"230k Vanke MTN001" seeks extension; bond balance of 2 billion yuan

Cailian Press, April 3 (Reporter Wang Haichun) Vanke has another bond, seeking an extension.

According to information disclosed by the Shanghai Clearing House on the evening of April 3, Vanke Enterprise Co., Ltd. 2023 annual first tranche of medium-term notes—its 2026 First Holders Meeting—plans to convene on April 17.

Regarding the background for convening this meeting, the announcement states clearly that, to prudently advance principal and interest repayment for this bond, a holders meeting will be specially convened to deliberate extension-related matters for this bond.

Basic information on “23 Vanke MTN001” shows that the bond’s principal repayment date is April 23, 2026, the outstanding bond balance is RMB 2 billion, and the interest rate for this interest period is 3.11%.

The announcement shows that the issuer, or holders that individually or collectively hold more than 10% of the outstanding balance of the relevant debt financing instruments for the same period, may, by no later than 23:59 on April 10, 2026, submit supplementary proposals to the convener through the continuing-service system or in other written forms.

The bond credit registration date for this meeting is April 16, and the meeting is scheduled for April 17. According to the voting procedure, holders should submit voting receipts through the continuing-service system by 17:00 on April 20, 2026, or send the voting receipts to the convener.

A few days before the above information was released, Vanke just published its 2025 annual report.

The annual report shows that, with strong support from various parties and major shareholders, Vanke Group has been steadily advancing reform and risk management, doing its utmost to defuse debt risks and ensure stable production and operations. In 2025, Vanke achieved sales of RMB 134.06 billion; its operating service business maintained steady operations, and full-coverage revenue was RMB 58.01 billion.

During the reporting period, Vanke continued to carry out bulk asset transactions, completing transactions across 31 projects with signed amounts of RMB 11.3 billion; by activating and optimizing existing resources, it added and improved production capacity totaling RMB 33.8 billion; it successfully exited the snow and ice business segment, achieving the group’s strategy tightening and focus convergence, as well as optimization of its business portfolio.

On the financing front, Vanke proactively sought support from various financial institutions, adding financing and refinancing of RMB 28 billion throughout the year (excluding shareholder loans). The comprehensive cost of existing financing was 3.02%, down 85 basis points from the end of last year. Major shareholder Shenzhen Metro Group provided support through market-oriented and rule-of-law approaches; as of the date of disclosure of this report, it has provided shareholder loans totaling RMB 33.52 billion.

At the same time, Vanke is also advancing cost reduction and efficiency improvement by systematically compressing various expense outlays. The development business management expenses have achieved a consecutive two-year decline. Platform costs or administrative expenditures for the long-lease apartment, commercial, and logistics warehousing businesses have also decreased, respectively.

Public information shows that starting from November 2025, the company successively initiated extension negotiation procedures for two medium-term notes, “22 Vanke MTN004” and “22 Vanke MTN005,” as well as one corporate bond, “H1 Vanke 02” (originally “21 Vanke 02”). At present, the extension resolution has already been passed through voting at the bondholders’ meeting.

“Looking ahead, the company will continue to go all out to advance business improvement, and through measures such as strategic focus, standardized operations, and technology enablement, will promote optimization of business layout and structural adjustment, and enhance development and operational capabilities across multiple scenarios. The company and everyone within it will unite and pool efforts, address risks in an orderly manner, break free from difficulties, and help the company get out of the low point as soon as possible.” Vanke said.