Core Viewpoint - Vanke Enterprise Co., Ltd. is seeking to adjust the repayment terms of its medium-term notes "22 Vanke MTN004" and "22 Vanke MTN005" due to financial challenges, proposing extensions and changes to the repayment schedule [1][2]. Group 1: Bond Details - The total scale of the two bonds is 5.7 billion yuan, with "22 Vanke MTN004" having a balance of 2 billion yuan and "22 Vanke MTN005" a balance of 3.7 billion yuan, both with a coupon rate of 3.00% [1][2]. - The original maturity dates for "22 Vanke MTN004" and "22 Vanke MTN005" are December 15, 2025, and December 28, 2025, respectively [1][2]. Group 2: Proposed Adjustments - The proposed adjustments include extending the principal repayment date for "22 Vanke MTN004" to December 15, 2026, and for "22 Vanke MTN005" to December 28, 2026, while maintaining the coupon rate at 3.00% [2][4]. - The unpaid interest for "22 Vanke MTN004" of 60 million yuan is due by January 28, 2026, and for "22 Vanke MTN005" of 111 million yuan by February 10, 2026 [2][4]. Group 3: Credit Enhancement Measures - Vanke will provide project company receivables as collateral for credit enhancement, involving several subsidiaries [2][3]. - The proposals include extending the grace period for principal and interest payments from 30 trading days to 90 trading days, with specific deadlines for each bond [3][4]. Group 4: Meeting and Voting - The bondholders' meetings for "22 Vanke MTN004" and "22 Vanke MTN005" are scheduled for January 21, 2026, with a voting deadline of January 26, 2026 [5].

Core Viewpoint - Vanke's attempts to extend the maturity of its bonds have failed, resulting in only a one-month grace period, indicating significant financial distress and a potential restructuring of its debt obligations [2][3][4]. Group 1: Bond Extension Attempts - Vanke's proposal to extend the maturity of a 37 billion bond was rejected, similar to a previous 20 billion bond extension that was also denied [2][3]. - Out of six proposals, only the extension of the grace period to 30 trading days was approved, while the other five related to maturity extensions did not meet the required approval threshold [3][4]. - The approved grace period allows Vanke to delay its repayment obligations, pushing the actual repayment pressure to the following year [7][8]. Group 2: Financial Ratings and Market Reaction - Standard & Poor's has downgraded Vanke's credit rating to "Selective Default" (SD), indicating that the company's financial commitments are unsustainable [4][6]. - The market has reacted negatively, with Vanke's domestic bond prices dropping to around 25% of their face value, reflecting a loss of investor confidence [4][5]. Group 3: Asset Management and Debt Restructuring - Vanke's significant reliance on cooperative development models has limited its ability to use consolidated assets to secure debt, complicating negotiations with creditors [2][13]. - The company is reportedly accelerating asset sales to generate cash flow before potential defaults, with several transactions expected to close by early next year [9][11]. - Vanke's financial statements show a high proportion of minority interests, which limits the assets available for debt collateralization, raising concerns among creditors [13][15].

具体来看各项议案，议案一即将该笔中票的本息兑付展期12月，调整后兑付时间为2026年12月28日；展 期期间无任何增信措施。 议案二至议案五，都保持了本金展期12个月及对展期期间利息支付的安排，且均要求在原定付息日即 2025年12月28日支付展期前已产生的利息11100万元，另外增加了对增信措施的要求，部分议案还附带 了其他条件。 其中，议案二提出，展期将由发行人提供相应的增信措施；议案三、四、五明确提出，要求对本期中期 票据本金及展期利息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 接受的其他大型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。 继首笔20亿中票展期失败后，万科第二笔37亿中票寻求展期亦未能得到债权人支持。 12月26日，上清所披露了22万科MTN005第一次持有人会议决议的公告。在6项议案中，关于该笔中票 的5项展期方案无一获得通过，仅延长宽限期延长至30个交易日的方案获得通过。 据披露，本次涉及的中票22万科MTN005原定到期兑付日为2025年12月28日，债项余额37亿元，票面利 率3.00%。12月5日，交通银行作为召集人公告称，就该笔债券的展 ...

