(文/解红娟 编辑/张广凯) 1月21日，万科A+H股上双双上涨，其中，万科A收盘报5.01元/股，涨幅4.59%；万科企业收盘报3.68港元/股，涨幅5.75%。 股价提振背后，是市场对万科债务化解方案的认可。1月21日早间，万科披露"21万科02"债券2026年第一次债券持有人会议决议，其中《议案四：关于调 整"21万科02"回售部分债券本息兑付安排、增加固定兑付安排、提供增信措施的议案》以高票通过。 | 川ケ 简称 | 会议议案 | 数量 | 占表决 的债券持有 | | 占表快 数量 | 数量 | 占表? | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (张) | 权总数 人所持表决 | | 权总数 权总 (张) | (张) | | | | | | 的比例 权数量的比 | | 比例 | | 比例 | | | | | | 例 | | | | | 21 万 | 议案一:关于豁免本次会 | | | | | | | | | 议召开相关程序要求的议 | 9.532.000 | 92.36% | 95.91% | 407.000 3.94% | | ...

（原标题：万科债获展期 A股H股双涨） 1月21日 ，万科境内外股价出现异动，A股万科A涨超5%，港股万科企业涨超3%。 公司11亿规模的"21 万科02"债券展期议案获得通过。这为万科争取了一年时间。 ...

1月20日，万科发布多条"21万科02"债券回售公告。根据公告，"21万科02"债券2026年第一次持有人会 议于2026年1月19日至20日以通讯方式召开。结果显示，议案一、四获得有效通过，议案二、三、五未 获得有效通过。 其中，议案一是关于豁免本次会议召开相关程序，以92.36%的同意票通过；议案四则是调整"21万科 02"回售部分债券本息兑付安排、增加固定兑付安排、提供增信措施，以92.11%的同意票通过。 1月21日，万科股价小幅上涨，截至上午收盘报4.90元/股，涨幅2.3%。 债权人为何投赞成票？ 资料显示，"21万科02"债券余额11亿元，票面利率3.98%，债券期限为7年期。该债券到期日是2028年1 月22日，附第5年末发行人赎回选择权、调整票面利率选择权、投资者回售选择权。 "21万科02"回售方案的高票通过，无疑为万科另外两只处于展期中的债券增强了信心。 当前，"22万科MTN004"与"22万科MTN005"正与债权人就展期方案博弈中。 就在五日前，这两只债券披露了新展期方案，包括本金展期、宽限期延长、部分本息提前兑付及提供增 信措施等内容。 核心条款方面，除了10万元固定兑付外，调整 ...

Group 1 - Vanke Enterprises (02202) saw its stock price increase by over 6%, currently trading at 3.63 HKD with a transaction volume of 252 million HKD [1] - The company successfully obtained approval for a one-year extension of the "21 Vanke 02" bond, which has a balance of 1.1 billion HKD, marking the first successful outcome in its ongoing negotiations for multiple bond extensions [1] - Analysts indicate that the approval of the "21 Vanke 02" extension provides a template for the remaining two bonds, "22 Vanke MTN004" and "22 Vanke MTN005," potentially increasing the likelihood of their extension agreements being approved [1]

报道称，一位业内人士向记者表示，"21万科02"展期1年方案通过后，提供了一个样板，基于此，对于 万科剩余两笔正在谈展期的"22万科MTN004"、"22万科MTN005"展期方案，通过的概率较此前可能会 有所提高。 消息面上，据智通财经报道，记者今日从知情人士处获悉，万科一笔余额11亿元的"21万科02"债券，展 期1年方案获得通过。分析人士指出，这是万科本轮多笔债券展期谈判中首个成功落地的方案，标志着 其在流动性危机中争取到宝贵喘息空间。 智通财经APP获悉，万科企业(02202)午后涨超6%，截至发稿，涨4.31%，报3.63港元，成交额2.52亿港 元。 ...

