（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]

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]

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]

Group 1 - The Hong Kong stock market saw a sudden surge in real estate stocks, with the National Index for Hong Kong Stock Connect real estate rising from a decline to positive territory, reaching an intraday increase of over 3.6% before slightly retracting [1] - Several real estate stocks experienced significant gains, with Vanke leading the charge, initially in a downward trend but later surging with an intraday increase exceeding 18% and a notable increase in trading volume [3] - Sunac China also saw a rapid increase, with intraday gains surpassing 13%, while Jin Hui Holdings and China Jinmao both expanded their gains, with intraday increases of over 13% and 10% respectively [5] Group 2 - The A-share market's real estate sector also experienced a strong rally, with companies like World Union (002285), Vanke A, Nandu Property (603506), and Huaxia Happiness (600340) quickly rising and hitting the daily limit [5] - Multiple Vanke bonds saw significant intraday increases, such as "22 Vanke 06," "22 Vanke 04," and "22 Vanke 02," each rising over 30%, leading to temporary trading suspensions by the Shenzhen Stock Exchange [6] - The Shenzhen Stock Exchange announced a temporary suspension for the "22 Vanke 02" bond after its price increased by 30% compared to the previous closing price, in accordance with trading regulations [7]

2025.12. 10 本文字数：731，阅读时长大约2分钟 作者 | 第一财经 方圆 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。 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他抵质押措施"；议案三，与方案二一样要求展期前已经 产生的利息正常兑付，不过增信措施存在差异，仅要求"本期债券展期须提供相对应的增信措施"。 根据公告，三项议案为变更债券本息偿付相关条款，均属于特别议案，需要由持有本期债务融资工具 表决权超过总表决权数额90/100的持有人同意后方可生效。围绕这份议案举行的持有人审议会议在 今日（12月10日）召开。截至发稿前，结果暂未披露。 微信编辑 | 夏木 ...