Di Yi Cai Jing·2026-01-21 03:17Core Viewpoint - Vanke has successfully passed a bondholder meeting resolution for the "21 Vanke 02" bond, allowing for adjustments in repayment terms and providing credit enhancement measures to avoid substantial default [1][2][3] Group 1: Bondholder Meeting Resolutions - The resolution includes four key provisions: 1. Fixed repayment arrangement for bondholders who agree to the proposals, with a maximum repayment of 100,000 yuan on January 30, 2026, for those who participate in the meeting [1] 2. Principal repayment arrangement where 40% of the principal will be repaid on January 30, 2026, while the remaining 60% will be extended for one year until January 22, 2027 [1] 3. Interest payment arrangement for the repurchased portion, with interest on 40% of the principal payable on January 30, 2026, and the remaining 60% interest payable on the extended principal [1] 4. Credit enhancement measures involving pledging receivables from two project companies to secure unpaid principal and interest [2] Group 2: Market Implications - The successful resolution for "21 Vanke 02" may serve as a reference for two other bonds currently in negotiation for extension, potentially allowing Vanke to avoid substantial default [3] - Vanke faces ongoing challenges, with approximately 6.5 billion yuan of debt maturing in the second quarter [3] - Internal sources suggest that the current repayment terms may indicate an impending overall restructuring plan due to limited resources available to the company [3]