<p>萬科企業，曾是大陸最大的開發商，在經歷了前所未有的房地產危機後，獲得了債權人的最後時刻支持，延長了債券寬限期，從而幫助其避免了違約，至少暫時如此。\n 根據週一向 Chinamoney.com 提交的文件，萬科的 20 億元人民幣（約合 2.84 億美元）債券持有人投票支持將寬限期延長至 1 月 28 日。該公司未能在 12 月 15 日到期時支付該證券，這使其進入了一個本應在週一到期的寬限期。\n 但挑戰並未結束。萬科推遲 12 個月的本金償還提案未能通過，只有代表 20.2% 未償還金額的債權人投票支持，遠低於所需的 90% 以上。該開發商還試圖説服投資者接受對一筆 370 億元人民幣的債券的延期支付，該債券將於 12 月 28 日到期。\n 萬科是迄今為止唯一一家在多年房地產危機中避免違約的主要中國房地產公司。該公司擁有 500 億美元的帶息負債，任何最終的違約都將標誌着中國房地產困境的新階段，已經導致 1300 億美元的違約，以及其他開發商的重組和清算，包括碧桂園和中國恒大集團等巨頭。\n 萬科的重組將是中國歷史上最大規模的重組之一。該開發商擁有約 1600 億美元的資產和超過 125,000 名員工。\n 房地產行業的痛苦可以追溯到 2020 年，當時當局引入了被稱為 “三條紅線” 的指標，以遏制開發商的過度槓桿。\n 在沒有任何救助的情況下，萬科仍在朝着潛在的重組或違約的方向前進。這樣的結果將開啓房地產危機的新篇章，幾乎所有債權人現在都在同一條船上，試圖減少損失。\n 許多複雜的重組已經拖延多年。隨着債權人越來越多地接受他們不願意接受的條款，中國 10 家最負債開發商中的 8 家已經在很大程度上，甚至完全，將離岸重組過程拋在了身後。\n 萬科的債務談判困境突顯了政府在試圖復甦因多年房價下跌而受到打擊的消費者信心的經濟時面臨的挑戰。政策制定者長期以來一直試圖在復甦房地產市場的挑戰與不干預個別公司的救助之間取得平衡。\n 萬科成立於 1980 年代初期，當時中國經濟剛開始開放，憑藉為尋求現代生活方式的年輕中產階級建造公寓而成長為房地產巨頭。其大眾市場公寓長期以來享有良好的質量形象。這幫助萬科在大約十年內保持了中國最大的住宅建築商地位，直到碧桂園和中國恒大集團超越了它。\n 萬科長期以來受益於其最大國有股東深圳地鐵集團的支持，該集團為開發商提供了至關重要的生命線。然而，最近幾個月，這種支持受到質疑，因為地鐵運營商表示計劃收緊貸款條件。這一轉變引發了萬科證券的急劇拋售，使其跌入深度困境。\n\n\n“萬科實際上是政府實質性介入救助的第一個案例——卻在過程中突然撤回，” 北京 G 資本私募基金管理中心創始人李根表示，該中心專注於中國的高收益債券市場。“這讓投資者完全感到意外，毫無疑問會加劇對許多中國公司目前仍依賴的國家支持的透明度和穩定性的擔憂。”\n 總部位於南方城市深圳的萬科在過去兩年中一直面臨日益嚴重的流動性壓力，因為持續的房地產低迷削弱了購房者和金融市場的信心。\n 萬科報告稱，今年前三季度合計虧損 280 億元，去年全年虧損創紀錄的 495 億元。彭博情報預測，其合同銷售面臨風險，可能接近 2025 年超過 40% 的最壞情況。這可能導致與 2024 年相比超過 1000 億元的銷售缺口，房地產分析師 Kristy Hung 表示。\n 曾經是一家投資級房地產公司，萬科自 2022 年以來未能發行任何離岸債券，其在岸債券融資渠道自 2023 年中期以來也已關閉，進一步加劇了其流動性壓力。\n 由於 “違約風險加劇”，其最近被惠譽評級下調至 C，僅比限制性違約高一個級別。如果萬科最終違約，這可能進一步打擊已經脆弱的住房市場情緒，並影響其他信用狀況較弱的開發商，惠譽表示。\n 一位萬科官員在本月早些時候的債券持有人會議上指出，深圳地鐵已向該開發商提供超過 300 億元的股東貸款，並表示其努力已經超出了其責任。\n 這家陷入困境的開發商最近開始暗示其正接近全面重組。\n 在最近一次與其他一些銀行債權人的面對面小組會議上，該開發商要求其中一些人接受延期利息支付，並給予公司更多時間來制定全面的債務計劃。\n 對人民幣債券的違約可能會通過任何交叉違約條款對開發商的票據和貸款產生連鎖影響。根據巴克萊的數據，萬科約 50 億美元的債務中有 45% 是無擔保的，這使其在公司進入重組時特別脆弱。</p>

