Vanke's three domestic bond extension proposals were not approved, leaving a five-day grace period for negotiations

Vanke's domestic bond extension proposal was not approved, reflecting an increased risk of default, but there is still a 5-working-day grace period for negotiations. The proposal requires 90% of the bondholders' consent, and none of the three proposals were effectively passed. Proposal one had no credit enhancement measures and received no consent, proposal two, which included credit enhancement and adjustments to principal and interest payments, received 83.4% approval, while proposal three received only 1 vote in favor. Vanke can negotiate with investors during the grace period and take measures such as restructuring and changing registration elements. Huang Lichong, President of Huisheng International Capital, pointed out that Vanke's market-oriented debt advantage lies in the table, time, and asset pool still being intact