第一财经·2025-12-26 14:05Core Viewpoint - Vanke's second attempt to extend a 3 billion yuan medium-term note (MTN) has failed to gain creditor support, following the unsuccessful extension of a previous 2 billion yuan MTN, indicating significant challenges in managing its debt obligations [3][4]. Summary by Sections Debt Extension Proposals - The announcement from the Shanghai Clearing House revealed that none of the five proposed extension plans for the 3.7 billion yuan MTN were approved, with only a proposal to extend the grace period to 30 trading days being accepted [3][6]. - The original maturity date for the MTN was set for December 28, 2025, with a coupon rate of 3.00% [3]. Voting Results - The voting results showed that the approval rates for the extension proposals were significantly low, with the highest approval for proposal four at approximately 71.35%, failing to meet the required threshold of 90% for any of the proposals [5][6]. - The breakdown of voting percentages for the proposals was as follows: proposal one (1.76%), proposal two (3.19%), proposal three (17.3%), proposal four (71.35%), and proposal five (73.77%) [5]. Future Actions and Commitments - Following the meeting, Vanke acknowledged the voting results and expressed intentions to communicate and negotiate with stakeholders to find a solution for the bond issue, aiming to protect long-term mutual interests [6]. - Vanke committed to ensuring that the repayment order for the current MTN would not be inferior to that of any subsequent maturing bonds, meaning no payments would be made on later bonds until the current MTN's principal and interest were fully paid [6].