巴克莱发布中国万科离岸债务重组方案研究：据Debtwire报道，万科香港拟将离岸无抵押银行贷款展期三年，该方案预计同样适用于离岸债券，离岸债券与无抵押银行贷款将获得同等（pari passu）受偿地位，按比例分享自愿还款、未来抵押增信及GLP Holdings（GLPH）股权处置所得，但不含提前偿还本金或即时资产质押。该离岸方案明显弱于境内方案（境内据报道为提前偿还40%本金、展期60%）。还款主要依赖GLPH股权未来处置，以账面价值计资产覆盖率约72%；截至2025年末离岸无抵押债务375亿元，未质押GLPH股权账面价值269亿元，但大额非上市股权处置存在折价与执行风险。
China Vanke bonds recorded their biggest price drop in three months following Debtwire's report about its offshore debt extension plan. The offshore proposal appears materially weaker than China Vanke's onshore extension plan. First, offshore creditors are reportedly being asked to extend maturities by three years with no upfront principal repayment and no immediate collateral package, compared with the onshore plan's reported 40% upfront repayment and 60% extension. Second, repayments would instead rely primarily on future disposal of the GLPH stake, which provides only around 72% asset coverage based on carrying values. Third, the asset stake currently earmarked for offshore creditors (CNY34.89bn) is slightly smaller than what was discussed in May 2026, at CNY39.37bn, as some other offshore assets have not yet been offered. Execution risk remains high, and we see scope for Vanke to improve creditor terms if additional support is needed to secure consent ahead of the next offshore loa