Nan Fang Du Shi Bao·2025-11-03 00:45Core Viewpoint - Vanke has signed a framework agreement with its largest shareholder, Shenzhen Metro Group, for a shareholder loan of up to 22 billion yuan, aimed at repaying public market bond principal and interest [2][3]. Group 1: Loan Details - The loan amount is capped at 22 billion yuan, with a total expected principal and interest under the framework agreement not exceeding 23.691 billion yuan [2]. - The loan will be used specifically for repaying the company's public market bonds and designated loan interest, with restrictions on the use of funds without written consent from Shenzhen Metro Group [2][3]. - The loan's validity period extends until the company's 2025 annual general meeting, covering three types of loans: existing unsecured loans, loans with failed guarantees, and new loans after the agreement's effectiveness [2]. Group 2: Collateral and Guarantees - Vanke or its subsidiaries must provide legal operating real estate, fixed assets, inventory, construction projects, or stocks as collateral, with a collateral ratio of 60%-70% for real estate and fixed assets, and 50%-60% for non-listed company equity [3]. - If Vanke fails to provide collateral for the actual loans drawn, Shenzhen Metro Group has the right to demand immediate repayment of the loans [3]. Group 3: Shareholder Support and Market Compliance - The arrangement reflects strong support from the major shareholder, with the loan interest rates adhering to market principles and not worse than current borrowing rates from financial institutions [3]. - Vanke emphasizes that the related party transaction complies with market-oriented principles and does not harm the interests of the company or minority investors, nor will it adversely affect the company's financial status or operating results [4].