Vanke secures CNY 3.3bn loan amid asset restructuring

** China Vanke (SZSE:000002) is undertaking a series of strategic financial maneuvers, including securing a CNY 3.3 billion loan from its largest shareholder, Shenzhen Metro Group. The loan, approved by Vanke's board on April 29, carries an interest rate benchmarked against the 1-year Loan Prime Rate (LPR) minus 76 basis points, currently set at 2.34%, and is earmarked for repaying principal and interest on publicly issued bonds. Vanke is also planning to sell its existing CNY 72,955,992 A-shares held in treasury, representing 0.61% of the company's total share capital, via a centralized bidding process between May and July 2025. The company intends to use the sale proceeds to bolster its working capital. In a related move aimed at increasing audit independence, Vanke also announced its intention to replace its current auditor, KPMG, with Deloitte. The proposed change is subject to shareholder approval at the 2024 annual general meeting. Shenzhen Metro Group currently holds 27.18% of Vanke's shares, making it a related party under Shenzhen Stock Exchange rules.