Di Yi Cai Jing·2025-12-28 02:41Core Viewpoint - Vanke's attempts to extend the maturity of its bonds have failed, resulting in only a one-month grace period, indicating significant financial distress and a potential restructuring of its debt obligations [2][3][5]. Group 1: Voting Outcomes - Vanke's proposal to extend the maturity of its 37 billion bond was rejected, with only the motion to extend the grace period to 30 trading days being approved [2][4]. - In the first voting session, only 1.76% of bondholders supported the proposal for a 12-month extension, while 96.81% opposed it [3]. - The grace period extension was the only motion that met the necessary approval threshold, with 92.11% support from 12 institutions [4]. Group 2: Financial Pressure and Ratings - Standard & Poor's has classified Vanke's situation as "distressed debt restructuring," downgrading its credit rating to "selective default" (SD) [5][7]. - Vanke currently has 16 outstanding bonds totaling 21.798 billion, with 8 bonds amounting to 15.753 billion maturing within a year [8]. Group 3: Asset Liquidation Strategy - Vanke is accelerating asset sales to generate cash flow, with multiple transactions expected to close by the end of this year and early next year [8][9]. - The company has been selling commercial properties, including a project in Beijing with a minimum sale price of 25.41 million [9]. Group 4: Challenges in Providing Collateral - Vanke's high proportion of cooperative development projects limits its ability to use consolidated assets as collateral for debt [13]. - The company's minority shareholder equity has consistently accounted for around 40% of total equity, complicating its financial position [13][15]. - Despite having significant assets, Vanke struggles to provide convincing collateral to bondholders, leading to skepticism about its financial health [15].