Nan Fang Du Shi Bao·2025-11-20 10:26Core Viewpoint - Vanke held its first extraordinary general meeting of shareholders for 2025, where it approved a framework agreement for shareholder loans from Shenzhen Metro Group, indicating strong support from major shareholders amid ongoing challenges in the real estate sector [1][3]. Group 1: Shareholder Loan Agreement - Shenzhen Metro Group will provide Vanke with loans up to 22 billion yuan from 2025 until the next shareholders' meeting, aimed at repaying public debt and specified interest [3]. - As of now, Shenzhen Metro Group has already provided 21.376 billion yuan in unsecured loans, with Vanke required to provide collateral for any future loans [3]. Group 2: Company Strategy and Challenges - Vanke's chairman emphasized the need to address risks and challenges during the transition from old to new development models in real estate, acknowledging a painful adjustment period ahead [4]. - The company plans to focus on three main areas: strategic focus on high-quality development, improving governance and operational efficiency, and leveraging technology to enhance product competitiveness [4][5]. Group 3: Operational Performance - From January to October, Vanke achieved sales of 115.28 billion yuan, with a slight increase in operational service revenue [5]. - The company has made strides in product and service capabilities, with notable projects recognized by the Ministry of Housing and Urban-Rural Development and a significant increase in rental rates for long-term leases [5]. Group 4: Market Outlook and Capital Operations - Vanke believes that with ongoing policy support, the real estate market is expected to gradually recover and enter a new phase of stable development [6]. - The company is actively working on capital operations to improve cash flow and debt structure by divesting non-core assets and businesses [6].