Di Yi Cai Jing·2025-12-01 16:02Core Viewpoint - Vanke has proposed a one-year extension for its "22 Vanke MTN004" bond, originally due on December 15, 2025, now set to mature on December 15, 2026, in an effort to avoid default and manage its debt obligations [2][3] Group 1: Bond Extension Details - The principal repayment for the bond will be postponed by 12 months, with interest accrued before the extension to be paid on the new maturity date, December 15, 2026, without compound interest during the extension period [2] - The coupon rate remains unchanged at 3%, and any new interest accrued during the extension will be paid alongside the principal [2] Group 2: Market Reaction and Debt Pressure - Following the announcement of the bond extension, Vanke's stock and bonds experienced significant declines, with certain bonds dropping over 30%, leading to temporary trading halts [3] - As of November 27, 2025, Vanke has a total of 15 outstanding bonds, with a combined balance of 20.316 billion, of which 13 are domestic bonds, indicating substantial repayment pressure in the coming years [3]