Vanke delays bond repayment, enters grace period after proposals fail

China Vanke disclosed on the National Association of Financial Market Institutional Investors (NAFMII) website the "reply announcement on the first bondholder meeting in 2025 for the 2022 fourth tranche medium-term notes." The meeting, held on December 10, 2025, considered three special proposals related to repayment arrangements and credit enhancement for the 22 Vanke MTN004 notes, with an outstanding balance of CNY 200,000,000. All three proposals failed to pass as they did not achieve the required 90/100 majority of voting rights.

Concurrently, Vanke announced on the NAFMII website "announcement on the principal and interest repayment arrangements during the grace period of the 2022 fourth tranche medium-term notes." The 22 Vanke MTN004 notes, with a maturity date of December 15, 2025, will enter a five-business-day grace period as per the bond's prospectus. During this period, any unpaid principal and interest will accrue interest at the coupon rate plus 5 basis points.

Vanke acknowledges the outcomes of the bondholder meeting and expresses regret for the impact on stakeholders. The company plans to convene a second bondholder meeting during the grace period to continue discussions, explore alternative solutions, and safeguard the long-term interests of all parties.