位置：中游情绪：中性参考度：1/10
曾作为行业头部房企的万科，正处于流动性危机的关键节点。2025年12月15日为“22万科MTN004”20亿元本息兑付日，该债券进入5个工作日宽限期；首次持有人会议三项展期方案均未通过，万科将于12月18日召开第二次持有人会议，审议宽限期内偿付安排。会议议案需于12月15日前披露，债权人需在12月22日10时前提交表决回执。
本次第二次持有人会议是万科“以时间换空间”尝试的核心节点，也是其是否发生实质性违约的关键分水岭。若宽限期内未能达成协议，万科或将面临实质性违约，进而引发市场信心波动及连锁反应。
今日万科境内债市表现疲软，“21万科02”跌幅超24%触发盘中临停，“23万科01”跌幅超5%，“22万科04”跌幅超3%，反映市场对万科流动性风险的担忧加剧。首次持有人会议中，万科提出的纯展期无Ţ..
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