Key facts
- China Vanke received an additional 1.14 billion yuan loan from its largest shareholder, Shenzhen Metro Group.
- Shenzhen Metro Group provided a RMB 1.681 billion loan to Vanke for debt servicing.
- This is the ninth capital injection from Shenzhen Metro this year, totaling RMB 24.4 billion in loans for 2025.
- Vanke's revenue plunged 32% to 233.4 billion RMB in 2025, with a net loss of 88.6 billion RMB.
- Contract sales for Vanke dropped by 45.5%.
China Vanke Co. Ltd. has secured additional loans from its largest shareholder, Shenzhen Metro Group, to meet its debt obligations amid a severe liquidity crisis. The developer received an initial 1.14 billion yuan ($168 million) loan, followed by a RMB 1.681 billion ($234 million) loan from the state-owned enterprise to service its public bonds and borrowings.
This marks the ninth capital injection from Shenzhen Metro this year, with total loans extended to Vanke reaching RMB 24.4 billion in 2025. The company's financial health has deteriorated significantly, reporting a 32% revenue drop to 233.4 billion RMB and a net loss of 88.6 billion RMB for 2025, with contract sales falling by 45.5%.
Vanke is increasingly reliant on state financial support as a prolonged property slump limits its ability to raise cash through asset sales. The company is aggressively liquidating non-core assets and undergoing internal reforms, including restructuring executive compensation to align incentives with the company's survival.