Xin Lang Cai Jing·2025-12-15 12:22Core Viewpoint - Vanke's first attempt to extend the maturity of its 2 billion yuan medium-term note was unsuccessful, as all proposals were rejected by bondholders, raising concerns about the company's debt repayment ability [1][3]. Group 1: Bond Extension Attempt - On December 15, Vanke announced the results of the extension meeting for its 2022 fourth medium-term note "22 Vanke MTN004," with all three proposals failing to gain the required 90% approval [1][3]. - The closest proposal received 83.40% approval but did not meet the threshold for effectiveness [1][3]. - The original bond, with a balance of 2 billion yuan and a coupon rate of 3.00%, was due for repayment on December 15, 2022 [3]. Group 2: Market Reaction - Following the announcement, Vanke's A-shares fell by 2.99%, while its Hong Kong shares dropped by 5.16% [1]. - Multiple Vanke bonds saw significant price declines, with "21 Vanke 02" dropping over 26% and "21 Vanke 04" down over 11% [1]. Group 3: Debt Pressure - Vanke faces substantial debt pressure, with a total of 58.71 billion yuan due by December 28, including the "22 Vanke MTN005" [4]. - The company has a total of approximately 197.98 billion yuan in outstanding domestic bonds, with a repayment peak of 48.81 billion yuan expected in July of the following year [5]. Group 4: Asset Management Strategies - To alleviate debt pressure, Vanke is actively seeking to sell assets, including the Shanghai Binjiang Vanke Center, which is listed for 2 billion yuan [5]. - The company has also been acquiring land in key cities, with a total investment of approximately 6.208 billion yuan across 17 plots since the second half of 2025 [5]. Group 5: Future Meetings and Negotiations - Vanke plans to hold a second bondholder meeting on December 18, which will be a critical period for negotiations with creditors [6].