展期VS违约，万科与债主开始博弈

Core Viewpoint - Vanke is seeking to extend the maturity of its medium-term notes (MTN) due to severe operational challenges, proposing three different extension plans to its bondholders [3][6]. Summary by Sections Proposal Details - The first proposal involves a 12-month extension of the principal repayment date to December 15, 2026, with interest accrued before the extension being paid on the same date, maintaining a coupon rate of 3.00% during the extension period [3][5]. - The second proposal includes additional credit enhancement measures and conditional adjustments to the repayment arrangements, requiring guarantees from acceptable entities such as Shenzhen Metro Group [6][7]. - The third proposal mirrors the second in terms of repayment arrangements but emphasizes the need for corresponding credit enhancements [6][7]. Bondholder Concerns - Some bondholders have expressed opposition to the proposed extension plans, highlighting the critical nature of the upcoming vote on these proposals, which must be completed by December 12, 2025, to avoid default [7][8]. - Vanke's announcement on December 1 indicated that the company is facing significant operational difficulties, prompting the need for these proposals [6][7]. Financial Position - As of June 30, 2025, Vanke's interest-bearing liabilities totaled 364.26 billion, accounting for 30.5% of total assets, with 42.7% of these liabilities maturing within one year [7][8]. - Vanke has 15 outstanding bonds, with a total balance of 20.316 billion, and a significant portion of these bonds maturing before 2026 [7][8]. Credit Ratings - Vanke's credit ratings have been downgraded to "CCC-" by S&P and Fitch, indicating a risk of default or restructuring, with Fitch placing Vanke on a negative watch list [8][9]. - Fitch noted that without further support from shareholders, Vanke may struggle to meet its upcoming debt obligations, projecting negative cash flows for 2025 and 2026 even after accounting for asset sales [9].