Shang Hai Zheng Quan Bao·2025-11-02 17:53Core Viewpoint - Vanke has signed a framework agreement with its largest shareholder, Shenzhen Metro Group, to secure a borrowing limit of up to 22 billion yuan for debt repayment and interest obligations, reflecting strong support from the major shareholder [1][2]. Group 1: Borrowing Agreement Details - The framework agreement allows Shenzhen Metro Group to provide Vanke with a borrowing limit of up to 22 billion yuan from now until the 2025 annual shareholders' meeting [1]. - The borrowing will be used to repay the principal and interest of bonds issued in the public market, as well as other designated borrowing interests approved by the lender [2]. - Vanke will provide collateral for the actual borrowings under the framework agreement, including operational real estate, fixed assets, inventory, construction projects, and stocks [1]. Group 2: Financial Performance - Vanke reported a significant decline in revenue, with a total revenue of 161.39 billion yuan for the first three quarters of the year, a year-on-year decrease of 26.61% [3]. - The company recorded a net loss of 28.02 billion yuan during the same period, with a third-quarter revenue of 56.07 billion yuan, down 27.30% year-on-year [3]. - As of the third quarter, Vanke had completed the repayment of 28.89 billion yuan in public debt, with cash holdings of 65.68 billion yuan and total interest-bearing liabilities of 362.93 billion yuan [3]. Group 3: Shareholder Support - Since February 10, Vanke has borrowed from Shenzhen Metro Group ten times, indicating ongoing financial support from the major shareholder [3]. - Central Huijin continues to hold approximately 185 million shares of Vanke A, maintaining its position unchanged [4].