Vanke's credit rating maintained amidst industry challenges

CCXI has maintained Vanke's AAA credit rating with a stable outlook, acknowledging the support from major shareholders Shenzhen Metro Group and Shenzhen SASAC, which have bolstered the company's management and financial stability. Despite this affirmation, the report highlights Vanke's diminishing sales performance, with a 34.6% YoY decrease in 2024 and a further 39.8% drop in the first quarter of 2025. This sales slump, combined with lower average selling prices, has negatively impacted profitability.