Core Viewpoint - Vanke is facing significant liquidity challenges and debt repayment pressures, with recent bondholder meetings revealing a lack of consensus on extending repayment terms, leading to a precarious financial situation for the company [1][2][5]. Group 1: Bondholder Meetings and Proposals - The bondholder meeting on December 18 failed to approve Vanke's proposals for extending the repayment of the "22 Vanke MTN004" bond, which has a principal of 2 billion yuan and a coupon rate of 3% [2][3]. - The initial proposals aimed to extend the repayment deadline to December 15, 2026, but lacked attractive risk compensation, resulting in no proposals receiving the required 90% approval [2][3]. - A subsequent meeting allowed for a 30-day extension of the grace period, providing Vanke with additional time to negotiate with creditors, although the core extension proposal was rejected with only 20.20% approval [5][6]. Group 2: Debt Repayment Pressure - Vanke is under pressure to repay a total of 5.871 billion yuan in bonds within a short timeframe, including the "22 Vanke MTN005" bond, which also seeks a 12-month extension [7]. - The company faces over 12 billion yuan in domestic debt repayments in 2026 and additional international debt pressures in 2027, indicating a challenging financial landscape ahead [8]. Group 3: Financial Health and Ratings - As of September 2025, Vanke's total liabilities reached 835.5 billion yuan, with interest-bearing debt at 362.93 billion yuan, highlighting a significant liquidity gap as cash reserves were only 65.68 billion yuan [9]. - Credit ratings for Vanke have been downgraded multiple times, with S&P lowering its rating to "CCC-" and Fitch to "C," reflecting concerns over the company's liquidity and financial commitments [9]. Group 4: Shareholder Support and Self-Rescue Efforts - Shenzhen Metro Group has provided substantial financial support to Vanke, totaling 30.796 billion yuan in loans at low interest rates, but this support is becoming more conditional [10][11]. - Vanke has been actively selling assets to improve cash flow, generating approximately 4.4 billion yuan from asset sales in the first three quarters of 2025, but the market conditions are challenging [15][16].

Group 1 - The only extension proposal for "22 Vanke MTN004" was not effectively approved during the second bondholder meeting, but Vanke received a 30-day grace period [1] - A total of 20 institutions participated in the voting, with an effective voting power of 19,990,000, accounting for 99.95% of total voting rights [1] - The extension proposal received only three votes, with an effective voting power of 4,040,000, representing 20.20%, while the opposition was as high as 78.30% [1] Group 2 - The grace period for principal and interest payment on the "22 Vanke MTN004" has been extended from 5 working days to 30 trading days [2] - If the principal and interest are fully paid within the 30-day grace period, it will not constitute a default by the issuer, thus avoiding related default liabilities [2]

Group 1 - The management of Vanke A has confirmed that there has been no change in their personal shareholdings, addressing concerns about potential sell-offs [1] - Vanke A reported that senior management must disclose any plans to reduce shareholdings at least 15 trading days prior to selling, and no such plans have been communicated [1] - As of the 2025 semi-annual report, current board member and executive vice president Yu Liang holds 7,394,945 shares, representing 0.0620% of total shares, while executive vice president and CFO Han Huihua holds 141,000 shares, representing 0.0012% [1] Group 2 - Vanke A has completed 19 bulk asset transactions in the first three quarters of the year, achieving a signed amount of 6.86 billion yuan, covering various asset types [1] - The company has established asset exit channels, including asset securitization, and its REITs have performed well [1] - Vanke A is seeking to extend the maturity of its bonds, with a total of 5.871 billion yuan due for repayment by the end of December [4] Group 3 - The company announced a second bondholders' meeting to discuss the extension of the bond repayment schedule [4] - As of December 19, Vanke A's stock price was 4.9 yuan per share, reflecting a 0.62% increase [4] - The bondholders' meeting for the 22 Vanke MTN004 bond had 20 participating institutions, with 18 voting, representing 99.45% of the total voting rights [2]

Group 1: Land Transactions - Wuhan successfully sold 12 land parcels for a total of 3.97 billion yuan, covering approximately 320,000 square meters, with notable purchases by local state-owned enterprises and private companies [1] - In Wuxi, 7 residential land parcels were sold at the base price, generating 8.473 billion yuan, with the highest floor price reaching 18,300 yuan per square meter, indicating a stable supply for future real estate development [2] Group 2: Debt Restructuring and Financing - Baolong Real Estate's debt restructuring plan for approximately 4.336 billion yuan has received partial approval, providing a crucial breakthrough in alleviating short-term repayment pressures [3] - Vanke announced a debt extension plan for its 3.7 billion yuan bond, showcasing adjustments based on previous negotiations and reflecting the ongoing negotiations between the company and its creditors [4] - Zhuhai Huafa completed the issuance of 1 billion yuan in corporate bonds with a coupon rate of 2.70%, indicating active financing and repayment strategies as the year-end approaches [5]

