债务展期谈判桌上的博弈尚未尘埃落定，一封来自董事会的辞呈，将万科与房地产行业长达十余年 的"郁亮周期"正式画上句号。1月8日，万科发布公告称，郁亮因到龄退休，向公司董事会提交书面辞职 报告，申请辞去公司董事、执行副总裁职务，并不再担任公司任何职务。伴随着郁亮的退休，万科正式 进入全深铁周期，而他曾经掌舵的这家企业也正处在一场艰难的"生存之战"中。近期万科密集召开债券 持有人会议，审议多笔债券展期。公告强调，郁亮辞任不会影响公司董事会正常运作和经营。 时代的郁亮 1990年，一名北京大学经济学硕士毕业的年轻人加入了当时规模尚小的万科。彼时的中国房地产市场， 刚从计划经济体制中破土萌芽。郁亮不会想到，自己未来的35年，亲身经历了了一个行业的黄金时代。 他的职业生涯起步于万科证券事务部，凭借出色的专业能力迅速获得赏识。扎实的财务背景和敏锐的战 略眼光，让郁亮在万科早期规范化、资本化的进程中发挥了关键作用。 真正让郁亮站上万科历史舞台中央的，是2017年。那一年，万科创始人王石正式交棒，郁亮接任董事会 主席，成为这家中国标杆房企的掌舵者。此时，万科已是年销售额数千亿的行业巨擘。 但接棒的时机，恰逢行业巅峰之下潜流暗涌 ...

Core Viewpoint - Vanke is facing challenges with its bond repayment obligations, particularly regarding the "21 Vanke 02" bond, which has prompted the company to convene a bondholder meeting to discuss adjustments to the repayment arrangements [1][2][4]. Group 1: Bond Details and Adjustments - The "21 Vanke 02" bond has an issuance scale and current balance of 1.1 billion, with a coupon rate of 3.98% [2]. - The bond's maturity date is set for January 22, 2028, but if the issuer exercises the redemption option, the repayment date would be January 22, 2026 [4]. - The bondholder meeting will review proposals to adjust the repayment schedule, including extending the repayment date to January 22, 2027, if investors exercise their redemption rights [5][6]. Group 2: Market Reactions and Implications - The recent turmoil surrounding Vanke's bond extensions has raised concerns among investors about the company's financial stability and ability to meet its obligations [4][8]. - Analysts suggest that the adjustments being proposed are preemptive measures to ensure smooth repayment of bond principal and interest, reflecting Vanke's current operational challenges [6][7]. - The market's response indicates a preference for cash and solid credit support over narrative-driven proposals, as seen in the differing outcomes of previous bond extension votes [9].

12月31日，万科企业股份有限公司（万科A，000002.SZ）发布公告称，因公司拟于近期召开万科企业 股份有限公司2021年面向合格投资者公开发行住房租赁专项公司债券(第一期)(品种二)(简称"21万科 02")2026年第一次债券持有人会议，为保护债券投资者利益，根据《深圳证券交易所公司债券上市规则 (2023年修订)》等相关规定，经公司申请，"21万科02"自2026年1月5日开市起停牌。 据悉，"21万科02"债券余额为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。 此前，万科已于12月5日公告，根据公司实际情况及当前的市场环境，万科决定放弃行使"21万科02"发 行人赎回选择权，同时不调整存续期后2年的票面利率，即维持3.98%不变；投资者在12月9日至15日享 有回售选择权。 市场人士认为，当前市场环境下投资者大概率会选择回售，但对万科而言偿付压力加剧。 同日，中信证券股份有限公司作为召集 ...

万科A公告，因公司拟于近期召开万科企业股份有限公司2021年面向合格投资者公开发行住房租赁专项 公司债券（第一期）（品种二）（简称"21万科02"）2026年第一次债券持有人会议，为保护债券投资者 利益，根据《深圳证券交易所公司债券上市规则（2023年修订）》等相关规定，经公司申请，"21万科 02"自2026年1月5日开市起停牌。 (本文来自第一财经) ...

万科A公告，"21万科02"自2026年1月5日开市起停牌。 ...

（文章来源：每日经济新闻） 每经AI快讯，12月23日，万科债多数下跌，"21万科06"跌超11%，"21万科02"跌超5%，"23万科01"跌超 4%；"22万科06"涨超3%。 ...

Core Viewpoint - Vanke's debt extension negotiations have reached a critical juncture, with the failure of three proposed extension plans leading to a five-day grace period for the "22 Vanke MTN004" bond, which has a principal repayment date of December 15, 2025 [1][2][3] Group 1: Debt Extension Proposals - The "22 Vanke MTN004" bond has an outstanding balance of 2 billion, and the first holder meeting on December 10 failed to pass any of the three proposed extension plans [2] - The first proposal received no votes in favor, the second proposal garnered 83.4% support but fell short of the 90% threshold, and the third proposal only received 18.95% support [2] - Vanke expressed regret over the voting results and committed to further communication and collaboration with stakeholders to find a solution [2][4] Group 2: Grace Period and Future Meetings - The company is currently in a five-day grace period, during which interest will accrue at a rate 5 basis points above the coupon rate on the unpaid principal and interest [3] - A second holder meeting is scheduled for December 18 to continue negotiations regarding the bond [5] Group 3: Market Reactions and Investor Sentiment - Following the news, Vanke's bond prices experienced volatility, with significant declines in several bonds on December 15, while some recovered in the days leading up to the meeting [6] - A positive development for Vanke was the successful one-year extension of a HKD 1.05 billion bank loan, which alleviated some short-term liquidity concerns [6] Group 4: Creditor Concerns and Negotiation Dynamics - The failure of the first round of proposals highlights the differing risk assessments and interests between creditors and the company, with creditors favoring immediate asset recovery over debt extensions [7][8] - Vanke faces significant repayment pressures, with a total of 5.7 billion in domestic debt maturing by December 2025, alongside additional upcoming obligations in subsequent years [8][9] Group 5: Future Implications - The ongoing negotiations are critical, as unresolved issues could lead to broader repercussions for Vanke and the real estate sector if a mutually acceptable solution is not reached [9]

Group 1 - The core viewpoint of the article highlights the significant increase in the domestic bond market for Vanke, with multiple bonds experiencing notable price rises [1] Group 2 - The bonds "23 Vanke 01", "21 Vanke 04", "22 Vanke 02", and "22 Vanke 04" rose over 17% [1] - The bonds "22 Vanke 06" and "21 Vanke 06" increased by more than 14% [1] - The bond "21 Vanke 02" saw an increase of over 7% [1]

Group 1 - The bonds "22 Vanke 04" increased by over 12% [1] - The bonds "23 Vanke 01" rose by more than 10% [1] - The bonds "22 Vanke 02" saw an increase of over 8% [1] - The bonds "22 Vanke 06" grew nearly 7% [1] - The bonds "21 Vanke 06" increased by over 6% [1] - The bonds "21 Vanke 02" rose by more than 4% [1]

Group 1 - The "21 Vanke 02" bond fell over 24% and was temporarily suspended during trading [1] - The "23 Vanke 01" bond decreased by over 5% [1] - The "22 Vanke 04" bond dropped by over 3% [1]