Core Viewpoint - The article highlights the ongoing financial support from Shenzhen Metro Group (深铁集团) to Vanke (万科), indicating the latter's increasing debt repayment pressure and liquidity challenges in the current market environment [2][4][6]. Group 1: Financial Support from Shenzhen Metro Group - Shenzhen Metro Group has provided a total of 15.52 billion yuan in loans to Vanke, aimed at repaying bond principal and interest, with a loan interest rate of 2.34% and a term of 36 months [2]. - This marks the fourth loan provided by Shenzhen Metro Group to Vanke in 2023, with previous loans totaling 28 billion yuan, 42 billion yuan, and 33 billion yuan, bringing the total direct loans to 118.52 billion yuan [2]. - The terms of the latest loan remain flexible, allowing for possible extensions and without requiring additional collateral from Vanke [2]. Group 2: Asset Acquisition and Financial Support - In addition to direct loans, Shenzhen Metro Group has acquired several assets from Vanke, including a 29.75% stake in a public fund, a land parcel for the Shenzhen Bay headquarters, and a 49% investment return right in a property development project, providing financial support of 10 billion yuan, 22.35 billion yuan, and 12.92 billion yuan respectively [3]. Group 3: Vanke's Debt Repayment Pressure - Vanke has faced significant debt repayment pressures, having completed five public debt repayments totaling 98.9 billion yuan in the first quarter of 2023, with cash used for debt repayment reaching 173.5 billion yuan, an increase of over 17 billion yuan year-on-year [4]. - As of the first quarter, Vanke has approximately 326 billion yuan in domestic debt maturing within a year, with several debts due in May totaling over 66 billion yuan [4]. - Vanke's guarantee balance stands at 788.16 billion yuan, accounting for 38.89% of its audited net assets as of the end of 2024 [4]. Group 4: Liquidity and Sales Challenges - Vanke's liquidity risk remains unresolved, with weak sales impacting cash flow; the company's equity sales in the first four months of 2023 were only 298.5 billion yuan, a 41% year-on-year decline, significantly higher than the industry average [6]. - The company faces a challenging repayment landscape in the second half of the year, with approximately 200 billion yuan in bonds maturing, including a peak repayment of around 60 billion yuan in July [6]. - The resolution of Vanke's debt risk is heavily reliant on the recovery of the real estate market and the strength of policy support [6].