Vanke secures CNY 1.552bn loan from Shenzhen Metro

China Vanke (SZSE:000002) announced that Shenzhen Metro Group, its largest shareholder, intends to provide a loan of no more than CNY 1.552 billion. The funds are earmarked for repaying the principal and interest on bonds issued by the company in the open market. The loan term is 36 months, with interest calculated daily based on the one-year Loan Prime Rate (LPR) minus 76 basis points, currently at 2.34%. Repayment will occur semi-annually, with a final payment of 97% of the borrowed amount at maturity. Vanke's independent directors have approved the deal, viewing it as beneficial for meeting the company's funding needs and aligned with market conditions. Shenzhen Metro currently holds a 27.18% stake in Vanke.