Vanke знову шукає пролонгацію за черговим публічним боргом: залишок 2 млрд юанів, первісна дата погашення — 23 квітня

Vanke again issues another public bond seeking an extension.

On April 3, the website of the National Association of Financial Market Dealers in the Interbank Market of China showed that Bank of Communications Co., Ltd., as the convener, released an announcement regarding convening the first bondholder meeting of Vanke Enterprise Co., Ltd.’s 2023 annual first tranche of medium-term notes (abbreviated as “23 Vanke MTN001”) for the year 2026, the first time.

The 23 Vanke MTN001 involved in this meeting has the original principal repayment date set for April 23, 2026, the outstanding bond balance of 2 billion yuan, the interest-bearing bond interest rate during the interest period of 3.11%, and the management institution for the existence period being Bank of Communications Co., Ltd.

The announcement shows that, in order to solidly advance the principal and interest repayment work for this bond issue, a bondholder meeting is being specifically convened to deliberate on relevant matters related to the extension of this bond. The meeting time is April 17, 2026 at 10:00.

According to the meeting agenda procedures, as the convener, Bank of Communications will, before April 8, 2026, send the meeting agenda to the bondholders through the existence-period service system, email, fax, or other means, or disclose the meeting agenda. The issuer and bondholders that individually or jointly hold more than 10% of the balance of the relevant debt financing instruments of the same period may, before April 10, 2026 at 23:59, propose supplementary agendas to the convener through the existence-period service system or in other written forms. The convener will, before April 14, 2026, send the final agenda to the bondholders through the existence-period service system, email, fax, or other means, or disclose the final agenda.

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

This is the first bond this year after the Spring Festival that Vanke is seeking an extension for. Looking back at Vanke’s previous debt disposal, it began seeking extensions for bonds starting in November last year, and in January this year multiple public bonds had already completed voting on extensions. Among them, two medium-term notes with a total of 5.7 billion yuan (“22 Vanke MTN004”, “22 Vanke MTN005”) had their extension proposals approved by creditors. Vanke, while implementing fixed repayments of no more than 100k yuan, adjusted the principal repayment and payment arrangements for the medium-term notes: 40% of the principal of the medium-term notes is repaid first, and the remaining 60% receives a 1-year extension. In addition, a proposal to adjust the repayment of principal and interest for the repurchase portion of the “21 Vanke 02” bond involving 1.1 billion yuan was also effectively approved earlier.

Regarding the progress of managing risks and debts that the market is concerned about and the strategy to respond for the subsequent debt management, on March 31 this year, Vanke’s management, in its reply to investors’ questions, stated that since 2025, the company has been carrying out self-rescue efforts with full force, and with the support of various parties, especially major shareholders, it has steadily advanced the work of managing risks and debts. As of now, it has completed repayment of 33.2 billion yuan in maturing bonds, maintaining the overall stability of existing debt. In January 2026, under some repayment arrangements, it achieved extensions for three publicly issued bonds nearing maturity. But due to the impact of multiple internal and external factors, the company’s current operating situation remains extremely severe. Vanke admitted that in the past, when major changes occurred in the supply-demand relationship in the real estate market, the company failed to break away in a timely manner from the expansion inertia characterized by high leverage, rapid turnover, and high debt, resulting in problems such as dispersed investment and development layout, excessive expansion into multiple tracks, and a high dependence on headquarters financing, bringing enormous challenges to the current work of managing risks and debts.

Based on the data disclosed by Vanke, in 2026, Vanke is still facing publicly issued bonds due in total of 14.68 billion yuan, of which 11.27 billion yuan will be concentrated due from April to July, making the repayment pressure particularly prominent.

Vanke’s management said the company will adhere to a candid and pragmatic attitude, maintain close communication and negotiation with creditors, and, with the goal of safeguarding the long-term interests of all parties, actively seek durable solutions for resolving debt issues in light of the company’s actual operating conditions. It also sincerely asks all parties to continue to provide understanding, support, and tolerance, move in the same direction as the company, and provide the company with time and space to resolve risks.

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

For the large loss during the year, Vanke explained in the annual report that the loss amount was further expanded compared with 2024, mainly due to the overlapping impact of multiple factors, such as certain high-land-price projects entering the settlement period, newly accrued provisions for inventory write-downs, and credit impairment. Vanke admitted that the company’s performance loss is influenced not only by external factors, but also by internal factors such as past operational missteps. The company’s management has continued to optimize management, reduce costs and increase efficiency, and strengthen compliance building, but resolving the burdens and problems formed by the prior development model of “high debt, rapid turnover, and high leverage” will still take time.

Reporter from The Paper: Ji Simin

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