万科债券，获宽限期

Core Viewpoint - Vanke's bondholders meeting resulted in the approval of two proposals, extending the grace period for bond interest and principal payments from 5 working days to 30 trading days, while the proposal to adjust the payment arrangement was not approved [1][4]. Group 1: Meeting Outcomes - Proposal 1, which waived certain procedural time requirements for the bondholders meeting, was approved by 8 out of 20 participating institutions, representing 91.20% of the voting rights [3]. - Proposal 2, aimed at adjusting the payment arrangement for the medium-term notes, was rejected, with 14 out of 20 institutions opposing it, accounting for 78.30% of the voting rights [3][4]. - Proposal 3, which extended the grace period for the medium-term notes, was approved by 7 institutions, representing 90.70% of the voting rights [4]. Group 2: Implications and Future Actions - The approval of the grace period extension provides Vanke with additional time to address its debt issues and may serve as a reference for other bond repayment situations [5]. - The extension effectively postpones the debt default deadline by 30 trading days, allowing Vanke to propose new solutions and negotiate with bondholders [5]. - Vanke has committed to ensuring that the repayment order of the medium-term notes will not be worse than that of any subsequent maturing bonds, maintaining the original repayment sequence established for December 15, 2025 [4].