Mei Ri Jing Ji Xin Wen·2025-11-26 09:45Group 1 - Vanke's bonds experienced significant volatility, with "22 Vanke 02" dropping over 35% at one point, and "21 Vanke 04" falling over 30%, leading to trading halts [1][4] - As of November 26, Vanke A's stock price closed at 5.89 yuan, with a market capitalization of 702 billion yuan, down from 1,238 billion yuan a year ago, indicating a loss of over 500 billion yuan in market value [4][7] - Vanke's H-shares also saw a decline, closing below 4 HKD, with a market capitalization of 467 billion HKD [7] Group 2 - The major shareholder, Shenzhen Metro Group, has provided approximately 308 billion yuan in loans to Vanke, with terms more favorable than external financing [7][8] - A recent extraordinary general meeting was held to discuss a framework agreement for additional loans from Shenzhen Metro, with a proposed borrowing limit of up to 220 billion yuan to repay bond principal and interest [7][9] - Vanke has already repaid about 303.25 billion yuan in bond principal and interest this year, with 165.22 billion yuan of that funded by shareholder loans, highlighting the importance of these loans for bond repayments [10][11] Group 3 - Vanke faces a significant funding gap, with approximately 155.46 billion yuan in domestic bond principal and interest due between November 2025 and June 2026, in addition to 0.30 billion USD in dollar bond interest [13]