Vanke has launched four debt conversion plans: the highest plan is to redeem 40% of the principal.

On January 15, the Shanghai Clearing House announced that a meeting of holders of Vanke's "22 Vanke MTN004" will be held on January 21. Facing the imminent pressure of maturing debts, Vanke presented four special proposals at this meeting, providing holders with differentiated choices ranging from a "full extension" to a "partial redemption". In terms of core principal redemption, the range of the proposals is quite wide: Proposal One seeks the most basic "full extension for 12 months"; Proposal Three suggests a "40% principal redemption + 60% extension for one year" plan; Proposal Four, meanwhile, is more moderate, proposing an initial redemption of 5% of the principal. In exchange for space, Proposals Two and Four simultaneously apply to significantly extend the grace period for principal and interest redemption from 30 trading days to 90 trading days, in order to avoid short-term default risks. To strive for the high threshold of over 90% approval, Vanke also put forward substantial chips: in Proposals Three and Four, it promises to implement a fixed redemption of 100,000 yuan to holders who agree with the proposals first, and Proposal Three even packages and pledges the accounts receivable of three project companies in Shenzhen, Langfang, and Beijing as credit enhancement measures. The introduction of these four sets of proposals shows that Vanke is trying to seek the maximum common ground with creditors through a combination of multiple dimensions in a limited funding pool.