第一财经·2025-12-24 05:03Core Viewpoint - Vanke's attempts to extend the maturity of its 20 billion MTN004 bond have faced significant challenges, with no proposals approved by bondholders as of December 22, 2023, indicating a critical liquidity situation for the company [3][5][11]. Group 1: Bond Extension Attempts - Vanke has proposed three rounds of maturity extension plans for the 20 billion MTN004 bond since November 26, 2023, but none have been approved by bondholders [3][5]. - The initial proposal lacked cash compensation or credit enhancement, which contributed to its rejection by investors [5][14]. - The second proposal included a 12-month extension and interest payments but still failed to gain sufficient support, with only 20.20% of voting rights in favor [5][6]. Group 2: Financial Pressure and Debt Structure - As of September 2025, Vanke's interest-bearing debt reached a record high of 362.9 billion, with 42.7% of this debt maturing within one year [11][13]. - The company's cash-to-short-term debt ratio is only 0.48, indicating severe liquidity constraints [11]. - Vanke's debt structure is further complicated by a lack of external support following a sudden change in its major shareholder's stance [11][13]. Group 3: Market Reactions and Comparisons - Investors are increasingly focused on cash and hard credit enhancements, reflecting a shift in market sentiment following numerous defaults and restructurings in the real estate sector since 2021 [3][7][16]. - Vanke's situation contrasts with other developers like Country Garden, which successfully negotiated debt extensions by offering more favorable terms, including cash payments and credit enhancements [14][15][16]. - Analysts suggest that Vanke's initial strategy of relying on procedural negotiations rather than immediate cash solutions may have backfired, leading to investor dissatisfaction [16].