<p>万科企业，曾是大陆最大的开发商，在经历了前所未有的房地产危机后，获得了债权人的最后时刻支持，延长了债券宽限期，从而帮助其避免了违约，至少暂时如此。\n 根据周一向 Chinamoney.com 提交的文件，万科的 20 亿元人民币（约合 2.84 亿美元）债券持有人投票支持将宽限期延长至 1 月 28 日。该公司未能在 12 月 15 日到期时支付该证券，这使其进入了一个本应在周一到期的宽限期。\n 但挑战并未结束。万科推迟 12 个月的本金偿还提案未能通过，只有代表 20.2% 未偿还金额的债权人投票支持，远低于所需的 90% 以上。该开发商还试图说服投资者接受对一笔 370 亿元人民币的债券的延期支付，该债券将于 12 月 28 日到期。\n 万科是迄今为止唯一一家在多年房地产危机中避免违约的主要中国房地产公司。该公司拥有 500 亿美元的带息负债，任何最终的违约都将标志着中国房地产困境的新阶段，已经导致 1300 亿美元的违约，以及其他开发商的重组和清算，包括碧桂园和中国恒大集团等巨头。\n 万科的重组将是中国历史上最大规模的重组之一。该开发商拥有约 1600 亿美元的资产和超过 125,000 名员工。\n 房地产行业的痛苦可以追溯到 2020 年，当时当局引入了被称为 “三条红线” 的指标，以遏制开发商的过度杠杆。\n 在没有任何救助的情况下，万科仍在朝着潜在的重组或违约的方向前进。这样的结果将开启房地产危机的新篇章，几乎所有债权人现在都在同一条船上，试图减少损失。\n 许多复杂的重组已经拖延多年。随着债权人越来越多地接受他们不愿意接受的条款，中国 10 家最负债开发商中的 8 家已经在很大程度上，甚至完全，将离岸重组过程抛在了身后。\n 万科的债务谈判困境突显了政府在试图复苏因多年房价下跌而受到打击的消费者信心的经济时面临的挑战。政策制定者长期以来一直试图在复苏房地产市场的挑战与不干预个别公司的救助之间取得平衡。\n 万科成立于 1980 年代初期，当时中国经济刚开始开放，凭借为寻求现代生活方式的年轻中产阶级建造公寓而成长为房地产巨头。其大众市场公寓长期以来享有良好的质量形象。这帮助万科在大约十年内保持了中国最大的住宅建筑商地位，直到碧桂园和中国恒大集团超越了它。\n 万科长期以来受益于其最大国有股东深圳地铁集团的支持，该集团为开发商提供了至关重要的生命线。然而，最近几个月，这种支持受到质疑，因为地铁运营商表示计划收紧贷款条件。这一转变引发了万科证券的急剧抛售，使其跌入深度困境。\n\n\n“万科实际上是政府实质性介入救助的第一个案例——却在过程中突然撤回，” 北京 G 资本私募基金管理中心创始人李根表示，该中心专注于中国的高收益债券市场。“这让投资者完全感到意外，毫无疑问会加剧对许多中国公司目前仍依赖的国家支持的透明度和稳定性的担忧。”\n 总部位于南方城市深圳的万科在过去两年中一直面临日益严重的流动性压力，因为持续的房地产低迷削弱了购房者和金融市场的信心。\n 万科报告称，今年前三季度合计亏损 280 亿元，去年全年亏损创纪录的 495 亿元。彭博情报预测，其合同销售面临风险，可能接近 2025 年超过 40% 的最坏情况。这可能导致与 2024 年相比超过 1000 亿元的销售缺口，房地产分析师 Kristy Hung 表示。\n 曾经是一家投资级房地产公司，万科自 2022 年以来未能发行任何离岸债券，其在岸债券融资渠道自 2023 年中期以来也已关闭，进一步加剧了其流动性压力。\n 由于 “违约风险加剧”，其最近被惠誉评级下调至 C，仅比限制性违约高一个级别。如果万科最终违约，这可能进一步打击已经脆弱的住房市场情绪，并影响其他信用状况较弱的开发商，惠誉表示。\n 一位万科官员在本月早些时候的债券持有人会议上指出，深圳地铁已向该开发商提供超过 300 亿元的股东贷款，并表示其努力已经超出了其责任。\n 这家陷入困境的开发商最近开始暗示其正接近全面重组。\n 在最近一次与其他一些银行债权人的面对面小组会议上，该开发商要求其中一些人接受延期利息支付，并给予公司更多时间来制定全面的债务计划。\n 对人民币债券的违约可能会通过任何交叉违约条款对开发商的票据和贷款产生连锁影响。根据巴克莱的数据，万科约 50 亿美元的债务中有 45% 是无担保的，这使其在公司进入重组时特别脆弱。</p>

万科A

万科企业

<p>万科企业曾是领先的开发商，通过获得债券持有人的支持，避免了违约，延长了一笔 20 亿元人民币债券的宽限期。然而，其推迟本金支付的提议未能成功，突显了持续的财务挑战。万科在中国房地产危机中面临潜在的重组，负债高达 500 亿美元。这一情况凸显了政府在不救助个别企业的情况下，复兴房地产市场所面临的挑战</p>

<p>China Vanke, once the mainland’s biggest developer before it succumbed to an unprecedented property crisis, won last-minute support from creditors to extend a bond grace period in a reprieve that helps it avoid default, at least for now.\nHolders of Vanke’s 2 billion yuan (US$284 million) note voted in favour of a proposal to extend the grace period to January 28, according to a filing to Chinamoney.com on Monday. The company did not pay the security by its December 15 maturity, which left it in a grace period that otherwise would have expired on Monday.\nBut the challenges are not over. Vanke’s proposal to defer principal payment for 12 months failed to pass, with creditors representing only 20.2 per cent of the outstanding amount voting in favour, short of the more than 90 per cent required. The builder is also trying to persuade investors to accept delayed payment on a 3.7 billion yuan bond that matures on December 28.\nVanke is the last major Chinese real estate firm to so far have avoided reneging on its debts amid the multi-year real estate crisis. Any eventual default at the firm, which has US$50 billion of interest-bearing liabilities, would mark a new phase in the country’s real estate woes that have already prompted US$130 billion of defaults as well as restructurings and liquidations at other developers, including giants like Country Garden Holdings and China Evergrande Group.