万科企业股份有限公司（以下简称"公司"）在中国银行间市场交易商协会网站（简称"交易商协会"，www.nafmii.org.cn）披露了《关于万科企业股份有限 公司2022年度第四期中期票据宽限期内本息偿付安排的公告》。根据相关规定，公司同步在巨潮资讯网（www.cninfo.com.cn）对该公告予以刊登，供参 阅。 | 发行人名称 | 万科企业股份有限公司 | | --- | --- | | 债项名称 | 万科企业股份有限公司 2022年度 | | | 第四期中期票据 | | 债项简称 | 22 万科 MTN004 | | 债项代码 | 102282715 | | 发行金额(亿元) | 20.00 | | 起息日 | 2022-12-15 | | 发行期限 | 3 स | | 债项余额(亿元) | 20.00 | | 偿还类别 | 本息兑付 | | 本计息期债项利率(%) | 3 | | 本息兑付日 | 2025-12-15 | | 本期应偿付本息金额 | 正在筹备召开第二次持有人会议 | | (亿元) | 商议相关安排 | | 宽限期约定 | 根据《万科企业股份有限公司 2022 | | | 年度第四期中 ...

Core Viewpoint - Vanke's fourth phase of medium-term notes for 2022, "22 Vanke MTN004," failed to pass all three proposals during the bondholders' meeting, indicating investor reluctance to support market-based debt solutions [1][4][5] Group 1: Meeting Results - As of the debt registration date on December 9, 2025, 20 institutions held the bonds, with 18 participating in the meeting, representing 99.45% of total voting rights [3] - Proposal one, which aimed to adjust the repayment arrangements, received no support, with 76.70% of voting rights opposing it [3] - Proposal two, concerning additional credit enhancement measures, garnered 83.40% support but was still opposed by 16.05% of voting rights [3] - Proposal three, which combined adjustments to repayment arrangements and additional credit measures, received only 18.95% support [3] Group 2: Implications of the Meeting - All three proposals failed to pass as they required over 90% approval from bondholders, highlighting a significant divide between Vanke and its creditors [4] - Vanke acknowledged the meeting's outcome and expressed regret over the impact on stakeholders, indicating a need for further communication and collaboration to find a solution [4][6] Group 3: Financial Context - The bond has a total outstanding balance of 3.7 billion yuan, with an interest rate of 3%, and the principal repayment date set for December 28, 2025 [7] - A grace period of five working days is in place, during which Vanke can make full payments without being considered in default [6][8] Group 4: Market Reactions and Future Outlook - Analysts suggest that the failure of the proposals reflects increasing pressure on Vanke to address its debt issues, with external financing channels becoming problematic [5][8] - Comparisons are drawn with other real estate companies like Sunac and Country Garden, which have successfully restructured their debts, indicating that Vanke's approach may need to evolve to include debt reduction strategies [8]

Core Viewpoint - Vanke's proposal for the extension of its 2022 fourth phase medium-term notes (22 Vanke MTN004) was rejected by bondholders, with the closest proposal receiving 83.40% approval, falling short of the required 90% [1][3]. Group 1: Proposal Details - Three proposals for extending the bond were presented, all of which failed to pass [3]. - The second proposal, which included normal interest payments and robust credit enhancement measures, received the highest approval at 83.40% [3]. - The first proposal, initiated by Vanke, received no votes in favor, indicating a lack of support from bondholders [3]. Group 2: Grace Period and Default Status - A grace period of five working days is available after the principal and interest payment due date (December 15), during which Vanke can make full repayment without triggering a default [1][5]. - Current indications suggest that it is too early to determine if a default event has occurred, as Vanke is expected to negotiate actively during the grace period [5]. Group 3: Financial Context - Vanke has a total of 37 billion yuan in another medium-term note (22 Vanke MTN005) maturing on December 28, and approximately 120 billion yuan in public debt maturing by 2026 [5]. - In the first three quarters of 2025, Vanke repaid 28.89 billion yuan in public debt, with significant support from Shenzhen Metro Group, which provided 30.996 billion yuan in loans [6].

