China Vanke enters grace period for RMB2bn medium-term notes

China Vanke Co. has entered a 5-working-day grace period for its RMB20 million (fourth tranche) medium-term notes, 22 Vanke MTN004, due on December 15, 2025. This follows the rejection of three special resolutions at the first bondholders' meeting of 2025, held on December 10, 2025. These resolutions aimed to adjust principal and interest payment arrangements and introduce additional credit enhancement measures. None of the proposals garnered the required 90% approval from bondholders.

The company will convene a second bondholders' meeting during the grace period to discuss relevant arrangements. Interest during the grace period will be calculated at 5 basis points above the original coupon rate, which is 3%. China Vanke Co. has expressed its commitment to communicate honestly with all parties, study and improve initiatives, and seek solutions to safeguard long-term common interests.