Hua Er Jie Jian Wen·2026-01-15 09:21Core Viewpoint - Vanke Enterprise Co., Ltd. is seeking to adjust the repayment terms of its medium-term notes "22 Vanke MTN004" and "22 Vanke MTN005" due to financial challenges, proposing extensions and changes to the repayment schedule [1][2]. Group 1: Bond Details - The total scale of the two bonds is 5.7 billion yuan, with "22 Vanke MTN004" having a balance of 2 billion yuan and "22 Vanke MTN005" a balance of 3.7 billion yuan, both with a coupon rate of 3.00% [1][2]. - The original maturity dates for "22 Vanke MTN004" and "22 Vanke MTN005" are December 15, 2025, and December 28, 2025, respectively [1][2]. Group 2: Proposed Adjustments - The proposed adjustments include extending the principal repayment date for "22 Vanke MTN004" to December 15, 2026, and for "22 Vanke MTN005" to December 28, 2026, while maintaining the coupon rate at 3.00% [2][4]. - The unpaid interest for "22 Vanke MTN004" of 60 million yuan is due by January 28, 2026, and for "22 Vanke MTN005" of 111 million yuan by February 10, 2026 [2][4]. Group 3: Credit Enhancement Measures - Vanke will provide project company receivables as collateral for credit enhancement, involving several subsidiaries [2][3]. - The proposals include extending the grace period for principal and interest payments from 30 trading days to 90 trading days, with specific deadlines for each bond [3][4]. Group 4: Meeting and Voting - The bondholders' meetings for "22 Vanke MTN004" and "22 Vanke MTN005" are scheduled for January 21, 2026, with a voting deadline of January 26, 2026 [5].