Shang Hai Zheng Quan Bao·2025-12-05 15:44Core Viewpoint - Vanke has announced the agenda for the first bondholder meeting regarding its 2022 fourth phase medium-term notes, which includes proposals for extending the repayment schedule and enhancing credit support measures [1][3]. Group 1: Bondholder Meeting Proposals - The meeting will discuss three special proposals: adjusting the repayment schedule for principal and interest, adding acceptable credit enhancement measures, and conditional adjustments to the repayment arrangements [3][4]. - The first proposal involves extending the principal repayment date by 12 months to December 15, 2026, with interest accrued before the extension to be paid on the original interest payment date [4][5]. - The second proposal includes additional credit enhancement measures, such as guarantees from Shenzhen state-owned enterprises [3][4]. Group 2: Financial Details - The total outstanding amount of the bond is 3.7 billion yuan, with an interest rate of 3% [5]. - The bondholder meeting is scheduled for December 22, 2025, to review the extension and other related matters [5]. - Vanke has decided not to adjust the interest rate for the "21 Vanke 02" bond, maintaining it at 3.98% for the last two years of its term [5][6]. Group 3: Investor Options - Investors have the option to not redeem, partially redeem, or fully redeem their bonds during the redemption period from December 9 to December 15, 2025 [6]. - The redemption price is set at 100 yuan per bond, with interest payments scheduled for January 22, 2026 [6]. Group 4: Credit Ratings - Vanke's long-term credit rating remains at AAA, with a stable outlook, despite the termination of credit ratings by two agencies [7][8]. - The company has communicated its decision to terminate the credit ratings based on its operational needs and market conditions [8][9].