万科“缓兵之计”能否解困？

Core Viewpoint - Vanke's attempts to extend the maturity of its bonds have failed, leading to a temporary one-month reprieve, while the company faces significant repayment pressure due to its large cooperative development model and inability to convince creditors [1][2][6]. Group 1: Voting Results and Proposals - On December 26, Vanke's proposal to extend the repayment period of its 37 billion bond was rejected, with only the extension of the grace period to 30 trading days being approved [1][2]. - The first proposal for a 12-month extension of the principal repayment was supported by only 1.76% of bondholders, while 96.81% opposed it [2]. - The other proposals related to additional credit enhancement measures also failed to meet the required approval threshold [2][3]. Group 2: Financial Condition and Market Reaction - Vanke's bonds have seen their prices drop to around 25% of their face value, indicating a loss of market confidence [4][6]. - Standard & Poor's has downgraded Vanke's credit rating to "Selective Default" (SD), reflecting the company's financial distress [4][6]. Group 3: Asset Management and Debt Restructuring - Vanke is reportedly accelerating asset sales to generate cash flow and negotiate with creditors, as it faces a total of 217.98 billion in outstanding bonds, with 157.53 billion maturing within a year [7][8]. - The company has limited options for providing collateral due to a high proportion of cooperative projects, which complicates its ability to enhance creditworthiness [12][14]. Group 4: Credit Enhancement Challenges - Vanke's financial statements show substantial asset values, yet the company claims it has few assets available for debt enhancement or repayment arrangements [14]. - The company's reliance on cooperative projects means that many assets cannot be used directly to secure debts at the group level, limiting its options for providing guarantees to creditors [12][14].