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Bond Market News
Vanke Secures Loan From Shenzhen Metro
May 13, 2026
China Vanke entered into a new 2026 loan framework with Shenzhen Metro Group under which the latter may extend up to RMB 2.5bn ($370mn) in loans, including both secured and unsecured facilities. Vanke also revised its 2025 loan framework with Shenzhen Metro, introducing stronger security arrangements and updated collateral and LTV requirements to tighten risk management around connected-party financing while keeping existing funding facilities intact. Since Shenzhen Metro Group qualifies as a connected person and certain percentage ratios exceed the 5% threshold, both arrangements fall under Hong Kong’s connected-transaction rules, requiring independent board and financial adviser reviews as well as approval from independent shareholders. Recently Shenzhen Metro reported $5.5bn loss for FY2025 and Vanke received creditors’ support to extend local bond’s payments.
Vanke’s dollar bonds continue to trade at distressed levels of 42-45 cents on the dollar.
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