万科三个展期议案均未获通过，仍有5个工作日宽限期

Core Viewpoint - The three proposals for the extension of the "22 Vanke MTN004" bond were not approved during the first bondholder meeting, indicating significant resistance from bondholders against the proposed terms [1][3]. Proposal Details - The proposals aimed for a one-year extension without principal and interest payments during the extension period, with variations in credit enhancement measures [1][3]. - Proposal one maintained the initial extension plan without additional credit enhancement, receiving no votes in favor and facing 76.70% opposition [1][3]. - Proposal two, which included acceptable credit enhancement measures and conditional adjustments to principal and interest repayment, garnered 83.40% support but failed to meet the 90% threshold for approval [3][5]. - Proposal three also faced significant opposition, with only 18.95% support [3]. Financial Context - As of the end of Q3 2025, Vanke reported a net loss of 28.02 billion yuan, with cash holdings of 65.68 billion yuan and total interest-bearing liabilities of 362.93 billion yuan, resulting in a debt-to-asset ratio of 73.5% [5]. - The company has a five-day grace period to negotiate with investors regarding the repayment of the debt [5]. Market Dynamics - The current financial pressure on Vanke is attributed to its constrained cash flow and refinancing channels, leading to a preference for extending debt terms to ensure operational continuity [3][5]. - The market's approach to resolving debt issues is characterized by negotiations between the company and creditors, rather than relying on administrative measures [5].