Core Viewpoint - Vanke's bond extension plan for "21 Vanke 02" with a balance of 1.1 billion yuan has been approved, marking a significant step in alleviating its liquidity crisis and providing essential breathing space [1] Group 1: Bond Extension Details - The extension plan includes measures such as small principal repayments, a 40% buyback of principal, and enhanced credit support to address diverse investor demands [1] - The proposal received 92.11% approval during the first bondholder meeting, focusing on the repayment arrangements and credit enhancement measures [1] - The issuer will implement small repayments of up to 100,000 yuan for bondholders who have applied for buyback on January 30, 2026, ensuring liquidity for small holders [1] Group 2: Repayment Structure - 40% of the buyback principal will be repaid on January 30, 2026, while the remaining 60% will be extended for one year, with a repayment date set for January 22, 2027 [1] - Interest for the non-redeemed portion will be paid on January 22, 2026, while interest for the redeemed portion will be paid within two trading days after the proposal's approval, maintaining a coupon rate of 3.98% during the extension [2] Group 3: Credit Enhancement and Market Reaction - The extension plan significantly enhances the repayment assurance of the bonds, which was a key factor in gaining creditor support [3] - Immediate repayment of 40% of the buyback principal and fixed payments for small holders were crucial in providing short-term cash flow to creditors [3] - The provision of specific asset pledges for credit enhancement has improved creditor confidence, addressing previous market concerns about Vanke's lack of robust guarantees [3] Group 4: Future Implications - The successful approval of the "21 Vanke 02" extension serves as a model for negotiating the extensions of "22 Vanke MTN004" and "22 Vanke MTN005," which have balances of 2 billion yuan and 3.7 billion yuan respectively, totaling 5.7 billion yuan [3] - The future success of Vanke's bond extension plans will depend on its ability to provide concrete and executable asset pledges and cash arrangements [4] - Key factors such as asset ownership, pledge priority, cash collection, and debt repayment priority will be critical in determining the outcome of future negotiations [4]

2026.01. 21 本文字数：1104，阅读时长大约2分钟 作者 | 第一财经 郑娜 万科正在寻求展期的三笔债券中，终于有一笔的方案顺利通过。 1月21日，万科A（000002.SZ）披露了"21万科02"2026年第一次债券持有人会议决议议案四"关于调 整'21万科02'回售部分债券本息兑付安排、增加固定兑付安排、提供增信措施的议案"通过。 该议案共有四项条款。其一为增加固定兑付安排，议案提出，对于参加本次持有人会议且至少表决同 意议案四或议案五中的任一议案的每个证券账户，万科将在2026年1月30日以申报回售剩余本金为限 实施不超过10万元的兑付。该部分本金在2026年1月22日至29日期间不计息。 据披露，"21万科02"债券余额共11亿元，起息日为2021年1月22日，期限为7年，附第5年末发行人赎 回选择权、调整票面利率选择权、投资者回售选择权。该债券到期日为2028年1月22日，根据发行条 款，若发行人行使赎回选择权或投资者行使回售选择权，则对应的兑付日均为2026年1月22日。此次 该笔债券的有效回售申报数量10,321,010张，回售价格为100元/张。 值得一提的是，另外两笔更早开启展期 ...

Core Viewpoint - Vanke has successfully passed a bondholder meeting resolution for the "21 Vanke 02" bond, allowing for adjustments in repayment terms and providing credit enhancement measures to avoid substantial default [1][2][3] Group 1: Bondholder Meeting Resolutions - The resolution includes four key provisions: 1. Fixed repayment arrangement for bondholders who agree to the proposals, with a maximum repayment of 100,000 yuan on January 30, 2026, for those who participate in the meeting [1] 2. Principal repayment arrangement where 40% of the principal will be repaid on January 30, 2026, while the remaining 60% will be extended for one year until January 22, 2027 [1] 3. Interest payment arrangement for the repurchased portion, with interest on 40% of the principal payable on January 30, 2026, and the remaining 60% interest payable on the extended principal [1] 4. Credit enhancement measures involving pledging receivables from two project companies to secure unpaid principal and interest [2] Group 2: Market Implications - The successful resolution for "21 Vanke 02" may serve as a reference for two other bonds currently in negotiation for extension, potentially allowing Vanke to avoid substantial default [3] - Vanke faces ongoing challenges, with approximately 6.5 billion yuan of debt maturing in the second quarter [3] - Internal sources suggest that the current repayment terms may indicate an impending overall restructuring plan due to limited resources available to the company [3]

