China Vanke, the latest developer to teeter in the country’s long-running real estate crisis, said bondholders agreed to a plan that gave the company a 30-day grace period to negotiate repayment of a $285 million bond.

房地产开发商万科表示，其债券持有人已同意一项方案，给予公司30天的宽限期来协商偿还一笔20亿元人民币的债券。万科是中国旷日持久的房地产危机中又一家陷入困境的公司。

Approval from bondholders after a vote on Monday provided Vanke with a temporary lifeline, preventing the company from immediately tipping into default for failing to repay a bond that matured on Dec. 15. However, the bondholders again rejected Vanke’s proposal to delay repayment by one year.

债券持有人周一的投票结果为万科提供了暂时的喘息之机，避免其因未能偿还一笔于12月15日到期的债券而立即陷入违约的境地。不过，债券持有人再次否决了万科将还款期限延长一年的提议。

Vanke, which has more than 126,000 employees and carries more than $50 billion in debt, has until Jan. 28 to reach a deal to either delay payments or pay the principal to avoid default, according to a filing with the Hong Kong Stock Exchange.

根据提交给港交所的一份文件，万科拥有超过12.6万名员工，负债逾500亿美元，公司必须在1月28日前达成协议，或推迟付款，或偿还本金来避免违约。

Vanke is the latest and most urgent test of the government’s handling of China’s long-running real estate crisis, which has unsettled the economy and challenged policymakers’ resolve on whether to bail out debt-laden developers, even if doing nothing risks pushing the financial system to the brink.

万科成为检验中国政府如何应对长期房地产危机的最新、最紧迫的考验。这场危机已扰乱经济，并考验政策制定者是否有决心救助负债累累的开发商——即便袖手旁观可能会将金融体系推向崩溃的边缘。

Chinese officials did not intervene to rescue China Evergrande or Country Garden, once considered the country’s two largest developers, as both crumbled under the weight of enormous debts. Evergrande filed for bankruptcy protection two years ago. Around that time, Country Garden defaulted on a bond, with some creditors pushing the company to liquidate.

中国官员此前并未出手拯救曾被视为中国最大两家房地产开发商的恒大和碧桂园，两间公司最终都在巨额债务的重压下崩溃。恒大两年前申请了破产保护。大约在同一时期，碧桂园也发生债券违约，部分债权人要求对其进行清算。

Vanke was viewed differently from the two privately held developers because its largest shareholder is the state-owned railroad company Shenzhen Metro, which had repeatedly extended loans to Vanke over the past few years to cover obligations related to the developer’s debts.

外界对万科的看法与这两家民营开发商不同，因为其最大股东是国有企业深圳地铁。深圳地铁在过去几年中多次向万科提供贷款，以帮助其履行与债务相关的义务。

This year, after a $6 billion loss in 2024, Vanke’s top executives stepped down and were replaced by executives from state-owned firms. Shenzhen Metro has extended more than $3 billion in loans this year to Vanke, even as the company continues to face a severe cash crunch. In a midyear corporate filing, Vanke said that, as of the end of June, $22 billion of its debt was due within the next 12 months.

在2024年出现约495亿元亏损后，万科高管于今年辞职，由来自国有企业的高管接任。今年以来，尽管万科持续面临严重的现金流危机，深圳地铁仍向其提供了220亿元贷款。万科在年中提交的公司文件中表示，截至6月底，其未来12个月内到期的债务规模为1553.7亿元。

But more recently, Shenzhen Metro has begun imposing stricter borrowing terms on Vanke. In early November, Shenzhen Metro demanded that Vanke pledge collateral to back up unsecured loans it had already extended to the developer. Then, Vanke, for the first time, asked bondholders to accept a delay in repayment of a bond.

但近期，深圳地铁开始对万科施加更严格的借贷条件。11月初，深圳地铁要求万科为此前已发放的无担保贷款提供抵押品。随后，万科首次请求债券持有人接受债券还款延期。

Vanke offered three proposals to bondholders seeking a one-year delay of payments due on Dec. 15. None of the proposals received enough support to meet the 90 percent approval threshold, moving the company closer to default.

万科向债券持有人提出了三项方案，寻求将原定于12月15日到期的付款延期一年。但这些方案均未获得达到90%批准门槛的支持率，使该公司距离违约更近了一步。

Vanke said it had a “grace period” of five working days, which expires on Dec. 22, after failing to make a payment on time.

万科表示，在未能按时付款后，公司获得了为期五个工作日的“宽限期”，于12月22日到期。

The developer’s negotiations with bondholders point to the “Chinese authorities’ preference for market-oriented support approaches, rather than providing blanket support to individual developers — even some government-linked entities,” the credit ratings agency Fitch said in a report this month.

信用评级机构惠誉在本月的一份报告中指出，万科与债券持有人的谈判表明，“中国当局更倾向于市场导向的支持方式，而非对个别开发商——即便是一些与政府有关联的实体——提供全面兜底式支持。”