[{"data":1,"prerenderedAt":221},["ShallowReactive",2],{"story-6475-tw":3},{"id":4,"slug":5,"slugs":5,"currentSlug":5,"title":6,"subtitle":7,"coverImagesSmall":8,"coverImages":9,"content":35,"questions":36,"relatedArticles":46,"body_color":219,"card_color":220},"6475",null,"中國房地產行業崩解：萬科債務危機預示系統性轉變","前所未有的市場轉變 暴露跨境賣家與投資者的脆弱性",[],[10,11,12,13,14,15,16,17,18,19,10,20,21,22,13,23,24,25,26,27,28,29,13,30,31,13,32,33,34,32],"https://s.tradingview.com/static/images/illustrations/news-story.jpg","https://static.gurufocus.com/cdn-cgi/image/width=500,quality=100/1985339936173367296.jpg","http://img.yicaiglobal.com/src/image/2025/12/106968130474693.jpg","https://storage.googleapis.com/media.mwcradio.com/mimesis/2025-12/22/2025-12-22T030703Z_1_LYNXMPELBL03F_RTROPTP_3_CHINA-ECONOMY-HOUSEPRICES.JPG","https://images.firstpost.com/uploads/2025/12/Firstpost-2025-12-22T164003.188-2025-12-e158067c027dbda2441d264e7c05da31.jpg?im=FitAndFill=(1200,675)","https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ipfIsk73tDWs/v0/-1x-1.webp","https://db0ip7zd23b50.cloudfront.net/dims4/default/70cbfbe/2147483647/resize/633x10000%3E/quality/90/?url=https%3A%2F%2Forca.bindg.com%2Fapi%2Frendition%2Fjpg%2Forca470614.jpg%3Fdigest%3D12801399a53cab28dcae669a522cbad3c6dea1c0b9080172362b241d8f4a9870","https://img-s-msn-com.akamaized.net/tenant/amp/entityid/AA1SNm8E.img?w=768&h=513&m=6","https://www.reuters.com/resizer/v2/2JLNVTG5E5K33CUMMR7XQQ44PQ.jpg?auth=2d804f9e352482e0d4c33ab6fe42edd2162093444cd74c60364cc9ca4a3f9484&width=1920&quality=80","https://wimg.mk.co.kr/news/cms/202512/22/news-p.v1.20251222.4ab5332412f84621b5c3239bc301a6d5_P1.jpg","https://th.bing.com/th?id=ORMS.d044f9fd71cb279b5b5ce1c1484b5d46&pid=Wdp","https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iuM9WFm72Qso/v3/640x360.jpg","https://images.firstpost.com/uploads/2025/12/blobhttpsweb.whatsapp.comb4bdd32e-b2c6-44aa-998b-ebdae9810f7e-2025-12-22T111441.303-2025-12-e282cd553adee8a4a275f9ca63f03c58.jpg?im=FitAndFill=(1200,675)","https://static01.nyt.com/images/2025/12/18/multimedia/Biz-China-Vanke-wfpv/Biz-China-Vanke-wfpv-articleLarge.jpg?quality=75&auto=webp&disable=upscale","https://images.ft.com/v3/image/raw/https%3A%2F%2Fcms-image-bucket-productionv3-ap-northeast-1-a7d2.s3.ap-northeast-1.amazonaws.com%2Fimages%2F6%2F8%2F7%2F9%2F11859786-1-eng-GB%2F322cfddc5eae-2016-08-16T120000Z_2136517198_S1AETVRIXCAD_RTRMADP_3_CHINA-VANKE-EVERGRANDE.JPG?width=780&fit=cover&gravity=faces&dpr=2&quality=medium&source=nar-cms&format=auto","https://cdn.i-scmp.com/sites/default/files/styles/700x400/public/d8/images/canvas/2025/12/23/6d087342-9f61-4718-918f-26c493b790ed_8b830d03.jpg?itok=4EBSPQbQ&v=1766453194","https://cassette.sphdigital.com.sg/image/businesstimes/7c41f96fb4713aecd868bc5aca934ddaffa609cd042b60994594721bdb956ef9?w=960&dpr=1&f=webp","https://propscience.s3.ap-south-1.amazonaws.com/backoffice_blogs/20250320013006_10_Canara_Bank_raises_INR_4_000_crore_through_tier_II_bonds_at_7.46__coupon_rate.png","https://assets.bwbx.io/images/users/iqjWHBFdfxIU/iSL1KhbmibS8/v0/-1x-1.webp","https://cdn.zonebourse.com/static/resize/768/432//images/reuters/2025-07/2025-07-15T010736Z_1_LYNXMPEL6E00W_RTROPTP_4_CHINA-ECONOMY-HOUSEPRICES.JPG","https://assets.bwbx.io/images/users/iqjWHBFdfxIU/ifS4DyKVP2LU/v1/-1x-1.webp","https://images.ft.com/v3/image/raw/https%3A%2F%2Fcms-image-bucket-productionv3-ap-northeast-1-a7d2.s3.ap-northeast-1.amazonaws.com%2Fimages%2F4%2F5%2F4%2F8%2F11858454-1-eng-GB%2F23471c442e52-2017-03-26T120000Z_1647057414_RC1446FED0A0_RTRMADP_3_VANKE-RESULTS.JPG?width=780&fit=cover&gravity=faces&dpr=2&quality=medium&source=nar-cms&format=auto","https://images.wsj.net/im-33567920?width=700&height=466","https://img.caixin.com/2025-12-23/176648733895840_1280_720.jpg","https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i_3_kDBP9RDA/v0/-1x-1.webp","**中國房地產市場**正經歷深刻的結構性轉變，而**萬科的財務危機**則成為關鍵的轉折點，揭示了政府正在形成對經濟管理採取放手不管的態度。該開發商最近的債務協商——在面臨潛在風險的**1704.3億人民幣資產**的情況下，獲得了為期30天的寬限期——不僅僅代表一間公司的挑戰，更標誌著北京經濟干預策略的根本性重新校準。\n\n這場危機揭示了一個關鍵的轉變：此前被認為「大到不能倒」的開發商，現在正承受市場壓力，而沒有得到政府的擔保支持。**萬科的債務展期**，僅以90.7%的債券持有人批准實現，表明許多中國房地產開發商目前正在走鋼絲。深圳市政府意外撤回部分紓困方案，突顯了戰略變化，表明市場力量而非國家干預，將日益決定企業的生存。\n\n對於跨境賣家和投資者而言，這代表著一個分水嶺時刻。房地產行業 historically 曾貢獻中國經濟的25%，目前正在經歷根本性的重組。其影響是深遠的：消費者信心下降、潛在的經濟增長放緩，以及更加不可預測的市場格局。賣家必須為可能持續的經濟調整期做好準備，消費者支出可能會變得更加保守和有針對性。\n\n更廣泛的背景揭示了一種經過計算的政策轉變。通過允許萬科等主要開發商面對真正的市場壓力，北京正在釋放出更嚴格的經濟管理信號。這不僅僅是關於一家公司的債務問題——而是關於重塑對政府支持的預期、鼓勵市場驅動的效率，以及通過受控的市場調整來防止更大的系統性風險。\n\n至關重要的是，這種做法可能會在房地產開發商之間引發多米諾骨牌效應，迫使廣泛的重組，並可能加速中國房地產行業的整合。跨境企業必須將此視為不是暫時的混亂，而是中國經濟策略的根本性重置。",[37,40,43],{"title":38,"answer":39,"author":5,"avatar":5,"time":5},"這種放任不管的方式，潛在的長期後果是什麼？","此舉可能加速行業整合，促使更有效率的企業架構，並可能藉由允許較弱的開發商重組或退出，來穩定房地產市場。 然而，它也可能帶來短期的經濟波動和消費者信心下降的風險。",{"title":41,"answer":42,"author":5,"avatar":5,"time":5},"萬科的債務危機揭示了中國當前經濟策略的什麼問題？","這次危機展現了北京轉向更市場導向的策略，即使是大型國有開發商，也不再保證會自動獲得紓困。這標誌著一項戰略舉措，旨在鼓勵市場紀律，並防止房地產行業中的道德風險。",{"title":44,"answer":45,"author":5,"avatar":5,"time":5},"這房地產行業的轉變，可能會如何影響跨境賣家？","跨境賣家應預期消費支出減少、市場行為更趨謹慎，以及重組方面的潛在機會。關鍵在於多元化經營、謹慎的風險管理，並根據更動盪的經濟環境調整定價和庫存策略。",[47,52,57,61,65,69,73,77,80,84,88,91,94,98,102,106,110,114,118,122,126,130,134,137,142,146,150,153,156,159,162,166,170,174,178,181,184,188,192,196,200,204,208,212,215],{"id":48,"title":49,"source":50,"logo":5,"time":51},136614,"China Vanke shares fall as debt deal offers only temporary reprieve","https://www.investing.com/news/stock-market-news/china-vanke-shares-fall-as-debt-deal-offers-only-temporary-reprieve-4420516","3天前",{"id":53,"title":54,"source":55,"logo":29,"time":56},136636,"China Vanke's bondholders approve plan to extend grace period, reject repayment extension","https://www.marketscreener.com/news/china-vanke-s-fate-hinges-on-bondholders-amid-default-risk-ce7d50d2da8ff723","4天前",{"id":58,"title":59,"source":60,"logo":5,"time":51},136613,"CHINA VANKE Faces Default Risk on US$1.3B Debt","http://www.aastocks.com/en/mobile/news.aspx?newsid=NOW.1492083&newstype=71&newssource=AAFN",{"id":62,"title":63,"source":64,"logo":13,"time":56},136635,"China Vanke’s fate hinges on bondholders’ decision amid default risk","https://wibqam.com/2025/12/21/china-vankes-fate-hinges-on-bondholders-decision-amid-default-risk/",{"id":66,"title":67,"source":68,"logo":5,"time":51},136616,"China Vanke Bondholders Agree to Extend Grace Period","https://news.futunn.com/en/post/66524961/china-vanke-bondholders-agree-to-extend-grace-period",{"id":70,"title":71,"source":72,"logo":10,"time":56},136638,"China Vanke's fate hinges on bondholders' amid default