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Caixin Global
Caixin Global
Business
Che Bo and Han Wei

State Shareholder Throws Vanke New Lifeline as $2 Billion Debt Payments Loom

Vanke China
Shenzhen Metro, which is owned by the city government, became Vanke’s top shareholder in early 2017

China Vanke Co. Ltd. has obtained another emergency loan from its largest shareholder as the embattled developer faces nearly $2 billion in upcoming debt repayments and deepening liquidity stress.

In a Tuesday filing, Vanke said Shenzhen Metro Group Co. Ltd., a state-owned enterprise, has agreed to provide a shareholder loan of 1.681 billion yuan ($234 million). The funds will go toward servicing Vanke’s public bonds and interest on designated borrowings previously approved by Shenzhen Metro.

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