\n\nA restructuring at Vanke would be among the biggest-ever in China. The builder has roughly US$160 billion of assets and more than 125,000 employees.\nThe pain in the property sector traces back to 2020, when authorities introduced metrics called the “three red lines” to curb excessive leverage among developers.\nIn the absence of any rescue, the bigger picture is that Vanke is still lurching towards a potential restructuring or default in the months ahead. Such an outcome would usher in a new chapter in the property crisis in which nearly all creditors are finally now in the same boat, trying simply to lose less.\nMany complex restructurings have already been dragging on for years. As creditors increasingly accept terms they would prefer not to, eight of China’s 10 most indebted developers have already largely, if not entirely, put the offshore restructuring process behind them.\nVanke’s troubled debt negotiations highlight challenges for the government as it tries to revive an economy struggling with consumer sentiment that has been weakened by years of declines in home prices. Policymakers have long sought to balance the challenge of reviving the property market without stepping in to rescue individual firms.\nFounded in the early 1980s as China’s economy first began to open up, Vanke grew into a real estate juggernaut on the back of building apartment blocks for a young middle class seeking a modern lifestyle. Its mass-market apartments long enjoyed an image of solid quality. That helped Vanke remain the country’s largest home builder by sales for about a decade before peers Country Garden and China Evergrande Group topped it.\nVanke had long benefited from the backing of its largest state-owned shareholder, Shenzhen Metro Group, which had served as a crucial lifeline for the developer. That support, however, came into question in recent months after the subway operator signalled plans to tighten its lending terms. The shift triggered a sharp sell-off in Vanke’s securities, pushing them into deeply distressed territory.\n\n\n“Vanke is essentially the first case where the government became substantively involved in a rescue – only to abruptly step back halfway through,” said Li Gen, a founder of Beijing G Capital Private Fund Management Center, which focuses on China’s high-yield bond market. “This caught investors completely off guard and will undoubtedly heighten concerns about the transparency and stability of the state support that many Chinese companies are still counting on right now.”\nBased in the southern city of Shenzhen, Vanke has been grappling with mounting liquidity pressures for at least two years as the prolonged property slump eroded confidence among homebuyers and financial markets.\nVanke reported combined losses of 28 billion yuan for the first three quarters of this year, after posting a record 49.5 billion yuan loss for all of last year. Bloomberg Intelligence predicts its contracted sales are at risk of falling closer to its worst-case scenario of a more than 40 per cent decline in 2025. That could fuel an over 100 billion yuan sales shortfall versus 2024, according to Kristy Hung, a real estate analyst.