Nan Fang Du Shi Bao·2025-12-22 11:57Core Viewpoint - Vanke's bondholders meeting resulted in the approval of extending the grace period for the bond, while the proposal to adjust the principal and interest payment arrangement did not pass due to insufficient votes [1][2][3]. Group 1: Meeting Outcomes - The proposal to waive the procedural time limits for the meeting was approved with 91.20% of the voting rights in favor [2]. - The proposal to adjust the principal and interest payment arrangement was rejected, with only 20.20% of the voting rights in favor [2][3]. - The proposal to extend the grace period was passed with 90.70% of the voting rights in favor, just exceeding the required threshold [2][3]. Group 2: Grace Period Details - The grace period for the bond's principal and interest payment has been extended from 5 working days to 30 trading days, with the new deadline set for January 28, 2026 [3]. - During the grace period, the issuer will not be considered in default, and no additional costs such as penalties will be incurred [3]. - The extension allows Vanke more time to negotiate a debt resolution, reflecting ongoing negotiations between the bondholders and the issuer [3]. Group 3: Commitments and Future Implications - Vanke committed that the payment order for the bond will not be worse than that of any subsequent bonds maturing after December 15, 2025 [4]. - The company cannot pay principal on any subsequent bonds until the current bond's principal and interest are fully paid [4]. - The outcome of this meeting may influence the handling of Vanke's other bond, "22 Vanke MTN005," which has a maturity date of December 28, 2025 [4].