Core Viewpoint - Vanke's fourth phase of medium-term notes (22 Vanke MTN004) faced rejection for all extension proposals, with the closest option receiving 83.40% approval, indicating significant challenges in restructuring its debt obligations [3][6][7]. Group 1: Meeting and Voting Results - The extension meeting for 22 Vanke MTN004 was held on December 10, 2025, with 20 institutions participating, representing 99.45% of the total voting rights [5][7]. - All three proposed extension options were rejected, with the second proposal, which included robust credit enhancement measures, receiving the highest support at 83.40% [7]. - The first proposal, initiated by Vanke, received no votes in favor, highlighting the lack of confidence in the company's initial restructuring plan [7]. Group 2: Default and Grace Period - The principal and interest payment due date for 22 Vanke MTN004 is December 15, 2025, with a five-working-day grace period following this date [9]. - If Vanke makes full payment within the grace period, it will not constitute a default event, despite the current financial pressures [9][10]. - Vanke is also facing an upcoming maturity of 3.7 billion yuan for 22 Vanke MTN005 on December 28, 2025, and has approximately 12 billion yuan in public debt maturing in 2026 [9][10]. Group 3: Financial Performance and Market Reaction - Following the news of potential debt restructuring, Vanke's stock and bond prices declined but stabilized and began to recover after December 10, 2025 [10]. - Vanke repaid 28.89 billion yuan in public debt in the first three quarters of 2025, with significant support from Shenzhen Metro Group, which provided 30.996 billion yuan in loans [10]. - The company reported a negative net cash flow from operating activities, indicating ongoing financial challenges despite recent refinancing efforts [10].

Core Viewpoint - Vanke's stock and bond markets experienced significant upward movement following the announcement of new proposals for the adjustment of bond repayment arrangements, indicating a potential shift in investor sentiment and market confidence in the company [1][2]. Group 1: Stock and Bond Market Reaction - Vanke's Hong Kong shares surged over 15%, while A-shares reached the daily limit, reflecting strong market interest [1] - The bond market also saw substantial gains, with several bonds, including "23 Vanke 01," "21 Vanke 06," and "21 Vanke 04," rising over 30%, leading to multiple trading halts [1] Group 2: Bond Repayment Proposals - Vanke held a meeting to discuss the adjustment of the repayment arrangements for its 2022 fourth phase medium-term notes, introducing two new proposals beyond market expectations [1] - Proposal one involves a 12-month extension for interest payments accrued before the extension, while proposal two allows for normal interest payments with additional credit enhancement measures [1] - Proposal three mirrors proposal two but requires corresponding credit enhancement measures only for the extended bonds [1] Group 3: Debt Obligations and Financial Pressure - The specific bond under discussion is "22 Vanke MTN004," with a balance of 2 billion and a coupon rate of 3.00%, now due for repayment on December 15, 2026 [2] - Vanke has another bond, "22 Vanke MTN005," with a balance of 3.7 billion due on December 28, 2023, indicating ongoing refinancing needs [2] - Vanke faces significant debt repayment pressure, with an estimated 15.546 billion in domestic bond principal and interest due between November 2025 and June 2026, alongside approximately 30 million in dollar bond interest [2] Group 4: Financial Performance - For the first three quarters of 2025, Vanke reported revenue of 161.388 billion and a net loss of 28.016 billion, with a notable decline in third-quarter revenue by 27.3% year-on-year [3] - The net loss for the third quarter was 16.07 billion, a staggering 98.61% decrease compared to the previous year [3] - As of the end of September, Vanke had cash reserves of 65.68 billion against total interest-bearing liabilities of 362.93 billion, highlighting a challenging liquidity position [3]

Core Viewpoint - Vanke has become a focal point in the market due to its bond extension strategy amidst debt pressures, with significant stock and bond price movements indicating market optimism about potential policy support for the real estate sector [2][3]. Group 1: Bond Extension and Market Reactions - On December 10, Vanke A shares experienced a rare strong limit-up, contributing to an upward movement in stock indices, while multiple Vanke bonds surged, triggering temporary trading halts [2][3]. - The bondholders' meeting for "22 Vanke MTN004" was held on December 10, discussing three proposals, including two new flexible options that could facilitate consensus among stakeholders [2][3]. - The bond extension proposal includes additional measures for credit enhancement and timely interest payments, differing from earlier expectations of merely deferring principal and interest payments [3]. Group 2: Debt Management and Market Sentiment - The recent surge in Vanke bonds, such as "21 Vanke 02" which rose by 28.36% to 44.8842 yuan, is attributed to positive expectations regarding real estate policies rather than a substantial turnaround in Vanke's debt situation [4]. - Analysts suggest that if bondholders reach a phased agreement with Vanke, it may reflect confidence in the company's asset quality and operational capabilities, providing Vanke with necessary leeway to address its debt issues [4]. Group 3: Asset Management and Future Prospects - Vanke's inventory remains high at 423 billion yuan as of the end of Q3, and converting this inventory into profit is essential for repaying interest-bearing debts [5]. - The company’s diversified business model, focusing on urban construction services, is expected to provide additional revenue streams and mitigate operational risks, aiding in debt resolution [6]. - Recent regulatory developments, such as the proposal for real estate investment trusts (REITs), could enhance Vanke's financing options and support its asset management strategies [6].