risk","https://www.tradingview.com/news/reuters.com,2025:newsml_L6N3XS07R:0-china-vanke-s-fate-hinges-on-bondholders-amid-default-risk/",{"id":74,"title":75,"source":76,"logo":34,"time":51},136615,"China Developer Vanke Reprieve Still Leaves $1.3 Billion of Dollar Debt at Risk","https://www.bloomberg.com/news/articles/2025-12-23/vanke-reprieve-still-leaves-1-3-billion-of-dollar-debt-at-risk",{"id":78,"title":63,"source":79,"logo":13,"time":56},136637,"https://kelo.com/2025/12/21/china-vankes-fate-hinges-on-bondholders-decision-amid-default-risk/",{"id":81,"title":82,"source":83,"logo":12,"time":51},136610,"China Vanke Falls After Creditors Reject New Plan to Delay Note Payment, Approve Grace Period Extension","https://www.yicaiglobal.com/news/china-vanke-falls-after-creditors-reject-new-plan-to-delay-note-payment-approve-grace-period-extension",{"id":85,"title":86,"source":87,"logo":5,"time":56},136632,"Vanke creditors to vote on loan default","https://chinaeconomicreview.com/vanke-creditors-to-vote-on-loan-default/",{"id":89,"title":63,"source":90,"logo":13,"time":56},136631,"https://whbl.com/2025/12/21/china-vankes-fate-hinges-on-bondholders-decision-amid-default-risk/",{"id":92,"title":59,"source":93,"logo":5,"time":51},136612,"http://www.aastocks.com/en/usq/news/comment.aspx?source=AAFN&id=NOW.1492083&catg=1",{"id":95,"title":96,"source":97,"logo":10,"time":56},136634,"China Vanke bondholders approve plan to extend grace period for yuan bond due Dec 15, sources say","https://www.tradingview.com/news/reuters.com,2025:newsml_P8N3W200M:0-china-vanke-bondholders-approve-plan-to-extend-grace-period-for-yuan-bond-due-dec-15-sources-say/",{"id":99,"title":100,"source":101,"logo":21,"time":51},136611,"Watch Vanke Averts Default But Still On Hook for $1.3B of Debt | The China Show 12/23/2025","https://www.bloomberg.com/news/videos/2025-12-23/the-china-show-12-23-2025-video",{"id":103,"title":104,"source":105,"logo":5,"time":56},136633,"To default or not to default","https://chinaeconomicreview.com/to-default-or-not-to-default/",{"id":107,"title":108,"source":109,"logo":19,"time":51},136618,"Chinese real estate giant Wanker (萬果) briefly avoided a default crisis as the grace period of 2 bill..","https://www.mk.co.kr/en/world/11504585",{"id":111,"title":112,"source":113,"logo":25,"time":51},136617,"China Vanke wins bondholders’ reprieve, averts default for now","https://www.scmp.com/business/china-business/article/3337405/china-vanke-wins-bondholders-reprieve-averts-default-now",{"id":115,"title":116,"source":117,"logo":22,"time":56},136639,"China Vanke crisis: Creditors vote as countdown to default deadline enters critical hours","https://www.firstpost.com/world/business-china-vanke-bond-extension-vote-verdict-update-china-vanke-crisis-creditors-vote-as-countdown-to-default-deadline-enters-critical-hours-13961885.html",{"id":119,"title":120,"source":121,"logo":14,"time":51},136619,"China Vanke avoids immediate default as bondholders extend grace period","https://www.firstpost.com/world/china-vanke-avoids-immediate-default-as-bondholders-extend-grace-period-13961998.html",{"id":123,"title":124,"source":125,"logo":5,"time":51},138125,"China Vanke shares fall as debt deal offers only temporary reprieve