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CHINA VANKE (02202.HK): Completed Repayment of RMB33.21 billion Public Bonds by End-Mar, Operating Environment Remains Very Challenging
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CHINA VANKE (02202.HK) held its 2025 annual general meeting, where management said the company tackled difficult projects last year through measures such as resource swaps and optimization of planning conditions. It achieved revitalization and optimization of existing inventory and added new capacity totaling RMB33.85 billion. By revitalizing assets, it newly acquired 23 projects and efficiently managed new developments, launching 18 new projects with an investment realization rate of 84%. Among them, six projects including Chengdu Gaoxin Jinyao, Wuhan Donghe Yingxiang, Shijiazhuang Park Yin Xiu and Harbin Lanyue were acquired and launched within the same year, achieving a 100% investment realization rate. In addition, as of March this year, CHINA VANKE has completed repayment of RMB33.21 billion in public bonds. In terms of financing support, excluding shareholder loans, the company secured RMB28 billion in new and refinanced funding in 2025, while continuing to optimize financing costs. The comprehensive cost of existing financing was 3.02%, down 85 bps from the same period. Management said that since last year the company has made every effort to carry out self-rescue measures. With support from various parties, especially its major shareholder Shenzhen Metro Group, it has steadily advanced risk resolution and debt restructuring. To date, proposals for maturity extensions of six public bonds, including "22 Vanke MTN0004" and "22 Vanke MTN005", have been approved by bondholder meetings. Management emphasized that the companys operating environment remains very challenging. Since last year, the major shareholder Shenzhen Metro Group has continued to provide strong support. Meanwhile, the company has actively fulfilled its primary responsibilities by accelerating asset disposals, project revitalization and receivables collection, and by raising funds through multiple channels to ease repayment pressure. The company noted that total public bonds maturing from June to December this year amount to RMB10.12 billion, with repayment pressure still significant. For four public bonds maturing intensively in June and July, CHINA VANKE is orderly advancing overall maturity extension plans. It will strictly adhere to the principles of equal rights for the same class of debt and fairness, continue with previously established feasible extension plans, and adopt a unified proposal with simultaneous voting across bonds to ensure a smooth bondholder meeting process. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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