万科12月18日与债券持有人举行会议，当前距离这支寻求展期的债券宽限期届满仅剩四天，如果没有达 成延长支付期限的协议，可能触发曾被视为不可想象的违约。 每项议案需要持有本期债务融资工具表决权超过总表决权数额90/100的持有人同意后方可生效，然后由 万科自行决定是否实施。 万科12月18日暂未置评。 随着耐心逐渐耗尽，一些观察人士开始表示，现在就违约反而可能帮助债权人避免更坏结果，有助于可 能在未来更大范围的重组中为债券持有人保住资产。 万科部分股权由国有企业深圳市地铁集团持有，受益于国资背景，深铁长期以来曾为其大量输血。然而 近几个月来，随着深铁发出收紧借款条件的信号，这项支持受到密切关注，这一转变导致万科证券大幅 下跌。 "鉴于流动性状况恶化、政府支持极为有限，以及公司融资条件不佳，我认为万科最终陷入债务重组几 乎不可避免，"Creditsights Singapore的亚洲策略主管Zerlina Zeng最近在接受彭博电视台采访时表 示。"如果立即发生违约，回收过程可能会更快，而不是在与债券持有人的持续谈判中拖延。" 万科近期公布修订后的票据展期方案，主要有两个议案。债券持有人可以两个都不选、选择其中一 ...

Core Viewpoint - Vanke is facing a critical test regarding its debt resolution, with two bond extension proposals totaling 5.7 billion yuan set for holder votes on December 22, which will determine the company's ability to avoid default risk in the short term [2]. Group 1: Bond Extension Proposals - The proposals for the 3.7 billion yuan "22 Vanke MTN005" bond include six extension options, all based on extending the principal repayment to December 28, 2026, while maintaining a fixed interest rate of 3% [2]. - The second bond, 2 billion yuan "22 Vanke MTN004," has faced challenges, with a previous proposal failing to gain the required 90% support, highlighting the urgency of the situation [4]. Group 2: Creditor Assurance Measures - The proposals include varying degrees of assurance for creditors, with some options offering guarantees from Shenzhen state-owned enterprises, which are seen as crucial for enhancing creditworthiness [3]. - The design of the proposals includes a progressive repayment priority, with specific clauses to ensure that the current bonds are prioritized over future debts, thereby providing additional security to bondholders [4]. Group 3: Market Reaction and Implications - Since rumors of the bond extensions emerged in November, Vanke's stock has dropped approximately 20%, reflecting market sensitivity to the company's financial stability [5]. - The outcome of the December 22 vote is viewed as a pivotal moment for Vanke's debt restructuring and credit recovery efforts, with significant implications for the company's future [5].

前一只20亿元债券展期议案尚待表决，万科又马不停蹄公布了另一只37亿元债券展期的相关议案。 议案一为调整中期票据本息兑付安排的议案（特别议案）。本期中期票据的本金兑付时间展期12个月，调整后兑付时间为2026年12月28日。2026年12月28 日偿付本期中期票据全部本金。本期中期票据展期前已经产生的利息于原付息日起延期12个月支付，即2026年12月28日支付，延期期间不计复利。展期期 间本期中期票据票面利率维持3%不变，展期期间的新增利息随本金的兑付一同支付。 12月18日，记者从中国银行间市场交易商协会官网获悉，万科2022年度第五期中期票据2025年第一次持有人会议的议案概要已公布。 | C | 清输入关键字 | Enalish | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 首页 | 要闻 | 会员 | 目律 产品 | 培训 | 科技 | 关于 | 版博 | 家理 | 0 元 | | CI | | | | | | | | | | | 债券简称:22万科MIN005 | 代码:1022827 ...

