Vanke releases 2024 corporate bond trusteeship report

China Vanke (SZSE:000002) has released its 2024 report on the trusteeship of corporate bonds, managed by CITIC Securities. The report indicates that the company has been fulfilling its obligations regarding bond interest payments. However, Vanke's financial performance saw a decline, with operating income decreasing by 26.3% year-over-year to CNY343.18 billion, and net profit attributable to shareholders falling by 506.8% to a loss of CNY49.48 billion. The company attributes the profit decline to decreased settlement scale, lower gross margins, increased impairment provisions, losses from non-core financial investments and lower sales values for disposals. While the asset-liability ratio remains stable, its EBITDA interest coverage ratio decreased. CITIC Securities, as the trustee, will continue to monitor Vanke's credit status and bond performance. All bonds continue to be rated AAA.