第一财经·2025-12-01 15:48Core Viewpoint - Vanke has proposed a one-year extension for its "22 Vanke MTN004" bond, originally due on December 15, 2025, now set to mature on December 15, 2026, to avoid default and manage debt repayment [3][4]. Group 1: Bond Extension Details - The initial plan for the bond's repayment involved a staggered payment of 10%, 10%, and 80%, but the new proposal eliminates any upfront payment and extends the maturity by one year [3]. - Interest accrued before the extension will be paid on December 15, 2026, without compounding during the extension period, while the coupon rate remains at 3% [3]. Group 2: Market Reaction and Debt Pressure - Following the announcement of the bond extension, Vanke's stock and bonds experienced significant declines, with some bonds dropping over 30% and facing temporary trading halts [5]. - As of November 27, 2025, Vanke has 15 outstanding bonds totaling 20.316 billion, with a substantial portion maturing before 2026, indicating considerable repayment pressure [5].