On November 5, CITIC Securities released an interim trusteeship report regarding the corporate bonds of China Vanke Co., Ltd. The announcement disclosed that China Vanke (the issuer) recently published its Q3 2025 financial report and an impairment provision notice for the same period.

According to regulations including the "Corporate Bond Issuance and Trading Management Measures" and the "Shenzhen Stock Exchange Corporate Bond Listing Rules (2023 Revision)," the following material matters are reported:

From January 1 to September 30, 2025, China Vanke recorded a net loss attributable to shareholders of RMB 280.16 billion, with an adjusted net loss (excluding non-recurring gains/losses) of RMB 264.86 billion. In Q3 2025, the company recognized impairment provisions totaling RMB 93.68 billion due to business scope adjustments, while reversing or writing off RMB 17.08 billion in provisions.

As of September 30, 2025, the total balance of impairment provisions stood at RMB 539.15 billion, an increase of RMB 76.60 billion from the beginning of the reporting period.

The announcement emphasized that all outstanding bonds of China Vanke have been serviced normally, with no delays or defaults in interest or principal payments.

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