Di Yi Cai Jing·2025-12-26 13:17Core Viewpoint - Vanke's second attempt to extend a 3.7 billion yuan medium-term note (MTN) has failed to gain creditor support, following the unsuccessful extension of a previous 2 billion yuan MTN [2][4]. Group 1: Meeting Outcomes - On December 26, the Shanghai Clearing House disclosed the results of the first bondholder meeting for Vanke's MTN005, where five out of six extension proposals were rejected, with only a proposal to extend the grace period to 30 trading days being approved [2][4]. - The original maturity date for the MTN005 was December 28, 2025, with an outstanding balance of 3.7 billion yuan and a coupon rate of 3.00% [2][4]. Group 2: Proposal Details - The first proposal aimed to extend the principal and interest payment to December 2026 without any additional credit enhancement measures [2][3]. - Proposals two to five maintained a 12-month extension for the principal and included conditions for interest payments, requiring additional credit enhancements from acceptable entities such as the Shenzhen Metro Group [3][4]. Group 3: Voting Results - The voting results showed that none of the five extension proposals met the required threshold of 90% approval, with the highest support being 73.77% for the fifth proposal [4]. - The only proposal that passed was to extend the grace period from five working days to 30 trading days, receiving 92.11% approval from 12 bondholders [4][5]. Group 4: Future Actions - Vanke has accepted the results of the bondholder meeting and plans to communicate and negotiate with stakeholders to explore solutions for the MTN [4][5]. - To protect bondholder interests, Vanke committed to ensuring that the payment order for this MTN will not be inferior to that of any subsequent maturing bonds [5].