Shang Hai Zheng Quan Bao·2025-12-05 15:38Core Viewpoint - Vanke has announced the agenda for the first bondholder meeting regarding its 2022 fourth tranche medium-term notes, which includes proposals for extending the repayment schedule and enhancing credit support measures [2][4]. Group 1: Proposals for Medium-Term Notes - The first proposal involves extending the principal repayment date of the medium-term notes by 12 months, with the new repayment date set for December 15, 2026 [5][6]. - The second proposal includes additional credit enhancement measures acceptable to investors, such as guarantees from Shenzhen state-owned enterprises [4][6]. - The third proposal reiterates the extension of the principal repayment date and the need for corresponding credit enhancement measures [6]. Group 2: Interest Payment Arrangements - Interest accrued before the extension will be paid on the original payment date of December 15, 2025, with the coupon rate remaining at 3% during the extension period [6][8]. - New interest during the extension will be paid alongside the principal on the new repayment date [6]. Group 3: Upcoming Bondholder Meeting - Vanke plans to hold a bondholder meeting for its 2022 fifth tranche medium-term notes, with a total outstanding amount of 3.7 billion yuan and a coupon rate of 3% [7]. - The meeting is scheduled for December 22, 2025, to discuss matters related to the extension of the bond [7]. Group 4: Bond Redemption and Ratings - Investors have the option to sell back their bonds during the registration period from December 9 to December 15, 2025, at a price of 100 yuan per bond [8]. - Vanke has decided not to adjust the coupon rate for its "21 Vanke 02" bonds, maintaining it at 3.98% for the remaining two years [7][9]. - The company has terminated its credit ratings with two agencies, stating that these changes will not significantly impact its operations or financial status [10][11].