On January 19, information from Tianyancha revealed that China Vanke Co., Ltd. recently had a new enforcement case filed against it. Together with Changsha Vanke Enterprise Co., Ltd., it was subject to enforcement立案 on January 14, with the subject matter amounting to approximately 1.09 billion yuan.
This marks the first enforcement incident involving China Vanke following its bond extension events. The company's previous enforcement case occurred in May 2023, handled by the Weiyang District People's Court in Xi'an, involving a sum of 3,393 yuan.
Furthermore, China Vanke is involved in 14 equity freeze matters, all occurring in 2025, with the total corresponding equity value amounting to approximately 2.758 billion yuan. The cases are concentrated in Guangdong Province, Hunan Province, Liaoning Province, Jiangsu Province, and Shanghai.
Various signs indicate the critical situation facing China Vanke.
Since November 2025, two domestic bonds issued by China Vanke, with a combined principal of 5.7 billion yuan, have successively sought extensions. In a "tug-of-war" with creditors, Vanke's extension proposals were repeatedly rejected until mid-January 2026, when it submitted a third version of the plan that clarified the credit enhancement targets.
According to the summary of proposals for the first bondholders' meeting in 2026, there are four proposals on the agenda for the "22 Vanke MTN004" meeting.
Proposal One suggests extending the principal repayment date of "22 Vanke MTN004" by 12 months, with the adjusted payment date set for December 15, 2026. Regarding interest payments, the 60 million yuan interest payable due on December 15, 2025, will be paid during the grace period, specifically by January 28, 2026. Unpaid principal during the grace period will accrue interest at 3%, and unpaid interest will not compound.
During the extension period (December 15, 2025, to December 15, 2026), the coupon rate for this medium-term note will remain unchanged at 3%. The additional interest accrued during the extension period will be paid together with the principal repayment, with interest settled upon principal payment.
Most importantly are the credit enhancement measures. This time, China Vanke承诺 to provide accounts receivable pledges from three project companies (Shenzhen Rongxing Real Estate, Langfang Wanheng Shengye Real Estate, and Beijing Youtai Real Estate) as credit enhancement guarantees for the unpaid principal and interest of this medium-term note.
If the proposal is passed, the issuer承诺 to coordinate and ensure that the relevant entities sign and complete the relevant credit enhancement guarantee procedures with the bond agent within 60 working days from the date the proposal is voted through. If not executed on time, creditors can declare the immediate maturity and payment of the principal and interest of this note by convening a bondholders' meeting.
"Proposal Three" and "Proposal Four" put forward two other schemes for principal and interest payment, both mentioning the establishment of a fixed payment arrangement. Specifically, for each holder's account that participates in this meeting and votes in favor of at least one of Proposal Three or Four, the issuer will make a 100,000 yuan payment on January 28, 2026. The relevant principal will not accrue interest from December 15, 2025, to January 28, 2026.
"Proposal Three" further requires that 40% of the principal of this note (after deducting any principal already paid through the fixed payment arrangement, if applicable) be paid on January 28, 2026, with the remaining 60% of the principal extended for one year, with the payment date set for December 15, 2025.
The requirement of "Proposal Four" is that 5% of the principal of this medium-term note (after deducting any principal already paid through the fixed payment arrangement, if applicable) be paid on January 28, 2026. This portion of the principal will not accrue interest from December 15, 2025, to January 28, 2026, while unpaid principal during the grace period will accrue interest at 3.00%.
The extension plan for "22 Vanke MTN005" is similar, and the meeting also includes four proposals for审议.
Specifically, "Proposal One" proposes a 12-month principal extension, with the maturity payment date set for December 28, 2026. The originally due interest of 111 million yuan will be paid by February 10, 2026. The note's interest rate will remain at 3% during the extension period, with newly accrued interest settled upon principal payment.
Regarding credit enhancement担保 measures, "22 Vanke MTN005" offers accounts receivable pledges from three project companies: Shenzhen Zhongwan Huakai Industrial Investment, Xi'an Yiheyuan Industrial, and Shenzhen Wanxin Future City Manufacturing. These will also be implemented within 60 working days from the date the proposal is voted through.
Simultaneously, "Proposal Three" and "Proposal Four" for "22 Vanke MTN005" also include an added fixed payment arrangement of 100,000 yuan, required to be paid on January 28, 2026.
Furthermore, "Proposal Three" requires the payment of 40% of the remaining principal on January 28, 2026, with the other 60% extended for one year. The originally due interest of 111 million yuan and the interest on the aforementioned 40% principal for the period from December 28, 2025, to January 28, 2026 (31 days) will be paid during the grace period, specifically by January 28, 2026.
"Proposal Four" also mentions that 5% of the note's principal (after deducting any principal already paid through the fixed payment arrangement, if applicable) will be paid on January 28, 2026. This portion of the principal will not accrue interest from December 28, 2025, to January 28, 2026, while unpaid principal during the grace period will accrue interest at 3%.
The bondholders' meetings for "22 Vanke MTN004" and "22 Vanke MTN005" are scheduled for January 21, 2026. However, the voting deadline for "22 Vanke MTN004" proposals is January 26, 2026, and the voting deadline for "22 Vanke MTN005" is January 27.
Time is running out for Vanke.
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