万科，突传大消息

Core Viewpoint - Vanke is facing significant liquidity challenges and must navigate a complex debt repayment landscape, with recent bondholder meetings revealing a lack of consensus on debt extension proposals, leading to a precarious financial situation [3][10]. Group 1: Bondholder Meetings and Proposals - The first bondholder meeting on December 10 failed to pass any of Vanke's three proposed debt extension plans, which all sought to extend the repayment of 2 billion yuan principal to December 2026 without offering attractive risk compensation [5][6]. - In the second meeting on December 18, Vanke adjusted its proposals, dropping the least favorable option and extending the grace period for interest payments, which was approved by 90.70% of the votes, providing a temporary reprieve from immediate default [8][9]. - The core extension proposal received only 20.20% approval, indicating a lack of confidence among bondholders regarding Vanke's financial stability [9][10]. Group 2: Debt Repayment Pressure - Vanke faces a total repayment pressure of 5.871 billion yuan in a short span from December 15 to 28, 2023, as it must address multiple bond obligations [11]. - The company has over 120 billion yuan in domestic debt due in 2026 and additional international debt pressures in the following years, indicating a looming financial crisis [12]. - As of September 2025, Vanke's total liabilities reached 835.5 billion yuan, with short-term debts significantly exceeding available cash, highlighting severe liquidity issues [12][13]. Group 3: Shareholder Support and Self-Rescue Efforts - Shenzhen Metro Group has provided substantial financial support to Vanke, totaling 30.796 billion yuan in loans, but this support is becoming more conditional and limited [15][21]. - Vanke has been actively selling assets to raise cash, generating approximately 4.4 billion yuan in the first three quarters of 2025, but the market conditions are challenging, and the company is running out of viable assets to liquidate [21][24]. - The company's sales performance has deteriorated significantly, with a 44.6% year-on-year drop in contract sales, reflecting broader industry challenges and Vanke's declining market position [24].