Di Yi Cai Jing Zi Xun·2025-11-26 04:21Core Viewpoint - Vanke's bonds have experienced significant declines, with several bonds dropping over 20%, indicating a broader trend of poor performance in the company's domestic bonds throughout November [2][3]. Group 1: Bond Performance - As of November 26, bonds such as "21 Vanke 04" and "22 Vanke 02" fell by over 20%, triggering trading halts, while others like "21 Vanke 06" and "22 Vanke 06" dropped over 14% [2][3]. - Vanke A shares also saw a decline, reaching as low as 6 CNY per share, marking a cumulative drop of over 13% in nearly 60 trading days, the lowest since 2015 [3]. Group 2: Financing and Debt Management - 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 [4][5]. - As of November 2, 2025, Vanke had repaid approximately 303.25 billion CNY in domestic and foreign bond principal and interest, with 165.22 billion CNY (about 55%) funded by loans from Shenzhen Metro [6]. - The framework agreement is seen as a measure to enhance risk management for external borrowing, indicating that Vanke must improve its self-financing capabilities to meet future bond repayments [5][6].