Core Viewpoint - Vanke is facing significant liquidity challenges and must navigate a complex debt repayment landscape, with recent bondholder meetings revealing a lack of consensus on debt extension proposals, leading to a precarious financial situation [3][10]. Group 1: Bondholder Meetings and Proposals - The first bondholder meeting on December 10 failed to pass any of Vanke's three proposed debt extension plans, which all sought to extend the repayment of 2 billion yuan principal to December 2026 without offering attractive risk compensation [5][6]. - In the second meeting on December 18, Vanke adjusted its proposals, dropping the least favorable option and extending the grace period for interest payments, which was approved by 90.70% of the votes, providing a temporary reprieve from immediate default [8][9]. - The core extension proposal received only 20.20% approval, indicating a lack of confidence among bondholders regarding Vanke's financial stability [9][10]. Group 2: Debt Repayment Pressure - Vanke faces a total repayment pressure of 5.871 billion yuan in a short span from December 15 to 28, 2023, as it must address multiple bond obligations [11]. - The company has over 120 billion yuan in domestic debt due in 2026 and additional international debt pressures in the following years, indicating a looming financial crisis [12]. - As of September 2025, Vanke's total liabilities reached 835.5 billion yuan, with short-term debts significantly exceeding available cash, highlighting severe liquidity issues [12][13]. Group 3: Shareholder Support and Self-Rescue Efforts - Shenzhen Metro Group has provided substantial financial support to Vanke, totaling 30.796 billion yuan in loans, but this support is becoming more conditional and limited [15][21]. - Vanke has been actively selling assets to raise cash, generating approximately 4.4 billion yuan in the first three quarters of 2025, but the market conditions are challenging, and the company is running out of viable assets to liquidate [21][24]. - The company's sales performance has deteriorated significantly, with a 44.6% year-on-year drop in contract sales, reflecting broader industry challenges and Vanke's declining market position [24].

Core Viewpoint - Vanke is facing significant liquidity challenges and must navigate a complex debt repayment landscape, with recent bondholder meetings revealing a lack of consensus on extending repayment terms, leading to a precarious financial situation for the company [1][2][4]. Group 1: Bondholder Meetings and Proposals - The bondholder meetings on December 10 and December 18 failed to pass extension proposals for the "22 Vanke MTN004" bond, with the core extension plan receiving only 20.20% approval [2][4][7]. - The bond has a total amount of 2 billion yuan and a coupon rate of 3%, with the original maturity set for December 2025 [3][4]. - A new proposal was introduced to extend the grace period from 5 working days to 30 trading days, providing additional time for negotiations [7][9]. Group 2: Debt Repayment Pressure - Vanke is under pressure to repay a total of 5.871 billion yuan in bonds within a short period, with another bond, "22 Vanke MTN005," also facing extension discussions [9][10]. - The company has over 12 billion yuan in domestic debt due in 2026 and additional international debt obligations in the following years, indicating a substantial repayment burden ahead [10][11]. Group 3: Financial Health and Ratings - As of September 2025, Vanke's total interest-bearing debt reached 362.93 billion yuan, with a total liability of 835.5 billion yuan, highlighting a significant liquidity gap [11]. - Credit ratings for Vanke have been downgraded by both S&P and Fitch, reflecting concerns over its financial stability and potential for default [11][12]. Group 4: Shareholder Support and Self-Rescue Efforts - Shenzhen Metro Group has provided substantial financial support to Vanke, totaling 30.796 billion yuan in loans, but this support is becoming more conditional [12][13]. - Vanke has been actively selling assets to improve cash flow, generating approximately 4.4 billion yuan from asset sales in the first three quarters of the year [17]. - The company's sales performance has deteriorated significantly, with a 44.6% year-on-year drop in contract sales, indicating ongoing operational challenges [17].

Core Viewpoint - The article discusses the challenges faced by Vanke in managing its debt obligations, particularly focusing on the recent attempts to extend the maturity of its bonds and the implications of these decisions for both the company and its bondholders [2][14]. Group 1: Bond Extension Attempts - On December 22, the grace period for the "22 Vanke MTN004" bond expired, and the core extension proposal was not approved, although the extension of the grace period was granted [2][12]. - The first meeting on December 10 saw all three proposed extension plans fail to meet the required 90% approval threshold, primarily due to unattractive risk compensation for bondholders [5][6]. - The second meeting resulted in a commitment to pay the overdue interest of 60 million yuan within the grace period and to provide corresponding credit enhancement measures for the extension [12][13]. Group 2: Debt Pressure and Future Obligations - Vanke is facing significant debt repayment pressure, with a total of 58.71 billion yuan in bond principal and interest due between December 15 and 28 [14][15]. - The company has over 120 billion yuan in domestic debt due in 2026 and additional overseas debt obligations in 2027, indicating a challenging financial landscape ahead [15][16]. - As of September 2025, Vanke's total interest-bearing debt was 362.93 billion yuan, with a total liability of 835.5 billion yuan, highlighting a substantial liquidity pressure [16]. Group 3: Support from Major Shareholders - Shenzhen Metro Group has provided significant financial support to Vanke, totaling 30.796 billion yuan in shareholder loans at a low interest rate of 2.34% [18][26]. - The support from Shenzhen Metro is not unconditional, as new borrowing agreements require Vanke to provide adequate asset collateral [26][22]. - Vanke's founder, Wang Shi, has also expressed a desire to assist the company during its financial difficulties, indicating a collective effort to stabilize the situation [26][28]. Group 4: Asset Liquidation and Financial Performance - Vanke has been actively selling assets to improve cash flow, generating approximately 4.4 billion yuan from asset sales in the first three quarters of the year [29][32]. - The company's contract sales have significantly declined, with a 44.6% year-on-year drop, leading to a net loss of 28.02 billion yuan in the same period [29][32]. - The reduction in liquid assets and the increasing reliance on external support suggest a precarious financial position for Vanke moving forward [32].

