Group 1 - Vanke proposed to extend the grace period for the 22 Vanke MTN004 bond to 90 trading days, indicating a strategy to buy time for negotiations with creditors [1] - The company may seek to extend the voting period for the bond, as reported by insiders, suggesting a potential for further negotiation space if creditors agree [1] - The stock price of Vanke A (000002.SZ) rose over 4%, and Vanke Enterprises (02202.HK) increased by more than 5.95%, reflecting positive market sentiment [3] Group 2 - Several Vanke bonds experienced significant price increases, with "22 Vanke 04" rising over 50% and "22 Vanke 02" and "21 Vanke 04" increasing by over 30% [3] - The bond "22 Vanke 06" saw a modest increase of over 5%, while "21 Vanke 06" dropped by more than 30%, indicating mixed performance among Vanke's debt instruments [3]

Core Viewpoint - Vanke's bondholders meeting resulted in the approval of two proposals, extending the grace period for bond principal and interest payments from 5 working days to 30 trading days, while the proposal to adjust the payment arrangement was not approved [2][5]. Group 1: Meeting Details - The bondholders meeting for Vanke's 2022 fourth phase medium-term notes was held on December 18, 2025, with 19 out of 20 institutions participating, representing 99.95% of the total voting rights [3]. - Proposal 1, which sought to waive certain procedural time limits for the meeting, was approved by 91.20% of the voting rights [4]. - Proposal 2, aimed at adjusting the payment arrangement for the bond's principal and interest, was rejected, with 78.30% of the voting rights opposing it [4]. Group 2: Proposal Outcomes - Proposal 3, which extended the grace period for the bond, was approved by 90.70% of the voting rights, effectively delaying the debt default period by 30 trading days [5][6]. - Vanke committed to ensuring that the payment order for the medium-term notes would not be worse than that of any subsequent maturing bonds, maintaining the original payment order established on December 15, 2025 [5]. Group 3: Industry Insights - An industry expert noted that the approval of the grace period extension provides Vanke with valuable time to address its debt issues and may serve as a reference for other bond repayment challenges [6]. - The approval of Proposal 3 indicates that bondholders still have expectations for Vanke to meet its debt obligations on time [6].

Core Viewpoint - Vanke's bondholders meeting resulted in the approval of two proposals, extending the grace period for bond interest and principal payments from 5 working days to 30 trading days, while the proposal to adjust the payment arrangement was not approved [1][4]. Group 1: Meeting Outcomes - Proposal 1, which waived certain procedural time requirements for the bondholders meeting, was approved by 8 out of 20 participating institutions, representing 91.20% of the voting rights [3]. - Proposal 2, aimed at adjusting the payment arrangement for the medium-term notes, was rejected, with 14 out of 20 institutions opposing it, accounting for 78.30% of the voting rights [3][4]. - Proposal 3, which extended the grace period for the medium-term notes, was approved by 7 institutions, representing 90.70% of the voting rights [4]. Group 2: Implications and Future Actions - The approval of the grace period extension provides Vanke with additional time to address its debt issues and may serve as a reference for other bond repayment situations [5]. - The extension effectively postpones the debt default deadline by 30 trading days, allowing Vanke to propose new solutions and negotiate with bondholders [5]. - Vanke has committed to ensuring that the repayment order of the medium-term notes will not be worse than that of any subsequent maturing bonds, maintaining the original repayment sequence established for December 15, 2025 [4].