Against the backdrop of deep adjustments in China's real estate industry, China Vanke Co.,Ltd., once a leading enterprise in the sector, is facing unprecedented operational pressure. In the first half of 2025, Vanke's performance report showed a net loss attributable to listed company shareholders of 11.95 billion yuan, expanding from the 9.8 billion yuan loss in the same period last year, making it the biggest loss-maker among A-share companies in the first half of this year. This figure reflects the severe reality of the overall downturn in the current real estate industry.

However, amid widespread market concerns about its liquidity risks, on the evening of September 16, China Vanke Co.,Ltd. announced that its largest shareholder, Shenzhen Metro Group Co., Ltd., would provide another loan of no more than 20.64 billion yuan to repay a short-term debt due soon. This marks another round of financial support from Shenzhen Metro Group to Vanke since 2025. According to public information, Shenzhen Metro Group has cumulatively provided approximately 260 billion yuan in loans to Vanke to date.

Behind this series of actions is the strategic attitude of firm confidence in Vanke held by Xin Jie, Chairman of Shenzhen Metro Group. He has emphasized on multiple occasions that "Vanke is a core component of Shenzhen Metro Group's 'rail + property' strategic blueprint and absolutely cannot be allowed to fall."

Looking back at Vanke's development history, this company established in 1984 has been an important participant and promoter of China's real estate market reform. During Wang Shi's era, Vanke rapidly rose to become an industry benchmark with its development model of "not hoarding land, not withholding sales, high turnover." Even during the industry's rapid expansion, Vanke showed crisis awareness relatively early - in 2018, it proposed the strategic slogan "survive," which was viewed by the outside world as a warning about industry risks.

However, affected by multiple factors including tightened macro policies, weakened market demand, and industry liquidity crises, even relatively financially stable companies like Vanke have found it difficult to remain unaffected. In 2024, Vanke still achieved operating revenue of over 340 billion yuan and completed the delivery of more than 180,000 residential units. Its long-term rental apartment business ranked first in the industry across three indicators: scale, operational efficiency, and inclusion of affordable rental housing. But behind the revenue scale lies significant net profit losses, reflecting the substantial decline in the industry's overall profitability.

As Vanke's largest shareholder, Shenzhen Metro Group has provided multiple "blood transfusions" since 2024. From providing 4.2 billion yuan in loans in February 2025, adding 869 million yuan in July, to 2.064 billion yuan in September, Shenzhen Metro has conveyed its confidence in Vanke's stable operations through continuous financial support. Beyond financial support, both parties are also actively promoting strategic synergy. For example, in August this year, Shenzhen Metro Group, Vanke, and KONE Elevators reached a strategic cooperation agreement, committed to strengthening resource integration across the industrial chain.

Xin Jie's choice to make this "last stand" stems not only from recognition of Vanke's corporate value but also from his judgment that the real estate industry will continue to play an important role in the national economy in the future. He believes that Vanke's stable operations are crucial to advancing Shenzhen Metro's "rail + property" strategy and are closely related to China's urbanization process and economic stability.

But can shareholder loans alone truly resolve Vanke's crisis? The answer may be negative. Vanke urgently needs to accelerate business transformation and model innovation while consolidating cash flow security. It's worth noting that Vanke has fully repaid all offshore public market bonds in 2025, with only one 2 billion yuan medium-term note remaining unexpired domestically. Additionally, its second-quarter operating cash flow net amount has recovered compared to the first quarter, indicating that its financial situation is gradually stabilizing.

China's real estate industry is still in a period of deep adjustment. Whether Vanke can truly emerge from its difficulties depends not only on shareholder support but more on its own strategic execution and transformation effectiveness. As financial writer Wu Xiaobo proposed in "Great Defeats": "The survival and development of enterprises often depend on their choices and actions at important turning points." For Vanke, this is precisely such a critical moment.

With Xin Jie's firm support, Vanke is striving for more time and space to respond to the crisis. Whether this company with forty years of history can find its new direction in the industry's new phase concerns not only the enterprise's own fate but also influences the future direction of China's real estate industry to a certain extent.