Vanke's RMB 3.7 billion medium-term notes grace period extension approved by bondholders, but the extension plan was not passed

Vanke (02202.HK) announced the results of the first bondholders' meeting for the fifth phase of its 2022 medium-term notes (22 Vanke MTN005). The proposal to extend the grace period has been approved, and the grace period for the principal and interest payment date during the term of this medium-term note will be extended from 5 working days to 30 trading days, meaning the grace period will expire on February 10, 2026.

Vanke emphasized that at this stage, it will communicate and negotiate openly with all parties, study and improve measures, and continue to seek solutions for this bond to protect the long-term common interests of all parties.

The proposal to adjust the principal and interest payment arrangements for the medium-term notes, as well as the proposal to adjust the principal and interest payment arrangements and increase corresponding credit enhancement measures, both received 96.81% opposition votes; additionally, three other proposals for acceptable credit enhancement measures for investors and conditional adjustments to the principal and interest payment arrangements for the medium-term notes were also not approved. In other words, the extension plan proposed by Vanke earlier has not been approved by the bondholders