刚刚！万科，突发公告！

Core Viewpoint - Vanke A has signed a loan framework agreement with its largest shareholder, Shenzhen Metro Group, for a maximum loan amount of 22 billion yuan, aimed at repaying bond principal and interest [1][2][3] Financial Performance - For Q3, Vanke A reported revenue of 56.065 billion yuan and a net loss of 16.069 billion yuan, with total revenue for the first nine months at 161.39 billion yuan and a net loss of 28.02 billion yuan [5][6] - The company’s cash holdings were 65.68 billion yuan, with total interest-bearing liabilities of 362.93 billion yuan and a debt-to-asset ratio of 73.5%, a slight decrease of 0.1 percentage points from the end of the previous year [6][7] Loan Agreement Details - The loan framework agreement allows Shenzhen Metro Group to provide up to 22 billion yuan, which includes previously issued loans without collateral and loans that may not have guaranteed support [2][3] - As of the announcement date, Shenzhen Metro Group had already provided 20.373 billion yuan in unsecured loans, with actual withdrawals amounting to 19.71 billion yuan [2] Market Context and Support - The loan will be used to repay Vanke A's publicly issued bonds and will follow market-based interest rates, not worse than current rates from financial institutions [3] - Shenzhen Metro Group, a state-owned enterprise responsible for over 90% of Shenzhen's urban rail transit construction and operation, holds a 27.18% stake in Vanke A, indicating strong support for the company [4][3] Sales and Operational Challenges - In Q3, Vanke A's contracted sales area decreased by 39.7% year-on-year, with a total sales amount of 31.34 billion yuan, reflecting ongoing operational pressures [7] - The company has faced significant challenges, including a decline in sales and increased financial strain, despite achieving a stable delivery of 74,000 housing units in the first nine months [8]