<p>中国万科企业股份有限公司（万科），在前所未有的房地产危机中，至今仍是最后一家避免违约的主要开发商，但在债权人拒绝其推迟即将到期的债券支付提案后，几乎没有时间来避免债务违约。</p>
<p>曾是中国最大的房地产开发商，万科未能获得足够的支持来推迟支付今天到期的 20 亿元人民币（约合 2.8351 亿美元）债券，根据周六晚间向全国金融市场机构投资者协会提交的文件显示。</p>
<p>该提案以及其他两个提案将允许延长一年，但所有三个提案都未能获得超过 90% 的支持，无法通过。</p>
<p>这使得万科面临的局面凸显了中国在摆脱进入第五年的房地产债务危机时所面临的更广泛挑战。这一衰退引发了创纪录的违约和碧桂园、恒大等房地产巨头的清算或重组。</p>
<p>万科必须在今天结束前或在五个工作日的宽限期内找到资金支付债券，或者达成某种单独协议以推迟截止日期。如果宽限期结束时没有支付且没有其他协议，债权人可能会宣布违约——这一结果曾是不可想象的。</p>
<p>万科长期以来受益于许多投资者对当局会帮助其维持运营的看法。这一信念基于该公司的最大股东是国有的深圳地铁集团。</p>
<p>事实上，来自深圳地铁的超过 300 亿元的股东贷款提供了关键的生命线，帮助这家资金紧张的开发商避免了今年的违约。</p>
<p>然而，过去几个月，深圳地铁表示计划收紧借贷条件，这一支持受到了审视。这一转变导致万科的证券价格大幅下跌，陷入严重困境。</p>
<p>一周前，深圳的金融和国有资产监管机构要求债券持有人理解万科当前的财务压力。</p>
<p>“投票结果表明，监管指导并没有改变任何事情，使得万科与投资者达成共识变得非常困难，” 信用研究公司瑞霆狗的创始人姚煜表示。“万科很可能会提出另一项动议，将五个工作日的宽限期延长至 30 个工作日，从而为各方留出余地。”</p>
<p>没有债权人支持万科原本的推迟地方债的计划，该计划是对本金和利息的 12 个月延迟，而不需要任何预付款或分期付款。</p>
<p>另外两个提案在后期宣布，要求开发商增加信用增强措施并按时支付利息，分别获得持有 83.4% 和 18.95% 债券未偿还金额的投资者的支持。</p>
<p>一些市场观察人士，包括森林资本香港有限公司的联合创始人李欢，表示全面债务重组是不可避免的，因为即使万科能够通过延期，也无法解决根本问题。</p>

万科企业

万科A

<p>万科企业曾是中国最大的房地产开发商，面临潜在违约风险，因为债权人拒绝了其推迟 20 亿元债券支付的提议。该公司必须在今天或五天的宽限期内支付，否则将面临违约。尽管之前获得支持，万科的财务压力因深圳地铁收紧借贷条件而加剧。分析师表示，全面债务重组可能是不可避免的</p>

