Core Viewpoint - Shenzhen Metro Group has significantly invested in Vanke, becoming its largest shareholder through multiple acquisitions and loans, indicating a strong commitment to the real estate sector [3][4][8]. Group 1: Share Acquisitions - In 2017, Shenzhen Metro Group acquired 15.31% of Vanke's shares from China Resources for approximately 372 billion [1]. - The same year, it purchased an additional 14.07% from Evergrande for about 292 billion, bringing the total investment in share acquisitions to 664 billion, solidifying its position as Vanke's largest shareholder [2][3]. Group 2: Additional Investments - In 2021, Shenzhen Metro Group increased its stake in Vanke by investing an additional 10 billion [4]. - The group also participated in Vanke's REITs products, contributing around 10 billion [4]. Group 3: Loans Provided - Since 2025, Shenzhen Metro Group has provided multiple loans to Vanke, totaling nearly 1,000 billion [5][8]. - Specific loan amounts include 28 billion on February 11, 42 billion on February 22, 33 billion on April 30, 15.52 billion on May 15, up to 30 billion on June 6, 16.81 billion on August 5, and 20.64 billion on September 16 [6]. - The interest rate on these loans is 2.34%, which is lower than the one-year Loan Prime Rate (LPR) published by the National Interbank Funding Center [7]. Group 4: Broader Context of Support - Other Shenzhen-based entities have also provided financial support to various real estate companies, including significant investments by Shenzhen Talent Housing Group and Shenzhen International [10][11][12]. - The "Risk Sharing" plan initiated in 2018 saw approximately 150 billion allocated to rescue over 20 local listed companies, some of which are involved in real estate [15].