Shang Hai Zheng Quan Bao·2026-01-15 10:24Core Viewpoint - Vanke's "22 Vanke MTN004" 2026 bondholder meeting is set to address four key proposals, including an extension of the grace period and adjustments to fixed payment arrangements, to avoid default risks [2]. Proposal Summaries - Proposal 1: Adjustment of Principal and Interest Payment Arrangements - The principal repayment date is extended by 12 months to December 15, 2026, with a total principal repayment on that date [5]. - Interest of 60 million yuan due on December 15, 2025, will be paid within the grace period by January 28, 2026, with unpaid principal accruing interest at 3.00% [5]. - Proposal 2: Provision of Credit Enhancement - If approved, the issuer will pledge receivables from specific project companies as collateral for unpaid principal and interest, and will sign necessary agreements to complete the registration of this collateral [6][13]. - Proposal 3: Extension of Grace Period - The grace period for principal and interest payments will be extended from 30 trading days to 90 trading days, with the new deadline set for April 29, 2026 [8][16]. - Proposal 4: Fixed Payment Arrangement - If approved, a fixed payment of 100,000 yuan will be made to each participating bondholder account by January 28, 2026, with no interest accruing on this amount from December 15, 2025, to January 28, 2026 [10][17].