Xin Lang Cai Jing·2026-01-04 03:38Core Viewpoint - Vanke Enterprises Co., Ltd. is facing significant financial challenges, including a recent equity freeze of 250 million RMB related to its subsidiary, Wanwei Logistics Development Co., Ltd., amid a broader debt crisis [1][4]. Equity Freeze Details - An equity freeze of 250 million RMB has been imposed on Vanke's stake in Wanwei Logistics, with a duration of three years, as ordered by the Intermediate People's Court of Xuzhou, Jiangsu Province [1]. - This is part of a larger trend, as Vanke has a total of 13 equity freeze records, with frozen equity exceeding 2 billion RMB [4]. Debt Crisis - Vanke is currently in a debt crisis, with two bond extension proposals totaling 5.7 billion RMB not approved, indicating substantial repayment pressure [4][5]. - As of the end of September 2025, Vanke's interest-bearing debt reached a historical high of 362.9 billion RMB, with 42.7% of this debt maturing within one year [7]. Financial Performance - Vanke reported a 27.3% year-on-year decline in revenue for Q3 2025, amounting to 56.065 billion RMB, and a net loss of 16.069 billion RMB for the quarter [7]. - The company has experienced a significant increase in net losses, totaling 28.016 billion RMB for the first three quarters of 2025, attributed to declining settlement scales in development business and low gross margins [7]. Support from Major Shareholder - Since 2025, the major shareholder, Shenzhen Metro Group, has provided financial support to Vanke, including a framework agreement for loans up to 22 billion RMB [5][8]. - As of January 4, 2026, Shenzhen Metro Group has already provided 20.373 billion RMB in loans to Vanke, with expected total borrowings not exceeding 23.691 billion RMB [8]. Stock Performance - As of the latest trading session, Vanke A shares increased by 0.65%, closing at 4.65 RMB per share, with a market capitalization of 55.478 billion RMB [8].