万科展期未能落地,风险会持续外溢吗?

中证鹏元评级
Dec 16, 2025

"主要内容12月12日,“22万科MTN004”展期的3个议案均未获通过,随即在五个工作日的宽限期内加速启动第二次持有人会议。回溯过去十个月,在大股东“真金白银”的实质性支持下,万科的市场信心一度显著修复;然而11月下旬以来,万科转向主动寻求债券展期,此举略超市场预期,万科未来将走向何方?风险是否会持续外溢?1、房地产市场走势是决定万科信用前景的关键变量。在我们年初发布的报告《万科的安全边际在哪?...

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