Vanke successfully extended the maturity of two bonds, and Shenzhen Metro Group lent an additional 2.36 billion yuan.
On the evening of January 27, Vanke A (000002.SZ) successively disclosed significant announcements. The proposals to extend the maturity of two medium - term notes totaling 5.7 billion yuan under its umbrella were unanimously approved by bondholders. Meanwhile, Shenzhen Metro Group Co., Ltd. (hereinafter referred to as "Shenzhen Metro Group"), its largest shareholder, simultaneously provided a loan of up to 2.36 billion yuan, injecting crucial impetus into the company to ease short - term liquidity pressure and resolve debt risks.
Industry insiders speculate that Vanke had been seeking a full - term extension of the above two bonds and was reluctant to make large - scale cash payments in the short term. The sudden change in the plan this time may not have been proposed by Vanke itself but in response to policy guidance. Most likely, this working capital comes from the loan provided by Shenzhen Metro Group.
The two bonds whose maturities were extended are "22 Vanke MTN004" and "22 Vanke MTN005", with issuance scales of 2 billion yuan and 3.7 billion yuan respectively. The extension matters of both bonds had been promoted multiple times before. After multiple rounds of games and plan optimization, a breakthrough was finally achieved at the non - on - site meeting of bondholders on January 27. Among them, all 20 holders of "22 Vanke MTN004" unanimously agreed to the extension, and 33 holders of "22 Vanke MTN005" voted unanimously in favor. The proportion of voting rights in favor of the two core extension proposals reached 100%, with no votes against or abstained.
According to the announcement, the core terms of the extension plans for the two bonds are consistent, taking into account the liquidity requirements of different creditors and the company's debt - repayment ability. Specifically, Vanke will make a fixed payment arrangement of 100,000 yuan to the accounts of holders who voted in favor on January 28, 2026. After deducting this part, 40% of the remaining principal will be paid off on the same day, and the unpaid interest and the interest for the corresponding interest - accruing period of the 40% principal will also be settled on that day. The remaining 60% of the principal will be extended for one year. "22 Vanke MTN004" will be extended to December 15, 2026, and "22 Vanke MTN005" will be extended to December 28, 2026. The coupon rate will remain unchanged at 3.00% during the extension period.
To further safeguard the rights and interests of creditors, the plan also specifies a number of credit - enhancement measures. Vanke promises to provide guarantees by pledging the accounts receivable of several of its project companies: "22 Vanke MTN004" corresponds to the accounts receivable of three enterprises such as Shenzhen Rongxing Real Estate Development Co., Ltd. and Langfang Wanheng Shengye Real Estate Development Co., Ltd., while "22 Vanke MTN005" is associated with the accounts receivable of three entities such as Shenzhen Zhongwan Huakai Industrial Investment Co., Ltd. and Xi'an Yiheyuan Industrial Co., Ltd. At the same time, the company is required to complete all guarantee registration procedures within 60 working days after the proposal is passed; otherwise, creditors have the right to declare the principal and interest due immediately.
While the bond extension plan was implemented, the liquidity support from the major shareholder, Shenzhen Metro Group, was also in place. Vanke's announcement shows that Shenzhen Metro Group will provide the company with a loan of up to 2.36 billion yuan with a term of 36 months, which is specifically used to repay the principal and interest of the bonds issued by the company in the public market. This loan adopts a phased withdrawal model. In the early stage, the repayment will be made semi - annually, with each repayment being 0.5% of the withdrawal amount. The later - stage repayment will be carried out in accordance with the agreement. The loan interest rate is 2.34%, following the market - oriented principle and not inferior to the current borrowing interest rate level of the company from financial institutions. Shenzhen Metro Group has the right to require Vanke to provide corresponding guarantees, and the relevant guarantee measures will take effect after the listed company completes the resolution procedures.
It is worth noting that the amount of the loan from Shenzhen Metro this time is highly consistent with the scale of the principal and interest of the bonds that Vanke needs to pay off in the current period. According to the extension plan, Vanke needs to pay a total of approximately 2.461 billion yuan for the two bonds this time, and the 2.36 billion - yuan loan provided by Shenzhen Metro will effectively fill this part of the capital gap.
Liu Shui, the director of enterprise research at the China Index Academy, said that after this debt extension negotiation, Vanke's relevant personnel will have a deeper understanding of the creditors' demands, which will be of positive help for the design of the extension plans for Vanke's other bonds. It is worth noting that having sufficient effective assets will be an important test for Vanke's future bond extensions. In the current situation, it is very important to have credit - enhancement guarantee measures for bond extensions; otherwise, it is difficult for creditors to agree to the extension. In recent years, real - estate prices across the country have dropped significantly, and many projects are insolvent or have poor returns. Whether Vanke can provide enough effective assets as credit - enhancement guarantees will be an important test in the future bond extension process.
With the successful extension of these two bonds, coupled with the implementation of the extension of the 1.1 - billion - yuan bond "21 Vanke 02" on January 21, Vanke's recent debt disposal work has come to a temporary end, and there are no other domestic public bonds due in the first quarter of this year. However, Vanke still faces medium - and long - term debt - repayment pressure. Data shows that Vanke has more than 12 billion yuan of domestic bonds to be repaid in 2026, and in 2027, it will also face the repayment pressure of 7 billion yuan of overseas bonds and more than 3 billion yuan of domestic bonds.