Vanke снова ищет отсрочку по очередному публичному долгу: остаток составляет 20 млрд юаней, первоначальная дата погашения — 23 апреля.

Vanke again seeks an extension of another publicly issued bond.

On April 3, the official website of the National Association of Financial Market Institutional Investors under the Interbank Market China Banking Association showed that Bank of Communications Co., Ltd. as convener published an announcement on convening the first meeting of bondholders in 2026 for Vanke Enterprise Co., Ltd.’s 2023年度第一期中期票据 (abbreviated as “230k科MTN001”).

The 230k科MTN001 covered by this meeting had an original principal redemption date of April 23, 2026, with a bond balance of 2 billion yuan, an interest period bond interest rate of 3.11%, and the bond continuation period management institution being Bank of Communications Co., Ltd.

The announcement shows that in order to properly advance the principal and interest redemption work for this bond, a bondholder meeting will be convened to deliberate on the extension-related matters for this bond. The meeting time is April 17, 2026 at 10:00.

According to the meeting agenda procedures, the convener, Bank of Communications, will, before April 8, 2026, send the meeting proposal to bondholders through the continuation period service system, email, fax, or other means, or disclose the meeting proposal. The issuer, or bondholders holding 10% or more of the balance of the relevant debt financing instruments during the same period, may submit supplemental proposals to the convener before April 10, 2026 at 23:59 through the continuation period service system or in other written forms. The convener will, before April 14, 2026, send the final proposal to bondholders through the continuation period service system, email, fax, or other means, or disclose the final proposal.

Under the arrangement, bondholders should submit voting receipts through the continuation period service system before April 20, 2026 at 17:00, or send the voting receipts to the convener.

This is the first bond that Vanke has sought an extension for after this year’s Spring Festival. Looking back at Vanke’s previous debt resolution efforts, it began seeking bond extensions from November last year, and this year in January, multiple publicly issued bonds had already completed extension voting. Among them, two medium-term notes totaling 5.7 billion yuan (”220k科MTN004”, ”220k科MTN005”) had their extension proposal approved by creditors. Vanke, while implementing fixed redemption of no more than 100k yuan, adjusted the principal redemption and payment arrangements—namely, 40% of the principal of the medium-term notes would be redeemed in advance, and the remaining 60% would receive a 1-year extension. In addition, the principal and interest redemption adjustment proposal related to the repurchase portion of the 1.1 billion yuan “210k科02” bond was also previously approved effectively.

Regarding the progress in risk mitigation and the strategy to respond in subsequent risk mitigation, on March 31 of this year, Vanke’s management, in its reply to investor questions, stated that since 2025, the company has been fully carrying out self-rescue efforts, and with support from various parties, especially the controlling shareholders, it has steadily advanced the risk mitigation and debt resolution work. As of now, it has completed the repayment of maturing bonds totaling 32.2 billion yuan and maintained overall stability of existing debt. In January 2026, under certain repayment arrangements, the company achieved an extension for three publicly issued bonds due soon. However, due to multiple internal and external factors, the company’s current operating conditions remain extremely severe. Vanke candidly stated that when major changes occurred in the supply-and-demand relationship in the real estate market historically, the company failed to timely shake off the expansion inertia characterized by high leverage, fast turnover, and high liabilities. It encountered issues such as dispersed investment and layout, excessive expansion into multiple tracks, and a high dependence on financing from the headquarters, which has brought enormous challenges to the current risk mitigation and debt resolution work.

Based on the data disclosed by Vanke, in 2026 Vanke still faces a total of 14.68 billion yuan of publicly issued bonds due. Among them, 11.27 billion yuan is concentrated due from April to July, and the redemption pressure is particularly prominent.

Vanke’s management said the company will adhere to a candid and pragmatic attitude, maintain close communication and consultation with creditors, and take the protection of the long-term interests of all parties as the starting point. Combined with the company’s actual operating situation, it will actively seek long-term debt resolution solutions. The company also sincerely asks all parties to continue providing understanding, support, and tolerance, and to move in the same direction as the company, giving the company the time and space to resolve risks.

Also, based on the annual report data that Vanke disclosed on March 31, in 2025 it achieved operating revenue of 233.43 billion yuan, a year-on-year decrease of 32.0%; net losses attributable to shareholders of listed companies were 88.56 billion yuan; and basic loss per share was 7.45 yuan, a year-on-year decrease of 78.4%.

For the large losses during the full year, Vanke explained in its annual report that the losses were mainly affected by multiple factors, including some projects with high land prices entering the settlement period, additional provisions for inventory price decline and credit impairment, and others, causing the loss amount to further expand compared with 2024. Vanke said candidly that the loss from performance is influenced not only by external factors, but also by internal factors such as past operational missteps. The company’s management has continuously optimized management, reduced costs and increased efficiency, and strictly enforced compliance building, but it still will take time to resolve the burdens and problems formed by the previously adopted development model of “high liabilities, fast turnover, and high leverage.”

Pengpai News reporter Ji Simin

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