第一财经·2025-12-28 03:18Core Viewpoint - Vanke's attempts to extend the maturity of its bonds have failed, resulting in only a one-month grace period, indicating significant financial distress and a potential restructuring of its debts [3][4][5]. Group 1: Bond Extension Attempts - Vanke's proposal to extend a 37 billion bond maturity was rejected, with only a grace period extension to 30 trading days approved [4][6]. - The failure to secure approval for five out of six proposals indicates a lack of confidence from creditors, with only 1.76% of voting rights supporting the extension [6][8]. - The company's strategy appears to be focused on "buying time" to negotiate with creditors and sell assets for cash flow [5][15]. Group 2: Financial Pressure and Ratings - Standard & Poor's has classified Vanke's situation as "distressed debt restructuring," downgrading its credit rating to "selective default" (SD) [5][12]. - Vanke has 16 outstanding bonds totaling 21.798 billion, with 8 bonds amounting to 15.753 billion maturing within a year [14]. - The grace period extension does not resolve the underlying issues of Vanke's repayment capabilities, merely postponing the inevitable [15][22]. Group 3: Asset Liquidation and Collateral Issues - Vanke is accelerating asset sales to raise funds before a potential default, with several transactions expected to close soon [16]. - The company has significant investment properties valued at 137.363 billion, but a large portion is already pledged, limiting available collateral [19][20]. - Vanke's high proportion of minority interests (around 40%) complicates its ability to use assets for debt guarantees, as creditors can only pursue the parent company's assets [20][22].