Zhong Guo Zheng Quan Bao·2025-11-27 04:56Core Viewpoint - Vanke's stock price has significantly declined, reaching a new low since August 2015, with a drop of 5.43% to 5.57 CNY per share, and its bonds have also faced substantial losses, triggering temporary suspensions in trading [2][4]. Group 1: Stock Performance - On November 27, Vanke A's stock opened lower, hitting a low of 5.37 CNY per share, marking a decline of 5.43% by the close [2]. - The Hong Kong-listed Vanke Enterprises saw its shares drop over 8% during the same period [2]. Group 2: Bond Market Reaction - Multiple Vanke bonds, including "22 Vanke 02," "22 Vanke 06," and "21 Vanke 04," experienced a price drop of 30% or more, leading to temporary trading suspensions [4][5]. - The Shenzhen Stock Exchange announced the temporary suspension of these bonds from 9:34 AM until 3:27 PM on the same day [4]. Group 3: Debt Restructuring Efforts - Vanke plans to hold a bondholders' meeting to discuss the extension of a 2 billion CNY medium-term note, which has attracted market attention [6]. - A meeting is scheduled for December 10 to address the extension of "22 Vanke MTN004," with a principal repayment date set for December 15, 2025, and an interest rate of 3% [7]. Group 4: Support from Major Shareholder - Vanke's chairman indicated that the company is working to systematically resolve risks and improve its financial health [8]. - A recent shareholder meeting approved a framework agreement for a loan of up to 22 billion CNY from Shenzhen Metro Group, aimed at repaying public debt and associated interest [9]. - As of now, Shenzhen Metro Group has provided 21.376 billion CNY in unsecured loans to Vanke, with further collateral arrangements required for existing loans [9].