Core Viewpoint - Vanke is initiating an extension of its medium-term notes (MTN), specifically the 22 Vanke MTN005, with a principal maturity date extended to December 28, 2026, from December 28, 2025, maintaining a coupon rate of 3% during the extension period [2][10]. Group 1: Proposals for Extension - The first proposal suggests extending the principal and interest payment by 12 months, with the new payment date set for December 28, 2026, and no compound interest during the extension period [2][11]. - Proposals two to five maintain the 12-month extension of principal and interest payments, requiring the payment of previously accrued interest of 111 million yuan on the original payment date [2][11]. - Proposal two includes the requirement for the issuer to provide corresponding credit enhancement measures during the extension [3][11]. - Proposals three, four, and five specify acceptable credit enhancement measures, including guarantees from large state-owned enterprises in Shenzhen [3][11]. Group 2: Investor Protection Measures - Proposal four mandates that Vanke must fully repay the outstanding principal and interest of the MTN before repaying any subsequent maturing bonds [3][12]. - Proposal five emphasizes that Vanke must fully repay the MTN before any other bonds maturing after December 28, 2025, and includes cross-default clauses for investor protection [3][12]. - The proposals require approval from holders representing over 90% of the voting rights for them to take effect, indicating a high threshold for agreement [4][12]. Group 3: Grace Period Extension - Proposal six extends the grace period for principal and interest payments from 5 working days to 30 trading days, allowing for more flexibility in repayment [5][13]. - If payments are made within the 30-day grace period, it will not constitute a default, and no penalties or additional interest will accrue during this period [5][13]. - The extension of the grace period is seen as a common industry practice and is likely to be easier to pass [5][13]. Group 4: Upcoming Debt Obligations - As of December 3, 2025, Vanke has a total of 20.3 billion yuan in outstanding domestic bonds, with 3.7 billion yuan maturing within the year and 10 billion yuan maturing in 2026 [6][14]. - Vanke is also seeking support from commercial banks to delay the payment of certain loan interests by one year to gain additional time [6][14]. - Additionally, Vanke's subsidiary has secured a one-year extension on a 400 million yuan loan from Huaxia Bank, with the same collateral arrangements remaining in place [7][15].

Core Viewpoint - Vanke is initiating a new extension for its medium-term notes (MTN), specifically the 22 Vanke MTN 005, with a principal maturity date extended to December 28, 2026, maintaining a coupon rate of 3% during the extension period [3][5]. Summary by Sections Extension Proposals - The first proposal suggests extending the principal and interest payment of the MTN for 12 months, with the new payment date set for December 28, 2026, and no compound interest during the extension [3]. - Proposals two to five maintain the 12-month extension and interest payment arrangements, requiring the payment of previously accrued interest of 111 million yuan on the original payment date [3][4]. - Proposal two includes the requirement for the issuer to provide corresponding credit enhancement measures [4]. - Proposals three, four, and five specify acceptable credit enhancement measures, including guarantees from large state-owned enterprises in Shenzhen [4]. - Proposal four mandates that Vanke must fully repay the outstanding principal and interest of the MTN before repaying any subsequent maturing bonds [5]. - Proposal five emphasizes that Vanke must fully repay the MTN before any other bonds maturing after December 28, 2025, and includes cross-default clauses for investor protection [5][6]. Grace Period Extension - Proposal six extends the grace period for principal and interest payments from 5 working days to 30 trading days, allowing for a more lenient repayment schedule [6]. - If full payment is made within the 30-day grace period, it will not constitute a default by the issuer [6]. Financial Obligations and Support - As of December 3, 2025, Vanke has a total of 20.3 billion yuan in outstanding domestic bonds, with 3.7 billion yuan maturing within the year and 10 billion yuan maturing in 2026 [7]. - Vanke is also seeking support from commercial banks to delay specific loan interest payments by one year to gain additional time [7]. - On December 17, it was announced that Huaxia Bank agreed to extend the loan term for Vanke's subsidiary by one year, maintaining the existing collateral arrangements [8].

Core Viewpoint - Vanke has announced an extension plan for its 220,000 MTN005 bond, with a principal repayment date extended by 12 months to December 28, 2026, amid ongoing negotiations with bondholders [2][3]. Group 1: Bond Extension Details - The outstanding balance of the MTN005 bond is 3.7 billion yuan, with a bondholder meeting scheduled for December 22 to discuss six proposals, including the extension of the principal repayment date [2]. - The interest rate during the extension period will remain at 3.00%, with previously accrued interest of 111 million yuan to be paid on the original due date of December 28, 2025 [2][3]. - Vanke is also working on extending another bond worth 2 billion yuan, with a new repayment date set for December 15, 2026, and a similar interest rate structure [3]. Group 2: Implications and Market Reactions - Analysts believe that the revised proposal for the MTN004 bond has a higher chance of passing compared to previous attempts, as it includes additional credit enhancement measures [5]. - The success of the MTN004 extension is crucial for Vanke, as failure to extend the 2 billion yuan bond could negatively impact the 3.7 billion yuan bond's extension [6][7]. - Vanke's current debt situation includes a total of 20.3 billion yuan in domestic bonds, with 3.7 billion yuan maturing soon, highlighting the urgency of the bond extension [8].