Core Viewpoint - Vanke Enterprises Co., Ltd. is facing significant financial distress, highlighted by recent legal actions and ongoing debt restructuring efforts [1][4][9] Group 1: Legal and Financial Issues - Vanke Enterprises has recently been subject to an execution order involving approximately 1.09 billion yuan, marking its first execution event since a bond extension incident [1][2] - The company has a history of legal challenges, including 14 instances of equity freezes totaling approximately 2.758 billion yuan, primarily occurring in 2025 [2][3] - The last execution event prior to this was in May 2023, involving a minimal amount of 3393 yuan [2] Group 2: Debt Restructuring Efforts - Since November 2025, Vanke has been attempting to extend two domestic debts totaling 5.7 billion yuan, facing multiple rejections from creditors [4] - A recent bondholder meeting agenda outlines proposals for extending the repayment of the "22 Vanke MTN004" bond by 12 months, with a new maturity date set for December 15, 2026 [5][6] - The company has proposed collateral measures involving receivables from three project companies to secure the unpaid principal and interest during the extension period [6][8] Group 3: Bondholder Meeting Proposals - The bondholder meeting for "22 Vanke MTN004" is scheduled for January 21, 2026, with voting deadlines set for January 26 and 27 for different proposals [8] - Proposed arrangements include fixed payments of 100,000 yuan to bondholders who agree to certain proposals, with specific percentages of principal due by January 28, 2026 [7][8] - Similar proposals are outlined for "22 Vanke MTN005," indicating a consistent approach to managing debt obligations [8]

Core Viewpoint - Vanke is facing significant debt challenges, including debt restructuring rumors, but has recently proposed new bond extension plans that have positively impacted its stock price and market sentiment [2][35][46]. Group 1: Debt Situation - Vanke has been under pressure from debt maturities, rating downgrades, and difficulties in extending debt, leading to market speculation about potential defaults [2][35][38]. - The company has recently introduced new proposals for three bonds that include partial repayment and credit enhancement, signaling a commitment to resolving its debt issues [2][46][94]. Group 2: Stock Market Reaction - On January 15, Vanke's stock surged over 5% in the A-share market, while its Hong Kong shares rose more than 7%, reflecting positive investor sentiment following the announcement of the new bond extension plans [3][51]. - Vanke's domestic bonds also experienced significant increases, with several bonds rising over 20%, triggering temporary trading halts [3][51]. Group 3: Bond Extension Proposals - Vanke has proposed multiple options for the "21 Vanke 02" bond, including a full one-year extension and a combination of partial repayment and extension [9][59][61]. - The new proposals aim to provide flexibility for bondholders, including a fixed repayment of up to 100,000 yuan for certain accounts and a 60-day grace period for repayment [13][17][72]. Group 4: Credit Enhancement Measures - Vanke's new proposals include additional credit enhancement measures, such as pledging receivables from specific project companies to secure the bonds [34][82]. - The company is shifting towards a more market-oriented approach in its financial dealings, requiring collateral for loans from its major shareholder, Shenzhen Metro Group [45][93]. Group 5: Future Outlook - Despite the ongoing debt challenges, Vanke's recent actions have instilled a sense of hope among investors, as the company demonstrates a proactive approach to managing its financial obligations [46][95]. - The effectiveness of the proposed bond extension plans and their acceptance by bondholders will be critical in determining Vanke's future financial stability [48][96].