第一财经·2025-12-17 15:24Core Viewpoint - Vanke is engaged in a second round of negotiations with creditors regarding the extension of the 2 billion yuan medium-term note "22 Vanke MTN004," after the initial proposal was rejected. The company has proposed new measures including timely interest payments and an extended grace period to alleviate repayment pressure [3][5]. Summary by Sections Negotiation Progress - After the initial proposals were rejected, Vanke plans to hold a second meeting with bondholders and has introduced three new proposals aimed at simplifying procedures, ensuring interest payments, and extending the timeline for repayment [6][9]. - The new proposals include shortening the notice period for meetings, extending the principal repayment deadline by one year to December 15, 2026, and paying 60 million yuan in interest by December 22, 2025 [6][7]. Financial Position and Asset Utilization - Vanke's ability to provide additional collateral is limited, as the company has already pledged a significant portion of its assets. As of mid-2025, Vanke's investment properties were valued at 137.36 billion yuan, with over half already pledged [11][12]. - The company has limited cash available for immediate use, with only 8.58 million yuan accessible on its balance sheet as of September 30, 2025, due to regulatory restrictions on funds [13]. Asset Disposal Strategy - Vanke is actively pursuing asset sales to generate cash, having completed transactions worth 6.43 billion yuan across various property types in the first half of the year [14]. - The company is facing challenges in selling assets quickly due to a lack of buyers in the current market, which may force it to accept significantly lower prices than expected [15].