China Vanke reports Q3 loss, secures loan from Shenzhen Metro

China Vanke Co. reported a net loss attributable to equity shareholders of RMB28.02 billion for the first nine months of 2025, with revenue totaling RMB161.39 billion, a 26.61% decrease year-on-year. The company faces persistent operational pressure and intensifying liquidity challenges, with net cash used in operating activities increasing by 21.49% to RMB5,889,348 compared to the same period in 2024.

In response to its financial situation, China Vanke announced that its substantial shareholder, Shenzhen Metro Group, will provide a loan not exceeding RMB2.2 billion. This shareholder's loan, approved by the board of directors, is intended to repay the principal and accrued interest on bonds issued by the company in the open market. The loan carries an interest rate of 2.34%, based on the 1-year LPR minus 66 basis points, and has a term not exceeding three years.

As of September 30, 2025, Shenzhen Metro Group holds approximately 27.18% of China Vanke’s total issued share capital. The loan from Shenzhen Metro Group constitutes a connected transaction, but it is exempt from shareholder approvals and disclosure requirements under Rule 14A.90 of the Listing Rules, given its ordinary commercial terms or better.