Core Viewpoint - Vanke is facing significant liquidity challenges and debt repayment pressures, with recent bondholder meetings revealing a lack of consensus on extending repayment terms, leading to a precarious financial situation for the company [1][2][5]. Group 1: Bondholder Meetings and Proposals - The bondholder meeting on December 18 failed to approve Vanke's proposals for extending the repayment of the "22 Vanke MTN004" bond, which has a principal of 2 billion yuan and a coupon rate of 3% [2][3]. - The initial proposals aimed to extend the repayment deadline to December 15, 2026, but lacked attractive risk compensation, resulting in no proposals receiving the required 90% approval [2][3]. - A subsequent meeting allowed for a 30-day extension of the grace period, providing Vanke with additional time to negotiate with creditors, although the core extension proposal was rejected with only 20.20% approval [5][6]. Group 2: Debt Repayment Pressure - Vanke is under pressure to repay a total of 5.871 billion yuan in bonds within a short timeframe, including the "22 Vanke MTN005" bond, which also seeks a 12-month extension [7]. - The company faces over 12 billion yuan in domestic debt repayments in 2026 and additional international debt pressures in 2027, indicating a challenging financial landscape ahead [8]. Group 3: Financial Health and Ratings - As of September 2025, Vanke's total liabilities reached 835.5 billion yuan, with interest-bearing debt at 362.93 billion yuan, highlighting a significant liquidity gap as cash reserves were only 65.68 billion yuan [9]. - Credit ratings for Vanke have been downgraded multiple times, with S&P lowering its rating to "CCC-" and Fitch to "C," reflecting concerns over the company's liquidity and financial commitments [9]. Group 4: Shareholder Support and Self-Rescue Efforts - Shenzhen Metro Group has provided substantial financial support to Vanke, totaling 30.796 billion yuan in loans at low interest rates, but this support is becoming more conditional [10][11]. - Vanke has been actively selling assets to improve cash flow, generating approximately 4.4 billion yuan from asset sales in the first three quarters of 2025, but the market conditions are challenging [15][16].

Core Viewpoint - Vanke is facing a critical test regarding its debt resolution, with two bond extension proposals totaling 5.7 billion yuan set for holder votes on December 22, which will determine the company's ability to avoid default risk in the short term [2]. Group 1: Bond Extension Proposals - The proposals for the 3.7 billion yuan "22 Vanke MTN005" bond include six extension options, all based on extending the principal repayment to December 28, 2026, while maintaining a fixed interest rate of 3% [2]. - The second bond, 2 billion yuan "22 Vanke MTN004," has faced challenges, with a previous proposal failing to gain the required 90% support, highlighting the urgency of the situation [4]. Group 2: Creditor Assurance Measures - The proposals include varying degrees of assurance for creditors, with some options offering guarantees from Shenzhen state-owned enterprises, which are seen as crucial for enhancing creditworthiness [3]. - The design of the proposals includes a progressive repayment priority, with specific clauses to ensure that the current bonds are prioritized over future debts, thereby providing additional security to bondholders [4]. Group 3: Market Reaction and Implications - Since rumors of the bond extensions emerged in November, Vanke's stock has dropped approximately 20%, reflecting market sensitivity to the company's financial stability [5]. - The outcome of the December 22 vote is viewed as a pivotal moment for Vanke's debt restructuring and credit recovery efforts, with significant implications for the company's future [5].

前一只20亿元债券展期议案尚待表决，万科又马不停蹄公布了另一只37亿元债券展期的相关议案。 议案一为调整中期票据本息兑付安排的议案（特别议案）。本期中期票据的本金兑付时间展期12个月，调整后兑付时间为2026年12月28日。2026年12月28 日偿付本期中期票据全部本金。本期中期票据展期前已经产生的利息于原付息日起延期12个月支付，即2026年12月28日支付，延期期间不计复利。展期期 间本期中期票据票面利率维持3%不变，展期期间的新增利息随本金的兑付一同支付。 12月18日，记者从中国银行间市场交易商协会官网获悉，万科2022年度第五期中期票据2025年第一次持有人会议的议案概要已公布。 | C | 清输入关键字 | Enalish | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 首页 | 要闻 | 会员 | 目律 产品 | 培训 | 科技 | 关于 | 版博 | 家理 | 0 元 | | CI | | | | | | | | | | | 债券简称:22万科MIN005 | 代码:1022827 ...

【#万科抛出37亿中票展期方案#】12月17日晚间，交通银行在上清所网站公布关于万科企业股份有限公 司2022年度第五期中期票据（"22万科MTN005"）2025年第一次持有人会议的议案概要。 据了解，这笔债券本金兑付日为2025年12月28日，债项余额37亿元。万科提议，本期中期票据的本金兑 付时间展期12个月，调整后兑付时间为2026年12月28日。2026年12月28日偿付本期中期票据全部本金。 本期中期票据展期前已经产生的利息于原付息日起延期12个月支付，即2026年12月28日支付，延期期间 不计复利。展期期间本期中期票据票面利率维持不变，即按照3.00%计息。（每经，希隆） ...