万科，险资保债计划展期1年！

Core Viewpoint - Vanke has successfully extended the investment period of two non-standard debt financing plans involving insurance funds, totaling a financing balance of 26.2 billion yuan, indicating a proactive approach to managing its debt obligations [1][3][4]. Financing Details - The first financing plan involves Vanke's subsidiary, Zhengzhou Rongwang Real Estate Development Co., which has a financing balance of 11.2 billion yuan. The investment period has been extended by one year, with the guarantee method remaining unchanged [3][5]. - The second financing plan pertains to Vanke's subsidiary, Shenzhen Vanke Development Co., which has a financing balance of 38.8 billion yuan. The investment period for the first phase of this financing, amounting to 15 billion yuan, has also been extended by one year, while the remaining funds are not yet due [4][5]. Guarantee and Collateral - Vanke has provided joint liability guarantees for both financing plans, with the guarantee amounts being 11.2 billion yuan and 38.8 billion yuan, respectively. The guarantee period is set for three years following the maturity of all debts [6][7]. - Additionally, Vanke has signed pledge contracts with Taiping Asset to provide equity pledge guarantees for the financing, ensuring the security of the investments [6]. Historical Context - This is not the first instance of non-standard debt extension by Vanke. A previous financing plan from January involved a similar extension, reflecting a trend in managing debt through negotiations with financial institutions [9]. - As of November 30, 2025, Vanke and its subsidiaries have a total guarantee balance of 844.93 billion yuan, which represents 41.69% of the company's audited net assets attributable to shareholders as of the end of 2024 [7].