Xin Lang Cai Jing·2025-12-26 13:49Core Viewpoint - Vanke's proposal to extend the grace period for its 3.7 billion yuan bond has been approved, while other related proposals did not meet the required threshold for approval [2][4]. Group 1: Bond Proposal Details - The bond in question is the 2022 fifth phase medium-term note (22 Vanke MTN005) with a balance of 3.7 billion yuan, originally due on December 28, 2023 [2]. - The proposal to extend the grace period to 30 trading days was approved with a support rate of 92.11%, receiving agreement from 12 institutions [4]. - The first proposal, which aimed to extend the principal repayment date by 12 months to December 28, 2026, received only 1.76% support, with 96.81% opposing it [2][3]. Group 2: Additional Proposals and Support Rates - The second proposal, which included a requirement for the repayment of 111 million yuan in accrued interest along with additional credit enhancement measures, garnered only 3.19% support [3]. - Proposals three to five, which included various credit enhancement measures and conditional adjustments to the repayment arrangements, saw increasing support but still did not reach the 90% approval threshold: proposal three received 17.03%, proposal four 71.35%, and proposal five 73.77% [3]. - The company has committed to ensuring that the repayment order for the current bond will not be inferior to any bonds maturing after December 28, 2025, and will not make payments on subsequent bonds until the current bond is fully repaid [4].