China Vanke Gets $309 Million Lifeline From State-Backed Shareholder
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China Vanke Co. Ltd. will receive an additional 2.2 billion yuan ($309 million) loan from its largest shareholder to help repay maturing debt, underscoring continued support from its state-owned backers despite a recent leadership change.
The Shenzhen- and Hong Kong-listed developer said Thursday evening that state-owned Shenzhen Metro Group will provide the loan, which Vanke used the next day to help repay a 2.5 billion yuan domestic bond that came due.
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- China Vanke received a 2.2 billion yuan loan from major shareholder Shenzhen Metro Group to repay maturing debt.
- In 2025, Shenzhen's state-owned shareholders provided Vanke with 12 loans totaling 29.1 billion yuan; Vanke still faces 7.3 billion yuan in bonds due by year-end.
- Contracted home sales from Jan–Sept 2025 fell 44.6% year-on-year; Vanke’s liabilities are 151.4 billion yuan, mainly bank loans.
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Who’s Who
- China Vanke Co. Ltd.
- China Vanke Co. Ltd. is receiving significant financial support from its state-owned largest shareholder, Shenzhen Metro Group. They provided a 2.2 billion yuan loan to help Vanke repay maturing debt, demonstrating continued commitment despite recent leadership changes. Since early 2025, Vanke has received 12 loans totaling 29.1 billion yuan, enabling it to repay public debt amidst a severe property downturn and declining home sales.
- Shenzhen Metro Group
- Shenzhen Metro Group, as the largest shareholder of China Vanke Co. Ltd., has provided 12 loans totaling 29.1 billion yuan to Vanke since early 2025. This funding has helped Vanke repay 28.9 billion yuan in public debt maturing this year. Shenzhen Metro's commitment to Vanke remains strong, even after a recent leadership change.
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What Happened When
- By early 2025：
- Shenzhen’s state-owned shareholders had provided Vanke with 12 loans totaling 29.1 billion yuan.
- 2025-09-30：
- As of the end of September 2025, Vanke reported short-term borrowings and current portions of long-term debt totaling 151.4 billion yuan.
- 2025-09-30：
- At the end of September 2025, with coordination from the Shenzhen government and financial regulators, most of Vanke’s bank creditors agreed to cut interest rates on existing loans by one percentage point and allow the company to pay interest in installments.
- 2025-10-13：
- Management reshuffle at Vanke: Xin Jie stepped down as Vanke’s chairman and was succeeded by Shenzhen Metro General Manager Huang Liping.
- 2025-10-31：
- Vanke announced that Shenzhen Metro Group would provide an additional 2.2 billion yuan loan.
- 2025-11-01：
- Vanke used the 2.2 billion yuan loan from Shenzhen Metro Group to help repay a 2.5 billion yuan domestic bond that came due.
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