中国万科的展期请求显示出即便有国企背景也面临严重融资压力。该公司一笔于2022年发行、票面利率3%、原定12月15日到期的20亿元人民币境内债，被提议展期12个月，另一笔面值37亿元、12月28日到期的债券也申请延期，两者都需获得90%债权人同意。随著担忧升温，部分万科债券价格暴跌逾50%，有债券每百元面值仅约20元成交，其深市股价也跌至11年新低。

万科的压力折射出中国房地产更广泛的低迷。全国70个大中城市房价自2022年初以来持续下行，而厦门一处万科楼盘目前售价约每平方米1.3万元人民币，较2023年初高点下跌约40%。三线城市库存已膨胀至相当于40个月销售量的水平，同时标普估算未来六个月万科仍有114亿元债券到期，预计其经营现金流为负且可动用现金缓冲偏薄。

持有万科27%股权的深圳地铁集团一方面提供股东贷款并要求追加抵押，却仍录得84.8亿元人民币净亏损，其中投资损失达73.8亿元。全国范围内，地方政府债券今年前11个月发行量已创下10万亿元新高，其中包括财政部在10月额外核准的5000亿元再融资债，反映财政压力加剧。尽管政策宽松以及沪深300指数上涨16.5%、房企指数仅涨4%，标普仍预测明年房地产销售将再下滑6%至7%，房价在买方信心疲弱下继续走低。

China Vanke’s bond-extension request exposes severe funding stress despite its state backing. A 2 billion yuan onshore bond issued in 2022 with a 3% coupon, maturing on December 15, is proposed for a 12‑month extension, and another 3.7 billion yuan bond due December 28 is also up for delay, each requiring 90% bondholder approval. As worries mounted, some Vanke notes fell over 50%, with one trading near 20 yuan per 100 yuan face value, while its Shenzhen shares sank to an 11‑year low.

Vanke’s strain mirrors China’s wider property slump. Home prices across 70 cities have been sliding since early 2022, and a Vanke project in Xiamen now sells apartments at about 13,000 yuan per square meter, roughly 40% below its early‑2023 peak. Tier‑3 city inventories have swollen to the equivalent of 40 months of sales, while S&P sees 11.4 billion yuan of Vanke bonds maturing in six months and expects negative operating cash flow and a thin accessible cash buffer.

Shenzhen Metro Group, owning 27% of Vanke, has injected loans but also demanded collateral, yet still recorded an 8.48 billion yuan net loss, including 7.38 billion yuan in investment losses. Nationwide, local government bond issuance reached a record 10 trillion yuan in the first 11 months, including an extra 500 billion yuan approved in October, highlighting fiscal strain. Despite policy easing and a 16.5% rise in the CSI 300 versus a 4% gain in property stocks, S&P forecasts another 6‑7% drop in property sales and continued price declines next year amid weak buyer confidence.