\nOnce an investment-grade property firm, Vanke has not been able to issue any offshore notes since 2022, and its onshore bond‑financing channels have also been shut since mid‑2023, according to data compiled by Bloomberg, further straining its liquidity.\nIt was recently downgraded to C by Fitch Ratings due to “heightened default risk”, just one level above restricted default. If Vanke did end up defaulting, that could further dent already fragile housing market sentiment and affect other developers with weak credit profiles, according to Fitch.\nOne Vanke official noted during a bondholder meeting earlier this month that Shenzhen Metro had extended over 30 billion yuan in shareholder loans to the builder, and said its efforts already exceeded its responsibilities.\nThe embattled builder has recently begun signalling that it is edging closer to a holistic restructuring.\nDuring face-to-face small-group conversations with some other bank creditors at a meeting in Shenzhen recently, the developer asked some of them to accept delayed interest payments and give the firm more time to come up with a holistic debt plan.\nA default on the yuan bond could have a cascading impact on the builder’s notes and loans through any cross-default clauses. Around 45 per cent of Vanke’s roughly US$50 billion debt load is unsecured, according to Barclays, making it particularly vulnerable if the company goes into restructuring.\n</p>
<div class="lb-trans"><p>万科企业，曾是大陆最大的开发商，在经历了前所未有的房地产危机后，获得了债权人的最后时刻支持，延长了债券宽限期，从而帮助其避免了违约，至少暂时如此。\n 根据周一向 Chinamoney.com 提交的文件，万科的 20 亿元人民币（约合 2.84 亿美元）债券持有人投票支持将宽限期延长至 1 月 28 日。该公司未能在 12 月 15 日到期时支付该证券，这使其进入了一个本应在周一到期的宽限期。\n 但挑战并未结束。万科推迟 12 个月的本金偿还提案未能通过，只有代表 20.2% 未偿还金额的债权人投票支持，远低于所需的 90% 以上。该开发商还试图说服投资者接受对一笔 370 亿元人民币的债券的延期支付，该债券将于 12 月 28 日到期。\n 万科是迄今为止唯一一家在多年房地产危机中避免违约的主要中国房地产公司。该公司拥有 500 亿美元的带息负债，任何最终的违约都将标志着中国房地产困境的新阶段，已经导致 1300 亿美元的违约，以及其他开发商的重组和清算，包括碧桂园和中国恒大集团等巨头。\n 万科的重组将是中国历史上最大规模的重组之一。该开发商拥有约 1600 亿美元的资产和超过 125,000 名员工。\n 房地产行业的痛苦可以追溯到 2020 年，当时当局引入了被称为 “三条红线” 的指标，以遏制开发商的过度杠杆。\n 在没有任何救助的情况下，万科仍在朝着潜在的重组或违约的方向前进。这样的结果将开启房地产危机的新篇章，几乎所有债权人现在都在同一条船上，试图减少损失。\n 许多复杂的重组已经拖延多年。随着债权人越来越多地接受他们不愿意接受的条款，中国 10 家最负债开发商中的 8 家已经在很大程度上，甚至完全，将离岸重组过程抛在了身后。\n 万科的债务谈判困境突显了政府在试图复苏因多年房价下跌而受到打击的消费者信心的经济时面临的挑战。政策制定者长期以来一直试图在复苏房地产市场的挑战与不干预个别公司的救助之间取得平衡。\n 万科成立于 1980 年代初期，当时中国经济刚开始开放，凭借为寻求现代生活方式的年轻中产阶级建造公寓而成长为房地产巨头。其大众市场公寓长期以来享有良好的质量形象。这帮助万科在大约十年内保持了中国最大的住宅建筑商地位，直到碧桂园和中国恒大集团超越了它。\n 万科长期以来受益于其最大国有股东深圳地铁集团的支持，该集团为开发商提供了至关重要的生命线。然而，最近几个月，这种支持受到质疑，因为地铁运营商表示计划收紧贷款条件。这一转变引发了万科证券的急剧抛售，使其跌入深度困境。\n\n\n“万科实际上是政府实质性介入救助的第一个案例——却在过程中突然撤回，” 北京 G 资本私募基金管理中心创始人李根表示，该中心专注于中国的高收益债券市场。“这让投资者完全感到意外，毫无疑问会加剧对许多中国公司目前仍依赖的国家支持的透明度和稳定性的担忧。”\n 总部位于南方城市深圳的万科在过去两年中一直面临日益严重的流动性压力，因为持续的房地产低迷削弱了购房者和金融市场的信心。\n 万科报告称，今年前三季度合计亏损 280 亿元，去年全年亏损创纪录的 495 亿元。彭博情报预测，其合同销售面临风险，可能接近 2025 年超过 40% 的最坏情况。这可能导致与 2024 年相比超过 1000 亿元的销售缺口，房地产分析师 Kristy Hung 表示。\n 曾经是一家投资级房地产公司，万科自 2022 年以来未能发行任何离岸债券，其在岸债券融资渠道自 2023 年中期以来也已关闭，进一步加剧了其流动性压力。\n 由于 “违约风险加剧”，其最近被惠誉评级下调至 C，仅比限制性违约高一个级别。如果万科最终违约，这可能进一步打击已经脆弱的住房市场情绪，并影响其他信用状况较弱的开发商，惠誉表示。\n 一位万科官员在本月早些时候的债券持有人会议上指出，深圳地铁已向该开发商提供超过 300 亿元的股东贷款，并表示其努力已经超出了其责任。\n 这家陷入困境的开发商最近开始暗示其正接近全面重组。\n 在最近一次与其他一些银行债权人的面对面小组会议上，该开发商要求其中一些人接受延期利息支付，并给予公司更多时间来制定全面的债务计划。\n 对人民币债券的违约可能会通过任何交叉违约条款对开发商的票据和贷款产生连锁影响。根据巴克莱的数据，万科约 50 亿美元的债务中有 45% 是无担保的，这使其在公司进入重组时特别脆弱。</p>
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万科企业赢得了债券持有人的宽限，暂时避免了违约