萬科A

萬科企業

<p>萬科企業曾是領先的開發商，通過獲得債券持有人的支持，避免了違約，延長了一筆 20 億元人民幣債券的寬限期。然而，其推遲本金支付的提議未能成功，突顯了持續的財務挑戰。萬科在中國房地產危機中面臨潛在的重組，負債高達 500 億美元。這一情況凸顯了政府在不救助個別企業的情況下，復興房地產市場所面臨的挑戰</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>萬科企業，曾是大陸最大的開發商，在經歷了前所未有的房地產危機後，獲得了債權人的最後時刻支持，延長了債券寬限期，從而幫助其避免了違約，至少暫時如此。\n 根據週一向 Chinamoney.com 提交的文件，萬科的 20 億元人民幣（約合 2.84 億美元）債券持有人投票支持將寬限期延長至 1 月 28 日。該公司未能在 12 月 15 日到期時支付該證券，這使其進入了一個本應在週一到期的寬限期。\n 但挑戰並未結束。萬科推遲 12 個月的本金償還提案未能通過，只有代表 20.2% 未償還金額的債權人投票支持，遠低於所需的 90% 以上。該開發商還試圖説服投資者接受對一筆 370 億元人民幣的債券的延期支付，該債券將於 12 月 28 日到期。\n 萬科是迄今為止唯一一家在多年房地產危機中避免違約的主要中國房地產公司。該公司擁有 500 億美元的帶息負債，任何最終的違約都將標誌着中國房地產困境的新階段，已經導致 1300 億美元的違約，以及其他開發商的重組和清算，包括碧桂園和中國恒大集團等巨頭。\n 萬科的重組將是中國歷史上最大規模的重組之一。該開發商擁有約 1600 億美元的資產和超過 125,000 名員工。\n 房地產行業的痛苦可以追溯到 2020 年，當時當局引入了被稱為 “三條紅線” 的指標，以遏制開發商的過度槓桿。\n 在沒有任何救助的情況下，萬科仍在朝着潛在的重組或違約的方向前進。這樣的結果將開啓房地產危機的新篇章，幾乎所有債權人現在都在同一條船上，試圖減少損失。\n 許多複雜的重組已經拖延多年。隨着債權人越來越多地接受他們不願意接受的條款，中國 10 家最負債開發商中的 8 家已經在很大程度上，甚至完全，將離岸重組過程拋在了身後。\n 萬科的債務談判困境突顯了政府在試圖復甦因多年房價下跌而受到打擊的消費者信心的經濟時面臨的挑戰。政策制定者長期以來一直試圖在復甦房地產市場的挑戰與不干預個別公司的救助之間取得平衡。\n 萬科成立於 1980 年代初期，當時中國經濟剛開始開放，憑藉為尋求現代生活方式的年輕中產階級建造公寓而成長為房地產巨頭。其大眾市場公寓長期以來享有良好的質量形象。這幫助萬科在大約十年內保持了中國最大的住宅建築商地位，直到碧桂園和中國恒大集團超越了它。\n 萬科長期以來受益於其最大國有股東深圳地鐵集團的支持，該集團為開發商提供了至關重要的生命線。然而，最近幾個月，這種支持受到質疑，因為地鐵運營商表示計劃收緊貸款條件。這一轉變引發了萬科證券的急劇拋售，使其跌入深度困境。\n\n\n“萬科實際上是政府實質性介入救助的第一個案例——卻在過程中突然撤回，” 北京 G 資本私募基金管理中心創始人李根表示，該中心專注於中國的高收益債券市場。“這讓投資者完全感到意外，毫無疑問會加劇對許多中國公司目前仍依賴的國家支持的透明度和穩定性的擔憂。”\n 總部位於南方城市深圳的萬科在過去兩年中一直面臨日益嚴重的流動性壓力，因為持續的房地產低迷削弱了購房者和金融市場的信心。\n 萬科報告稱，今年前三季度合計虧損 280 億元，去年全年虧損創紀錄的 495 億元。彭博情報預測，其合同銷售面臨風險，可能接近 2025 年超過 40% 的最壞情況。這可能導致與 2024 年相比超過 1000 億元的銷售缺口，房地產分析師 Kristy Hung 表示。\n 曾經是一家投資級房地產公司，萬科自 2022 年以來未能發行任何離岸債券，其在岸債券融資渠道自 2023 年中期以來也已關閉，進一步加劇了其流動性壓力。\n 由於 “違約風險加劇”，其最近被惠譽評級下調至 C，僅比限制性違約高一個級別。如果萬科最終違約，這可能進一步打擊已經脆弱的住房市場情緒，並影響其他信用狀況較弱的開發商，惠譽表示。\n 一位萬科官員在本月早些時候的債券持有人會議上指出，深圳地鐵已向該開發商提供超過 300 億元的股東貸款，並表示其努力已經超出了其責任。\n 這家陷入困境的開發商最近開始暗示其正接近全面重組。\n 在最近一次與其他一些銀行債權人的面對面小組會議上，該開發商要求其中一些人接受延期利息支付，並給予公司更多時間來制定全面的債務計劃。\n 對人民幣債券的違約可能會通過任何交叉違約條款對開發商的票據和貸款產生連鎖影響。根據巴克萊的數據，萬科約 50 億美元的債務中有 45% 是無擔保的，這使其在公司進入重組時特別脆弱。</p>
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萬科企業贏得了債券持有人的寬限，暫時避免了違約