惠誉：股东支持仍然是土耳其非银行金融机构评级的关键因素。 ...

Core Viewpoint - Vanke is facing significant debt repayment challenges in 2025, despite successfully completing a foreign debt repayment and a substantial domestic debt repayment in the first quarter of the year [2][3]. Debt Situation - As of the end of 2024, Vanke's interest-bearing liabilities amount to 361.28 billion yuan, a 12.9% increase from the beginning of the year, with short-term debt making up 158.28 billion yuan, or 43.8% of the total [2]. - Vanke has 88.16 billion yuan in cash, which is an 11.7% decrease from the start of the year, resulting in a cash-to-short-term debt ratio of 0.56 [2]. - In 2025, Vanke will face a peak in debt repayments, with 21.59 billion yuan of company bonds and medium-term notes maturing, accounting for nearly 50% of the outstanding bond balance [2]. Support from Major Shareholder - Vanke has received support from its major shareholder, Shenzhen Metro Group, which has provided three loans totaling 10.3 billion yuan since 2025, specifically for repaying Vanke's publicly issued bonds [3]. - The loans from Shenzhen Metro have favorable terms, including a low interest rate of 2.34% and flexible repayment arrangements [3][4]. - The latest loan of 3.3 billion yuan does not require collateral and allows for potential extensions, indicating increased support from Shenzhen Metro [4]. Management and Strategic Support - Shenzhen Metro has been actively involved in supporting Vanke through various means, including large transactions and REITs subscriptions, and has accelerated its management involvement in Vanke [4][5]. - The primary goal of Shenzhen Metro's management takeover is to mitigate Vanke's debt risks and restore market confidence [4]. - Vanke has expressed confidence in its recovery trajectory, supported by its major shareholder's commitment to using market-oriented and legal methods for ongoing support [5][6].