By Investing.com","https://za.investing.com/news/stock-market-news/china-vanke-shares-fall-as-debt-deal-offers-only-temporary-reprieve-4039017",{"id":127,"title":128,"source":129,"logo":5,"time":56},138126,"Vanke Averts Default as Bondholders Approve Longer Grace Period","https://finance.yahoo.com/news/vanke-averts-default-bondholders-approve-102057060.html",{"id":131,"title":132,"source":133,"logo":26,"time":56},136641,"China Vanke’s bondholders approve plan to extend grace period, reject repayment extension","https://www.businesstimes.com.sg/property/china-vankes-bondholders-approve-plan-extend-grace-period-reject-repayment-extension",{"id":135,"title":63,"source":136,"logo":13,"time":56},136640,"https://wtaq.com/2025/12/21/china-vankes-fate-hinges-on-bondholders-decision-amid-default-risk/",{"id":138,"title":139,"source":140,"logo":11,"time":141},138124,"Vanke Dollar Bonds Sink as Local Debt Talks Heighten Default Ris","https://www.gurufocus.com/news/4085209/vanke-dollar-bonds-sink-as-local-debt-talks-heighten-default-risk","2天前",{"id":143,"title":144,"source":145,"logo":23,"time":51},138143,"China Vanke Gets Temporary Lifeline to Prevent Debt Default","https://www.nytimes.com/2025/12/22/business/china-vanke-real-estate-default.html",{"id":147,"title":148,"source":149,"logo":32,"time":56},138142,"China Vanke’s Brewing Crisis Suggests Limited Property Easing to Come","https://www.wsj.com/economy/housing/china-vankes-brewing-crisis-suggests-limited-property-easing-to-come-020fd388?gaa_at=eafs&gaa_n=AWEtsqdG54N0kLgG5zX2zROKVVFbmwiA9Vfv7w2hgsZL2588PBvYzvsz8E6s&gaa_ts=694afbbf&gaa_sig=bibjxMZ4Ua1D66gS-37iIkeTra3_URYqdOHVojifXo7y9R6ar5UxqY3bkOpUQiDzlWMDjfjGqD14JlkZywrnHQ%3D%3D",{"id":151,"title":128,"source":152,"logo":15,"time":56},136625,"https://www.bloomberg.com/news/articles/2025-12-22/china-vanke-enters-critical-day-with-just-hours-to-avoid-default",{"id":154,"title":128,"source":155,"logo":16,"time":56},136624,"https://news.bloomberglaw.com/bankruptcy-law/vanke-averts-default-as-bondholders-approve-longer-grace-period",{"id":157,"title":148,"source":158,"logo":32,"time":56},136745,"https://www.wsj.com/economy/housing/china-vankes-brewing-crisis-suggests-limited-property-easing-to-come-020fd388?gaa_at=eafs&gaa_n=AWEtsqe58Fnx0HFWxdkYCq4UWdnf4L9kIjPQoXq31NstMbAbLE0OivhPtRzK&gaa_ts=694a891c&gaa_sig=dIoh_B2d0fKue6kMt4Q1s-Sr19_yU-jMORtlebIctErN6PLYZC4DYaeRd110PpWHkeX9HCHmb78WyUsnQzlMLw%3D%3D",{"id":160,"title":54,"source":161,"logo":17,"time":56},136627,"https://www.msn.com/en-us/money/other/china-vanke-s-bondholders-approve-plan-to-extend-grace-period-reject-repayment-extension/ar-AA1SOeNj",{"id":163,"title":164,"source":165,"logo":5,"time":56},136626,"China Vanke wins approval to extend grace period on yuan bond due December 15","https://www.tradingview.com/news/reuters.com,2025:newsml_L6N3XS0II:0-china-vanke-wins-approval-to-extend-grace-period-on-yuan-bond-due-december-15/",{"id":167,"title":168,"source":169,"logo":5,"time":51},136621,"China Vanke Adjusts Grace Period and Repayment Plan for 2022 Fourth-Tranche Medium-Term Notes","https://www.tipranks.com/news/company-announcements/china-vanke-adjusts-grace-period-and-repayment-plan-for-2022-fourth-tranche-medium-term-notes",{"id":171,"title":172,"source":173,"logo":5,"time":51},136620,"China