China Vanke's bonds experienced a sharp decline in early trading today. The "21 Vanke 04" bond plummeted over 20%, triggering a temporary trading halt, while "21 Vanke 06" and "23 Vanke 01" dropped more than 12%. The "21 Vanke 02" bond fell over 7%, and the domestic bond "22 Vanke 02" also tumbled 20%, leading to a suspension.

Following the bond rout, China Vanke's H-share (CHINA VANKE) saw its stock price dive, though its A-share (China Vanke Co.,Ltd.) remained relatively stable.

The Shenzhen Stock Exchange announced that the "21 Vanke 04" bond (149478) was temporarily suspended from 10:11:55 to 10:41:56 after its intraday price fell 20% below the previous close, in accordance with exchange regulations.

Market speculation suggests the sell-off may be linked to unverified rumors about China Vanke's debt resolution approach. The bond slump appears to have triggered the subsequent stock decline.

On November 2, China Vanke disclosed a framework agreement with its largest shareholder, Shenzhen Metro Group, for shareholder loans and asset guarantees. The agreement allows China Vanke to access up to 22 billion yuan in loans from Shenzhen Metro between 2025 and June 30, 2026, with an additional 2.29 billion yuan available subsequently.

Analysts note that while China Vanke faces some liquidity pressure, the framework agreement demonstrates continued support from its major shareholder. The company retains some flexibility in asset management.

The mixed trading patterns in China Vanke's bonds—with both high and low valuations—reflect market divergence regarding credit recovery prospects for leading developers. This situation highlights broader concerns about policy expectations in the real estate sector and regional liquidity disparities in China's credit markets.