 2 - Poly Developments plans to issue up to 5 billion yuan in convertible bonds to fund nine real estate projects, with a total investment of 22.221 billion yuan [2] - This financing move reflects the company's strategy to ensure project advancement through market-based financing tools, providing a reference for compliant real estate companies [2] Group 3 - Shandong Province has issued guidelines for a "trade-in" housing policy, introducing three models: "sell old for new," "collect old for new," and "demolish old for new," aimed at stimulating housing demand [3] - The policy includes measures to support real estate agencies in providing "help sell" services and encourages market-based acquisition of second-hand homes [3] Group 4 - Country Garden's previously acquired land in Foshan is being re-listed for auction at a starting price of 401 million yuan, significantly lower than the previous acquisition price of 2.74 billion yuan [4] - The area has seen a lack of new large-scale developments, and the reduced starting price may attract new bidders, although additional development costs may impact the final outcome [4] Group 5 - Nanshan Holdings plans to apply for a borrowing limit of 7 billion yuan from its controlling shareholder, which will be available for three years and can be reused [5] - This borrowing strategy aims to stabilize the company's cash flow and reduce overall financing costs, enhancing financial stability and risk resilience [5]

在融资方面，利好政策更是层出不穷。2025年2月，国家金融监督管理总局明确表示，房地产"白名单"项目的贷款金额已经达到5.6万亿元，并且后续还在持 续扩围，确保符合规定的项目能够"应进尽进"。同年5月，金融监管总局又推出了八项增量政策，其中包括修订并购贷款管理办法、扩大保险资金投资试点 以及将保障性住房再贷款利率下调至1.5%等，这些举措进一步降低了房地产企业的融资成本。到了11月，全国"白名单"项目的贷款审批金额已经超过7万亿 元，为房地产企业的项目建设和债务偿还提供了强有力的资金支持。万科作为一家优质的房地产企业，不仅能够享受到"白名单"的融资便利，其大股东深铁 集团的国有企业背景更是政策鼓励"国资支持优质房企"的直接体现。 然而，万科的"刚兑"之所以被称作"历史性"，也正因为当前房地产行业的整体债务压力依然巨大。数据显示，2025年房地产企业全年到期债务高达5342亿 元，较2024年增加了513亿元，其中第三季度更是迎来了1600亿元的到期高峰。尽管房地产行业的违约情况有所好转——2025年第三季度境内债券的实质性 违约仅有2只，涉及金额38.35亿元，但中小房地产企业资金链紧张、融资困难的问题仍然没 ...

Core Viewpoint - Vanke is facing a potential default on its bond "22 Vanke MTN004" if it fails to reach an agreement with creditors within a five-day grace period after the original payment date of December 15 [2][3] Group 1: Bond Details - The bond "22 Vanke MTN004" was issued in December 2022 with a principal amount of 2 billion yuan and a coupon rate of 3% [2] - The bond's first holder meeting resulted in the rejection of all three proposed extension plans, which required over 90% approval from bondholders [3] - The bond has a grace period of five working days, during which Vanke must pay interest at an increased rate of 3.05% if it cannot make the principal payment [2] Group 2: Extension Proposals - Vanke proposed three extension plans, all seeking a one-year extension without interest payments during the extension period [3] - The first proposal, which was the most favorable to Vanke, received no votes in favor, while the second proposal garnered 83.40% of the votes but still fell short of the required 90% [3] - Analysts noted that the lack of compensation in the first proposal and the insufficient reassurance in the second proposal contributed to the rejection [3][4] Group 3: Financial Pressure - Vanke has significant debt obligations, with over 36 billion yuan due or callable by 2025, and a total of 217.98 billion yuan in outstanding domestic debt [7] - The company is also facing a cash flow deficit, with net cash outflows reported in the first three quarters of 2025 [11] - As of November 2025, Vanke had drawn 21.376 billion yuan in unsecured loans from its major shareholder, Shenzhen Metro, and must provide collateral for future borrowings [9][10] Group 4: Future Outlook - Analysts suggest that the current situation may lead to a debt restructuring process, potentially involving principal reductions or interest cuts [8] - Vanke's reliance on its major shareholder for liquidity support indicates a challenging financial landscape, with limited room for error due to its size and market visibility [4][10]

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 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].