Guo Ji Jin Rong Bao·2025-12-15 12:35Core Viewpoint - Vanke is facing significant challenges as its domestic bonds have sharply declined, leading to a drop in its stock prices and raising concerns about its financial stability [2][4][6]. Group 1: Bond Performance - On December 15, Vanke's domestic bonds experienced substantial declines, with "21 Vanke 02" dropping over 26%, "21 Vanke 04" down more than 11%, and "23 Vanke 01" nearly 8% [2]. - The stock prices of Vanke's two listed platforms also fell, with Vanke A (000002) down nearly 3% to 4.87 yuan and Vanke Enterprises (02202.HK) down 5.16% to 3.49 HKD [2][3]. Group 2: Bondholder Meeting Results - Vanke announced that the bondholder meeting for "22 Vanke MTN004" resulted in all three proposals failing to achieve the required 90% approval, leading to their invalidation [4]. - The first proposal regarding the adjustment of the bond's principal and interest payment arrangements received no support, while the second and third proposals faced significant opposition, with 76.7% and 83.4% of votes against them, respectively [4][6]. Group 3: Debt Situation - Vanke has a total of 21.798 billion yuan in domestic debt, with a peak repayment period occurring in December [7]. - The company recorded a net loss of 49.478 billion yuan in 2024, compounded by an impending debt repayment peak and liquidity crisis [7]. - Vanke's major shareholder, Shenzhen Metro Group, has provided over 30 billion yuan in loans since February 10 to help with debt repayments [8][9]. Group 4: Future Plans and Challenges - Vanke plans to hold a second bondholder meeting on December 18, 2025, to discuss extension-related matters and aims to communicate openly with creditors [6]. - Despite the support from its major shareholder, the current loan limits may not be sufficient to alleviate Vanke's financial pressures [10].