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 extension proposals, leading to a precarious financial situation for the company [2][12][31] Group 1: Bondholder Meetings and Proposals - The bond "22 Vanke MTN004" faced a critical decision point on December 22, with a 20 billion yuan principal and a 3% interest rate, but the core extension proposal was not approved, although a grace period was extended [2][4][10] - The first bondholder meeting on December 10 saw all three proposed extension plans fail to meet the required 90% approval threshold, primarily due to unattractive terms for creditors [6][7] - The second meeting resulted in a 30-day extension of the grace period, providing Vanke with additional time to negotiate, although the core extension plan received only 20.20% approval [10][12] Group 2: Debt Repayment Pressure - Vanke is under pressure to address a total of 58.71 billion yuan in bond principal and interest payments within a short timeframe, with significant repayments due in 2026 and 2027 [14][15] - The company has 13 public bonds totaling 203.16 billion yuan in the domestic market and 1.3 billion USD (approximately 91.6 billion yuan) in overseas bonds, indicating substantial upcoming repayment obligations [15][16] - Vanke's total liabilities reached 835.5 billion yuan, with interest-bearing liabilities at 362.93 billion yuan, highlighting a severe liquidity crunch as cash reserves are insufficient to cover short-term debts [16] Group 3: Self-Rescue Efforts - Vanke has received substantial financial support from its major shareholder, Shenzhen Metro Group, which has provided 30.796 billion yuan in loans at low interest rates, but this support is not unlimited [18][20] - The company has been actively selling assets to raise cash, generating approximately 4.4 billion yuan in the first three quarters of the year, but the sale of core assets is becoming increasingly challenging [27][28] - Vanke's sales performance has deteriorated significantly, with a 44.6% year-on-year drop in contract sales, leading to substantial net losses [28][30]