<p>China Vanke Co (萬科), China’s last major developer to have so far avoided default amid an unprecedented property crisis, has been left with little time to keep debt failure at bay after creditors spurned its proposal to push back a looming bond payment.</p>
<div class="lb-trans"><p>中国万科企业股份有限公司（万科），在前所未有的房地产危机中，至今仍是最后一家避免违约的主要开发商，但在债权人拒绝其推迟即将到期的债券支付提案后，几乎没有时间来避免债务违约。</p>
</div><p>Once China’s biggest homebuilder by sales, Vanke failed to obtain sufficient support for its plan to delay paying the 2 billion yuan (US$283.51 million) note due today, a filing to the National Association of Financial Market Institutional Investors showed late on Saturday.</p>
<div class="lb-trans"><p>曾是中国最大的房地产开发商，万科未能获得足够的支持来推迟支付今天到期的 20 亿元人民币（约合 2.8351 亿美元）债券，根据周六晚间向全国金融市场机构投资者协会提交的文件显示。</p>
</div><p>The proposal, along with two others on the ballot, would have allowed a one-year extension. All three fell short of the more than 90 percent support required for passage.</p>
<div class="lb-trans"><p>该提案以及其他两个提案将允许延长一年，但所有三个提案都未能获得超过 90% 的支持，无法通过。</p>
</div><p>That leaves Vanke in a situation that underscores the broader challenges China faces in extricating itself from a real-estate debt crisis now entering its fifth year. The slump has sparked record defaults and liquidations or restructurings at property giants such as Country Garden Holdings Co (碧桂園) and China Evergrande Group (恒大).</p>
<div class="lb-trans"><p>这使得万科面临的局面凸显了中国在摆脱进入第五年的房地产债务危机时所面临的更广泛挑战。这一衰退引发了创纪录的违约和碧桂园、恒大等房地产巨头的清算或重组。</p>
</div><p>Vanke must find money to pay the bond by the end of today or within a grace period of five business days, or come to some separate agreement to push back the deadlines. If the grace period passes with no payment and no other agreement, creditors could call default — once an unthinkable outcome.</p>
<div class="lb-trans"><p>万科必须在今天结束前或在五个工作日的宽限期内找到资金支付债券，或者达成某种单独协议以推迟截止日期。如果宽限期结束时没有支付且没有其他协议，债权人可能会宣布违约——这一结果曾是不可想象的。</p>
</div><p>Vanke had long benefited from a perception held by many investors that authorities would help keep it afloat. That belief was based on the company’s largest shareholder being state-owned Shenzhen Metro Group Co (深鐵集團).</p>
<div class="lb-trans"><p>万科长期以来受益于许多投资者对当局会帮助其维持运营的看法。这一信念基于该公司的最大股东是国有的深圳地铁集团。</p>
</div><p>Indeed, more than 30 billion yuan in shareholder loans from Shenzhen Metro provided a critical lifeline, helping the cash-strapped builder avoid defaults this year.</p>
<div class="lb-trans"><p>事实上，来自深圳地铁的超过 300 亿元的股东贷款提供了关键的生命线，帮助这家资金紧张的开发商避免了今年的违约。</p>
</div><p>However, the support came under scrutiny in the past few months after Shenzhen Metro signaled plans to tighten borrowing terms. That shift sparked a drop in Vanke’s securities to deeply distressed levels.</p>
<div class="lb-trans"><p>然而，过去几个月，深圳地铁表示计划收紧借贷条件，这一支持受到了审视。这一转变导致万科的证券价格大幅下跌，陷入严重困境。</p>
</div><p>A week ago, financial and state asset regulators from Shenzhen asked for bondholders’ understanding of Vanke’s current financial stress.</p>
<div class="lb-trans"><p>一周前，深圳的金融和国有资产监管机构要求债券持有人理解万科当前的财务压力。</p>
</div><p>“The voting results indicated that the regulatory guidance hadn’t changed anything, making it very difficult for Vanke to reach a consensus with investors,” said Yao Yu (姚煜), founder of credit research firm RatingDog Information Technology Co (瑞霆狗). “It is quite likely that Vanke will propose another motion to extend the five-business-day grace period to 30 business days, thus leaving room for all parties.”</p>
<div class="lb-trans"><p>“投票结果表明，监管指导并没有改变任何事情，使得万科与投资者达成共识变得非常困难，” 信用研究公司瑞霆狗的创始人姚煜表示。“万科很可能会提出另一项动议，将五个工作日的宽限期延长至 30 个工作日，从而为各方留出余地。”</p>
</div><p>No creditors voted in favor of Vanke’s original plan to postpone its local bond, which was a 12-month delay on principal and interest due without any upfront cash payments or installments.</p>
<div class="lb-trans"><p>没有债权人支持万科原本的推迟地方债的计划，该计划是对本金和利息的 12 个月延迟，而不需要任何预付款或分期付款。</p>
</div><p>The other two proposals, which were announced later and required the developer to add credit enhancements and make an interest payment on time, received backing from investors holding 83.4 percent and 18.95 percent of the bond’s outstanding amount respectively.</p>
<div class="lb-trans"><p>另外两个提案在后期宣布，要求开发商增加信用增强措施并按时支付利息，分别获得持有 83.4% 和 18.95% 债券未偿还金额的投资者的支持。</p>
</div><p>Some market watchers, including Forest Capital Hong Kong Ltd (森林資本) cofounder Li Huan (李歡), have said that a full-scale debt restructuring is inevitable as extensions — even if Vanke could get them passed — would not address the underlying issues.</p>
<div class="lb-trans"><p>一些市场观察人士，包括森林资本香港有限公司的联合创始人李欢，表示全面债务重组是不可避免的，因为即使万科能够通过延期，也无法解决根本问题。</p>
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万科企业在投票后避免违约的途径变得狭窄