万科股债连跌三天

Core Viewpoint - Vanke is facing significant market pressure following its announcement to seek an extension on a maturing medium-term note, leading to a sharp decline in both its stock and bond prices [2][3][5] Group 1: Market Reaction - On November 28, Vanke A shares dropped over 3.6%, reaching a price of 5.39 yuan, the lowest since 2014 [2] - The broader A-share real estate sector also suffered, with companies like China Fortune Land Development and China Merchants Shekou falling over 3% [2] - Multiple Vanke bonds experienced drastic declines, with "21 Vanke 04" dropping over 43% and "21 Vanke 06" over 38%, leading to temporary suspensions [2] Group 2: Debt Situation - Vanke announced a meeting regarding the extension of the "22 Vanke MTN004" bond, which has a principal repayment date of December 15, 2025, and a remaining balance of 2 billion yuan [3] - The company has been under pressure to repay 5.7 billion yuan in debts due in December, and attempts to secure short-term loans from banks were reportedly rejected [3] - Since 2025, Vanke has received over 30 billion yuan in loans, primarily supported by its major shareholder, Shenzhen Metro Group, but this external support may be coming to an end [3] Group 3: Financial Health - As of June 30, 2025, Vanke's interest-bearing liabilities totaled 364.26 billion yuan, accounting for 30.5% of total assets, with 42.7% of these liabilities due within one year [4] - Vanke has 15 outstanding bonds, with a total balance of 20.316 billion yuan, and a significant portion of these bonds is maturing before 2026 [4] - The company reported a loss of 28 billion yuan in the first three quarters of the year, making it the largest loss-maker among A-share real estate firms, with cumulative losses of approximately 77 billion yuan since 2024 [5]