China Vanke secures 22 bn yuan loan from Shenzhen Metro

China Vanke Co., Ltd. announced a Loan Framework Agreement with Shenzhen Metro Group, its substantial shareholder, for an aggregate principal amount of up to 22 billion yuan. This loan, with a proposed term of three years from the Effective Date, aims to repay and settle existing debts and facilitate new drawdowns during an "Available Period" extending until the company's 2025 annual general meeting, expected no later than 30 June 2026. The interest rate for each drawdown will be the higher of 2.34% or the prevailing one-year LPR minus 66 basis points.

The agreement includes provisions for Asset Collateral, such as operating properties and equity interests, with loan-to-value ratios ranging from 50% to 70%, comparable to or more favorable than market terms. This facility helps address China Vanke's urgent need for funding, as approximately 156.1 billion yuan of its loans and borrowings are due within one year from 30 June 2025.

The transaction constitutes a continuing connected transaction requiring Independent Shareholders' approval at the Extraordinary General Meeting scheduled for 20 November 2025. Shenzhen Metro Group, holding approximately 27.18% of China Vanke's total issued share capital, will abstain from voting on the relevant resolutions.