Following the rejection of a 2 billion yuan medium-term note extension on December 22, Vanke's “220,000 MTN005” rollover plan with a scale of 3.7 billion yuan also failed to be approved by creditors on December 26. Why is Vanke, which has 100 billion in book assets, unable to convince creditors? The core contradiction is its huge cooperative development model. Some creditors revealed that Vanke explained during the meeting that due to its high share of cooperative projects, a large amount of consolidated assets cannot be directly used to increase credit for the Group's headquarters debt. The industry believes that Vanke proposed a “military mitigation plan” twice, with the intention of “exchanging time for space,” speeding up the sale of assets in exchange for cash flow within a tight window period, and seeking opportunities for negotiations with creditors to restructure debts.

Following the rejection of a 2 billion yuan medium-term note extension on December 22, Vanke's “220,000 MTN005” rollover plan with a scale of 3.7 billion yuan also failed to be approved by creditors on December 26. Why is Vanke, which has 100 billion in book assets, unable to convince creditors? The core contradiction is its huge cooperative development model. Some creditors revealed that Vanke explained during the meeting that due to its high share of cooperative projects, a large amount of consolidated assets cannot be directly used to increase credit for the Group's headquarters debt. The industry believes that Vanke proposed a “military mitigation plan” twice, with the intention of “exchanging time for space,” speeding up the sale of assets in exchange for cash flow within a tight window period, and seeking opportunities for negotiations with creditors to restructure debts.