Group 1 - Vanke's bonds experienced a strong rebound on December 10, with five domestic bonds triggering temporary suspension of trading; "22 Vanke 04" rose over 42%, while "22 Vanke 02", "21 Vanke 06", and "21 Vanke 04" increased by over 30%, and "22 Vanke 06" rose by 29.99% [2] - Vanke A and H shares also saw significant gains, with Vanke A (000002.SZ) trading at 5.25 CNY per share, up 10.06%, and Vanke Enterprises (02202.HK) rising by 13.77% to 3.8 HKD per share [2] - Recent developments regarding Vanke's bond extension have emerged, with a summary of proposals for the "22 Vanke MTN004" first bondholder meeting released on December 5 [2] Group 2 - Proposal one suggests extending the principal repayment period by 12 months, with the adjusted repayment date set for December 15, 2026, and no compound interest during the extension period; the coupon rate remains unchanged during the extension [3] - Proposal two requires normal payment of interest accrued before the extension and additional credit enhancement measures, including guarantees from Shenzhen Metro Group or other acceptable Shenzhen state-owned enterprises [3] - Proposal three is similar to proposal two regarding interest payments but has different credit enhancement requirements, stating that corresponding credit enhancement measures must be provided for the bond extension [3]

Core Viewpoint - Vanke's bonds and stocks have shown a strong rebound, with significant increases in bond prices and stock prices following recent developments regarding bond extension proposals [3][4]. Bond Market Performance - On December 10, five of Vanke's domestic bonds experienced substantial gains, with "22 Vanke 04" rising over 42%, and other bonds like "22 Vanke 02," "21 Vanke 06," and "21 Vanke 04" increasing by over 30% [3]. - The stock prices of Vanke A and H shares also surged, with Vanke A (000002.SZ) reaching 5.25 CNY per share, up 10.06%, and Vanke Enterprises (02202.HK) climbing 13.77% to 3.8 HKD per share [3]. Bond Extension Proposals - Vanke has proposed three different extension plans for its bonds, as detailed in a meeting announcement on December 5. The first proposal involves extending the principal repayment date by 12 months to December 15, 2026, with no interest accrued during the extension period [4]. - The second proposal includes normal interest payments due before the extension, along with additional credit enhancement measures, such as guarantees from state-owned enterprises [4]. - The third proposal is similar to the second but requires different credit enhancement measures, with the extension contingent on providing corresponding guarantees [4]. Voting Requirements - All three proposals require approval from bondholders, necessitating a vote where over 90% of the total voting rights must agree for the changes to take effect [4].

Core Viewpoint - Vanke is set to discuss the extension of its bonds at a creditor meeting on December 10, which is crucial for the company's financial relief efforts [2] Group 1 - The creditor meeting will address three proposals, with two additional proposals added compared to previous market expectations, facilitating consensus among stakeholders [2] - Following the news, Vanke A shares surged to the daily limit, and Vanke-related bonds showed active performance in the market [2] - There is a strong market expectation for fiscal interest subsidies to support the stabilization of the real estate market [2]

消息面上，近期万科债券展期迎来新进展。12月5日盘后，万科在上清所发布了"22万科MTN004"第一 次持有人会议的议案概要，包含三个不同的中票展期方案。 万科今日股市、债券均强势反弹。 万科股市、债券强势反弹。 12月10日，万科5只境内债大涨，盘中触发临时停牌。截至发稿，"22万科04"涨超42%，"22万科02""21 万科06""21万科04"涨超30%，"22万科06"涨29.99%。"21万科02"下跌26.22%。 万科A、H股午后拉升。截至发稿，万科A（000002.SZ）报5.25元/股，上涨10.06%。万科企业 （02202.HK）上涨13.77%，报3.8港元/股。 "议案一"的方案为本金兑付时间展期12个月，调整后兑付时间为2026年12月15日，到期时偿付本期中期 票据全部本金。延期期间不计复利。展期期间（2025年12月15日至2026年12月15日）的票面利率维持不 变；议案二，要求展期前已经产生的利息正常兑付（即2025年12月15日兑付），并要求追加投资人可接 受的增信措施，包括但不限于"深圳市地铁集团有限公司或投资人可接受的其他深圳国企提供的全额不 可撤销连带责任担保或其 ...