Vanke Responds to Resolutions from Second 2025 Holders’ Meeting on 22 Vanke MTN004","https://www.tipranks.com/news/company-announcements/china-vanke-responds-to-resolutions-from-second-2025-holders-meeting-on-22-vanke-mtn004",{"id":175,"title":176,"source":177,"logo":27,"time":56},136642,"China Vanke offers enhanced bond extension plan to avoid default","https://propnewstime.com/getdetailsStories/MjQxNjY=/china-vanke-offers-enhanced-bond-extension-plan-to-avoid-default",{"id":179,"title":54,"source":180,"logo":5,"time":51},136623,"https://www.msn.com/en-ph/news/money/china-vanke-s-bondholders-approve-plan-to-extend-grace-period-reject-repayment-extension/ar-AA1SQ50Q?ocid=finance-verthp-feeds",{"id":182,"title":54,"source":183,"logo":18,"time":56},136744,"https://www.reuters.com/world/china/china-vankes-fate-hinges-bondholders-decision-amid-default-risk-2025-12-22/",{"id":185,"title":186,"source":187,"logo":24,"time":51},136622,"China Vanke dodges default as bondholders extend grace period","https://asia.nikkei.com/business/markets/china-debt-crunch/china-vanke-dodges-default-as-bondholders-extend-grace-period",{"id":189,"title":190,"source":191,"logo":30,"time":51},136743,"China Vanke Cut to Selective Default by S&P After Bond Reprieve","https://www.bloomberg.com/news/articles/2025-12-23/china-vanke-cut-to-selective-default-by-s-p-after-bond-reprieve",{"id":193,"title":194,"source":195,"logo":5,"time":51},136607,"Vanke may adopt a familiar playbook in China to tackle debt crisis, say analysts","https://finance.yahoo.com/news/vanke-may-adopt-familiar-playbook-090026626.html",{"id":197,"title":198,"source":199,"logo":5,"time":56},136629,"China Vanke's Bondholders Approve Plan to Extend Grace Period, Reject Repayment Extension","https://money.usnews.com/investing/news/articles/2025-12-21/china-vankes-fate-hinges-on-bondholders-decision-amid-default-risk",{"id":201,"title":202,"source":203,"logo":33,"time":141},136606,"Vanke Avoids Default With Extended Bond Grace Period","https://www.caixinglobal.com/2025-12-23/vanke-avoids-default-with-extended-bond-grace-period-102396489.html",{"id":205,"title":206,"source":207,"logo":28,"time":51},136628,"China Vanke Averts Default After Longer Grace Period Approved","https://www.bloomberg.com/news/newsletters/2025-12-22/china-vanke-averts-default-after-longer-grace-period-approved",{"id":209,"title":210,"source":211,"logo":20,"time":51},136609,"China may think it's time to 'rip the band-aid off' its struggling property market: Macrolens","https://www.msn.com/en-us/money/news/china-may-think-it-s-time-to-rip-the-band-aid-off-its-struggling-property-market-macrolens/vi-AA1SSqdc?ocid=finance-verthp-feeds",{"id":213,"title":194,"source":214,"logo":5,"time":51},136608,"https://www.marketscreener.com/news/vanke-may-adopt-a-familiar-playbook-in-china-to-tackle-debt-crisis-say-analysts-ce7d50d3da88f025",{"id":216,"title":217,"source":218,"logo":31,"time":56},136630,"China Vanke exits venture with Singapore's GIC ahead of bondholder verdict","https://asia.nikkei.com/business/markets/china-debt-crunch/china-vanke-exits-venture-with-singapore-s-gic-ahead-of-bondholder-verdict","#e92b85ff","#e92b854d",1766717308136]