财联社·2025-12-15 05:25Core Viewpoint - Vanke, once a top performer in the industry, is at a critical juncture regarding its liquidity crisis, highlighted by the upcoming bond repayment deadline on December 15, 2025 [3][4]. Group 1: Bondholder Meeting and Proposals - Vanke announced a second bondholder meeting on December 18, 2025, to discuss repayment arrangements for the "22 Vanke MTN004" bond, which is currently in a 5-day grace period [4]. - The first bondholder meeting's proposals for extending the bond repayment were all rejected, with the original proposal receiving zero votes in favor, and the closest alternative proposal falling short by 6.6 percentage points of the required 90% approval [6]. - The second meeting is crucial as it will determine whether Vanke can successfully negotiate an extension of the bond repayment, which is essential for avoiding a potential default [4][6]. Group 2: Market Reaction and Financial Pressure - Following the news, Vanke's bonds experienced significant declines, with "21 Vanke 02" dropping over 24% and "23 Vanke 01" and "22 Vanke 04" also seeing notable decreases [5]. - As of November 2025, Vanke has a total of 18.2 billion yuan in domestic debt principal and interest due within a year, with 5.7 billion yuan due in December alone, indicating a substantial liquidity pressure [7]. - The company faces a funding gap exceeding 60% for the current period, as the available loan amount from Shenzhen Metro Group is only 2.29 billion yuan [7].