Xin Lang Cai Jing·2025-12-31 13:17Core Viewpoint - Vanke Enterprise Co., Ltd. has announced the suspension of its bond "21 Vanke 02" starting January 5, 2026, to protect the interests of bond investors amid market conditions [1] Group 1: Bond Details - The bond "21 Vanke 02" has a remaining balance of 1.1 billion yuan, with an issuance date of January 22, 2021, and a maturity date of January 22, 2028 [1] - The bond features a 7-year term with options for redemption, interest rate adjustment, and investor repurchase [1] - Vanke has decided not to exercise its redemption option and will maintain the coupon rate at 3.98% for the remaining two years [1] Group 2: Bondholder Meeting - A bondholder meeting is scheduled from January 16 to January 19, 2026, to discuss adjustments to the principal and interest payment arrangements [2] - Only bondholders who have exercised their repurchase option will be allowed to participate in the voting [2] - Three proposals will be reviewed, including waiving procedural requirements, adjusting the repayment date, and extending the grace period for repayment [2] Group 3: Proposed Adjustments - The proposed adjustment for the repayment date of the repurchased bonds is set to January 22, 2027, with interest payments continuing at 3.98% [3] - A grace period of 30 trading days is proposed for the repayment of the repurchased bonds, during which no default will be considered [3] - Vanke will provide additional credit enhancement measures if the proposals are approved, and bondholders can opt out of these enhancements [3] Group 4: Additional Context - Vanke is facing pressure from two other domestic bonds that have not received the necessary approval for extension, despite some proposals being passed [4] - The company is committed to ongoing communication and collaboration with stakeholders to find solutions for its bond obligations [4]