南方财经12月18日电，万科债普遍下跌，"22万科04"跌超4%，"23万科01"和"21万科04"跌超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]

Core Viewpoint - Vanke, once a top performer in the industry, is at a critical juncture regarding its liquidity crisis, highlighted by the upcoming bond repayment deadline on December 15, 2025 [3][4]. Group 1: Bondholder Meeting and Proposals - Vanke announced a second bondholder meeting on December 18, 2025, to discuss repayment arrangements for the "22 Vanke MTN004" bond, which is currently in a 5-day grace period [4]. - The first bondholder meeting's proposals for extending the bond repayment were all rejected, with the original proposal receiving zero votes in favor, and the closest alternative proposal falling short by 6.6 percentage points of the required 90% approval [6]. - The second meeting is crucial as it will determine whether Vanke can successfully negotiate an extension of the bond repayment, which is essential for avoiding a potential default [4][6]. Group 2: Market Reaction and Financial Pressure - Following the news, Vanke's bonds experienced significant declines, with "21 Vanke 02" dropping over 24% and "23 Vanke 01" and "22 Vanke 04" also seeing notable decreases [5]. - As of November 2025, Vanke has a total of 18.2 billion yuan in domestic debt principal and interest due within a year, with 5.7 billion yuan due in December alone, indicating a substantial liquidity pressure [7]. - The company faces a funding gap exceeding 60% for the current period, as the available loan amount from Shenzhen Metro Group is only 2.29 billion yuan [7].

Group 1 - The "21 Vanke 02" bond experienced a decline of over 24%, leading to a temporary trading halt [1] - The "23 Vanke 01" bond fell by more than 5% [1] - The "22 Vanke 04" bond decreased by over 3% [1]

Core Viewpoint - The bond market for Vanke's domestic bonds experienced a significant decline, with various bonds dropping by substantial percentages, indicating potential concerns regarding the company's financial health or market conditions [1] Group 1: Bond Performance - "21 Vanke 06" bond fell over 18% [1] - "21 Vanke 04" and "23 Vanke 01" bonds both dropped over 14% [1] - "22 Vanke 02" bond decreased over 13% [1] - "21 Vanke 02" bond declined over 12% [1] - "22 Vanke 04" bond fell over 11% [1] - "22 Vanke 06" bond decreased over 10% [1]

Core Viewpoint - The bond market for Vanke has experienced a significant decline, particularly in its domestic bonds, indicating potential concerns regarding the company's financial health and market perception [1] Group 1: Vanke Bonds Performance - "21 Vanke 06" bond dropped over 18% [1] - "21 Vanke 04" and "23 Vanke 01" bonds fell over 14% [1] - "22 Vanke 02" and "21 Vanke 02" bonds decreased over 13% [1] - "22 Vanke 04" bond declined over 11% [1] - "22 Vanke 06" bond fell over 10% [1] Group 2: Local Government Bonds Performance - "22 Beijing Bond 43" increased over 11% [1] - "21 Guizhou Bond 23" rose over 8% [1] - "23 Dalian Bond 11" and "25 Guizhou Bond 23" both increased over 1% [1] - "22 Anhui Bond 21" decreased over 5% [1] - "22 Chongqing Bond 12" and "25 Chongqing Bond 34" both fell over 4% [1] Group 3: Special Government Bonds Performance - "24 Special National Bond 01" increased by 0.57% [1] - "24 Special National Bond 02" rose by 0.34% [1] - "24 Special National Bond 03" increased by 0.84% [1] - "24 Special National Bond 04" rose by 0.53% [1] - "Special National Bond 2401" increased by 0.66% [1] - "Special National Bond 2402" decreased by 0.24% [1] - "Special National Bond 2403" increased by 0.95% [1] - "Special National Bond 2404" had no transactions [1]

Group 1 - Vanke bonds have experienced significant declines, with "21 Vanke 06" dropping over 24% and temporarily suspended from trading [1] - Other notable declines include "23 Vanke 01" down over 18%, "22 Vanke 02" down over 17%, and "21 Vanke 04" down over 16% [1] - Additional bonds such as "22 Vanke 04" and "22 Vanke 06" fell over 10%, while "21 Vanke 02" decreased over 7% [1]