Zheng Quan Shi Bao Wang·2025-11-11 16:35Core Viewpoint - Vanke A (万科A) has announced a loan of up to 1.666 billion yuan from its largest shareholder, Shenzhen Metro Group (深铁集团), which brings the total loans from Shenzhen Metro to over 30.996 billion yuan, indicating strong support from the major shareholder [1][2]. Group 1: Loan Details - The loan from Shenzhen Metro is intended for repaying the principal and interest of bonds issued by Vanke in the public market [1]. - The interest rate for this loan is based on the one-year Loan Prime Rate (LPR), with a reduction of 66 basis points, currently at 2.34% [1]. - Shenzhen Metro has the right to request collateral for this loan [1]. Group 2: Total Borrowing and Guarantees - Excluding the new loan, Shenzhen Metro has already provided Vanke with loans totaling 29.13 billion yuan since early 2025, which will increase to 30.996 billion yuan with the new loan [1]. - Vanke plans to apply for a borrowing limit of up to 22 billion yuan from Shenzhen Metro, which may require collateral from Vanke or its subsidiaries [2]. - As of November 2, the amount of unsecured loans from Shenzhen Metro to Vanke was 20.373 billion yuan, with actual withdrawals of 19.71 billion yuan [2]. Group 3: Management Changes - Recently, Vanke experienced a significant management change with Huang Liping appointed as the new chairman, succeeding Xin Jie [3]. - The new chairman is a former board member familiar with the company, which is expected to ensure continuity and stability in operations [3].