<p>中國萬科企業股份有限公司（萬科），在前所未有的房地產危機中，至今仍是最後一家避免違約的主要開發商，但在債權人拒絕其推遲即將到期的債券支付提案後，幾乎沒有時間來避免債務違約。</p>
<p>曾是中國最大的房地產開發商，萬科未能獲得足夠的支持來推遲支付今天到期的 20 億元人民幣（約合 2.8351 億美元）債券，根據週六晚間向全國金融市場機構投資者協會提交的文件顯示。</p>
<p>該提案以及其他兩個提案將允許延長一年，但所有三個提案都未能獲得超過 90% 的支持，無法通過。</p>
<p>這使得萬科面臨的局面凸顯了中國在擺脱進入第五年的房地產債務危機時所面臨的更廣泛挑戰。這一衰退引發了創紀錄的違約和碧桂園、恒大等房地產巨頭的清算或重組。</p>
<p>萬科必須在今天結束前或在五個工作日的寬限期內找到資金支付債券，或者達成某種單獨協議以推遲截止日期。如果寬限期結束時沒有支付且沒有其他協議，債權人可能會宣佈違約——這一結果曾是不可想象的。</p>
<p>萬科長期以來受益於許多投資者對當局會幫助其維持運營的看法。這一信念基於該公司的最大股東是國有的深圳地鐵集團。</p>
<p>事實上，來自深圳地鐵的超過 300 億元的股東貸款提供了關鍵的生命線，幫助這家資金緊張的開發商避免了今年的違約。</p>
<p>然而，過去幾個月，深圳地鐵表示計劃收緊借貸條件，這一支持受到了審視。這一轉變導致萬科的證券價格大幅下跌，陷入嚴重困境。</p>
<p>一週前，深圳的金融和國有資產監管機構要求債券持有人理解萬科當前的財務壓力。</p>
<p>“投票結果表明，監管指導並沒有改變任何事情，使得萬科與投資者達成共識變得非常困難，” 信用研究公司瑞霆狗的創始人姚煜表示。“萬科很可能會提出另一項動議，將五個工作日的寬限期延長至 30 個工作日，從而為各方留出餘地。”</p>
<p>沒有債權人支持萬科原本的推遲地方債的計劃，該計劃是對本金和利息的 12 個月延遲，而不需要任何預付款或分期付款。</p>
<p>另外兩個提案在後期宣佈，要求開發商增加信用增強措施並按時支付利息，分別獲得持有 83.4% 和 18.95% 債券未償還金額的投資者的支持。</p>
<p>一些市場觀察人士，包括森林資本香港有限公司的聯合創始人李歡，表示全面債務重組是不可避免的，因為即使萬科能夠通過延期，也無法解決根本問題。</p>

萬科企業

萬科A

<p>萬科企業曾是中國最大的房地產開發商，面臨潛在違約風險，因為債權人拒絕了其推遲 20 億元債券支付的提議。該公司必須在今天或五天的寬限期內支付，否則將面臨違約。儘管之前獲得支持，萬科的財務壓力因深圳地鐵收緊借貸條件而加劇。分析師表示，全面債務重組可能是不可避免的</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>中國萬科企業股份有限公司（萬科），在前所未有的房地產危機中，至今仍是最後一家避免違約的主要開發商，但在債權人拒絕其推遲即將到期的債券支付提案後，幾乎沒有時間來避免債務違約。</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>曾是中國最大的房地產開發商，萬科未能獲得足夠的支持來推遲支付今天到期的 20 億元人民幣（約合 2.8351 億美元）債券，根據週六晚間向全國金融市場機構投資者協會提交的文件顯示。</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>該提案以及其他兩個提案將允許延長一年，但所有三個提案都未能獲得超過 90% 的支持，無法通過。</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>這使得萬科面臨的局面凸顯了中國在擺脱進入第五年的房地產債務危機時所面臨的更廣泛挑戰。這一衰退引發了創紀錄的違約和碧桂園、恒大等房地產巨頭的清算或重組。</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>萬科必須在今天結束前或在五個工作日的寬限期內找到資金支付債券，或者達成某種單獨協議以推遲截止日期。如果寬限期結束時沒有支付且沒有其他協議，債權人可能會宣佈違約——這一結果曾是不可想象的。</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>萬科長期以來受益於許多投資者對當局會幫助其維持運營的看法。這一信念基於該公司的最大股東是國有的深圳地鐵集團。</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>事實上，來自深圳地鐵的超過 300 億元的股東貸款提供了關鍵的生命線，幫助這家資金緊張的開發商避免了今年的違約。</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，過去幾個月，深圳地鐵表示計劃收緊借貸條件，這一支持受到了審視。這一轉變導致萬科的證券價格大幅下跌，陷入嚴重困境。</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>一週前，深圳的金融和國有資產監管機構要求債券持有人理解萬科當前的財務壓力。</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>“投票結果表明，監管指導並沒有改變任何事情，使得萬科與投資者達成共識變得非常困難，” 信用研究公司瑞霆狗的創始人姚煜表示。“萬科很可能會提出另一項動議，將五個工作日的寬限期延長至 30 個工作日，從而為各方留出餘地。”</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>沒有債權人支持萬科原本的推遲地方債的計劃，該計劃是對本金和利息的 12 個月延遲，而不需要任何預付款或分期付款。</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>另外兩個提案在後期宣佈，要求開發商增加信用增強措施並按時支付利息，分別獲得持有 83.4% 和 18.95% 債券未償還金額的投資者的支持。</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>一些市場觀察人士，包括森林資本香港有限公司的聯合創始人李歡，表示全面債務重組是不可避免的，因為即使萬科能夠通過延期，也無法解決根本問題。</p>
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萬科企業在投票後避免違約的途徑變得狹窄