万科债务展期遇阻！仍有宽限期

Core Viewpoint - Vanke's fourth phase of medium-term notes for 2022, "22 Vanke MTN004," failed to pass all three proposals during the bondholders' meeting, indicating investor reluctance to support market-based debt solutions [1][4][5] Group 1: Meeting Results - As of the debt registration date on December 9, 2025, 20 institutions held the bonds, with 18 participating in the meeting, representing 99.45% of total voting rights [3] - Proposal one, which aimed to adjust the repayment arrangements, received no support, with 76.70% of voting rights opposing it [3] - Proposal two, concerning additional credit enhancement measures, garnered 83.40% support but was still opposed by 16.05% of voting rights [3] - Proposal three, which combined adjustments to repayment arrangements and additional credit measures, received only 18.95% support [3] Group 2: Implications of the Meeting - All three proposals failed to pass as they required over 90% approval from bondholders, highlighting a significant divide between Vanke and its creditors [4] - Vanke acknowledged the meeting's outcome and expressed regret over the impact on stakeholders, indicating a need for further communication and collaboration to find a solution [4][6] Group 3: Financial Context - The bond has a total outstanding balance of 3.7 billion yuan, with an interest rate of 3%, and the principal repayment date set for December 28, 2025 [7] - A grace period of five working days is in place, during which Vanke can make full payments without being considered in default [6][8] Group 4: Market Reactions and Future Outlook - Analysts suggest that the failure of the proposals reflects increasing pressure on Vanke to address its debt issues, with external financing channels becoming problematic [5][8] - Comparisons are drawn with other real estate companies like Sunac and Country Garden, which have successfully restructured their debts, indicating that Vanke's approach may need to evolve to include debt reduction strategies [8]