Nan Fang Du Shi Bao·2025-07-30 15:51Core Viewpoint - Vanke Enterprise Co., Ltd. has announced a new loan agreement with its largest shareholder, Shenzhen Metro Group, for up to 869 million yuan, aimed at repaying bond principal and interest [1][2] Group 1: Loan Details - The loan amount of 869 million yuan is provided by Shenzhen Metro Group, marking the seventh loan provided to Vanke in 2023 [2] - The previous loan from Shenzhen Metro Group was 6.249 billion yuan, making it the largest loan Vanke has applied for this year [1] - The loan will be used to repay the principal and interest of bonds issued in the public market, with a loan term until July 2, 2028 [1] - The interest rate is based on the one-year Loan Prime Rate (LPR) minus 66 basis points, currently at 2.34% [1] Group 2: Cumulative Borrowing - Since early 2025, Shenzhen Metro Group has provided a total of 21.819 billion yuan in loans to Vanke, and with the new loan, the total will exceed 22.6 billion yuan [2] - The previous six loans from Shenzhen Metro Group to Vanke were for amounts of 2.8 billion yuan, 4.2 billion yuan, 3.3 billion yuan, up to 1.552 billion yuan, up to 3 billion yuan, and up to 6.249 billion yuan respectively [2] Group 3: Collateral and Security - Vanke has provided asset, equity, or income rights pledges as collateral for the loan, with the total net value of pledged assets amounting to 1.2972 billion yuan [1] - The collateralization rate for the pledged assets ranges from 50% to 70%, in line with market practices [1]