Di Yi Cai Jing·2025-12-01 15:03Group 1 - Vanke has proposed a one-year extension for its "22 Vanke MTN004" bond, moving the maturity date from December 15, 2025, to December 15, 2026, with interest payments deferred for 12 months [1] - The interest rate remains at 3%, and no compound interest will be accrued during the extension period [1] - This approach is unusual as other major developers typically opt for installment payments rather than a direct one-year extension of principal and interest [1] Group 2 - Following the announcement of the extension, Vanke's stock and bonds have experienced significant declines, with some bonds dropping over 30% and others like "21 Vanke 04" falling by 45% [2] - As of November 27, 2025, Vanke has a total of 15 outstanding bonds, with a combined balance of 20.316 billion, and a significant portion maturing before 2026 [2] - The upcoming debt repayment pressure is substantial, with 88.9% of the bonds maturing before 2026 [2]