Core Viewpoint - Vanke's attempts to extend its domestic bonds have faced significant setbacks, highlighting a deep trust gap with creditors and exacerbating the company's short-term liquidity pressures [1][4]. Group 1: Bond Extension Attempts - On December 22, Vanke's proposal for the 20 billion yuan bond "22 Vanke MTN004" was rejected by creditors, only managing to secure a 30 trading day grace period [1][2]. - The subsequent meeting on December 26 for the 37 billion yuan bond "22 Vanke MTN005" resulted in a similar outcome, with all extension proposals failing and only the grace period being approved [2][3]. - The proposals for both bonds included multiple adjustments, but ultimately failed to meet the required 90% approval threshold from creditors [2][3]. Group 2: Proposal Details - The first proposal for "22 Vanke MTN004" demanded a 12-month extension of principal payments without any credit enhancement measures, receiving only 1.76% support [3]. - The second proposal attempted to address creditor concerns by offering normal interest payments and vague credit enhancement commitments, but still garnered only 3.19% support [3]. - The approved grace period extends the original 5 working days to 30 trading days, with the new maturity date set for January 28, 2026, but this is seen as a temporary measure [2][3]. Group 3: Market Reactions and Future Outlook - Industry experts indicate that the grace period is merely a stopgap and does not fundamentally resolve Vanke's issues, emphasizing the need for clear and executable credit enhancement measures to regain creditor trust [4][5]. - The lack of a solid repayment plan and ambiguous credit enhancement descriptions have led to repeated rejections of Vanke's proposals, indicating a cycle of failed negotiations [4][5]. - Comparisons with other bonds, such as "18 Ocean 01," show that Vanke's proposals lack the structured repayment plans that could potentially alleviate creditor concerns [5].