Sou Hu Cai Jing·2025-11-29 12:11Core Viewpoint - Vanke is facing a severe financial crisis, with significant stock and bond price declines due to a looming debt repayment of 77.53 billion yuan, raising concerns about its liquidity and ability to meet obligations [1][3][4]. Group 1: Financial Situation - Vanke's stock price dropped over 7% to 5.37 yuan, marking a new low since 2015, while its H-shares fell over 5% to 3.55 HKD [1][3]. - The bond market experienced drastic declines, with "21 Vanke 02" down 41% and "21 Vanke 04" down 36%, leading to multiple bond suspensions [3][4]. - The company has a total of 218 billion yuan in bonds, with nearly 158 billion yuan maturing within a year, indicating a critical liquidity issue [6][11]. Group 2: Debt Obligations - Vanke has 57 billion yuan in debt due in December, including a 20 billion yuan bond that is seeking an extension, which is the first public request for such action [6][8]. - The company’s major shareholder, Shenzhen Metro Group, has exhausted most of its 309 billion yuan borrowing capacity, leaving a 20 billion yuan gap [4][6]. - Analysts suggest that Vanke must sell assets or consider debt-to-equity swaps to manage its financial obligations effectively [10][11]. Group 3: Market Reaction - Investors are selling off Vanke's stocks and bonds due to fears of the company's inability to repay its debts, leading to a significant market reaction [7][10]. - The overall sentiment in the real estate sector is negative, as Vanke's situation reflects broader industry challenges, including difficulties in financing and selling properties [9][10].