Di Yi Cai Jing·2025-11-26 03:40Group 1 - Vanke's bonds have experienced a significant decline, with several bonds dropping over 20%, triggering trading halts [1][2] - As of November 26, Vanke A shares fell to approximately 6 CNY per share, marking a cumulative decline of over 13% in nearly 60 trading days, reaching a new low since 2015 [2] - Vanke's Hong Kong-listed shares also dropped over 2%, falling from 5.94 HKD to around 4 HKD since September 12 [2] Group 2 - On November 2, Vanke announced a framework agreement with Shenzhen Metro Group for a loan of up to 22 billion CNY, with a total principal and interest amounting to approximately 236.91 billion CNY [3] - As of November 2, Shenzhen Metro Group had provided Vanke with 203.73 billion CNY in credit loans, with 197.1 billion CNY already drawn [3] - Vanke needs to enhance its financial capabilities to meet upcoming bond repayments, as the remaining loan from Shenzhen Metro does not fully cover its obligations [3][4] Group 3 - Vanke has repaid approximately 303.25 billion CNY in domestic and foreign bond principal and interest this year, with 165.22 billion CNY (about 55%) funded by loans from Shenzhen Metro [4] - The major shareholder, Shenzhen Metro Group, has expressed commitment to assist Vanke in managing risks and ensuring healthy development [4]