第一财经·2025-12-08 02:34Core Viewpoint - Vanke's bonds experienced a significant rebound after several days of decline, while its stock price remains low, indicating a complex financial situation for the company [3][4]. Group 1: Bond Performance - On December 8, six of Vanke's domestic bonds surged, with some triggering temporary trading suspensions. Bonds such as "21 Vanke 06" and "22 Vanke 02" rose over 36%, while others like "21 Vanke 04" and "22 Vanke 04" increased by more than 30% [3]. - The bond price increase comes amid ongoing discussions regarding the extension of bond repayment terms, which may influence investor sentiment positively [4]. Group 2: Debt Restructuring Proposals - Vanke has proposed three different plans for extending the repayment of its "22 Vanke MTN004" bonds, with the first plan suggesting a 12-month extension of the principal repayment date to December 15, 2026, without accruing interest during the extension period [4]. - The second proposal includes normal interest payments due on December 15, 2025, along with additional credit enhancement measures, such as guarantees from state-owned enterprises [4]. - The third proposal also calls for normal interest payments but requires different credit enhancement measures, emphasizing the need for investor approval for any changes to the bond repayment terms [4].