China Vanke Co., Ltd. (the 「Company」) convened its twenty-fifth meeting of the twentieth session of the board of directors on 28 October 2025. All directors participated by telecommunication, and voting closed on 29 October 2025. The meeting approved a proposed arrangement for Shenzhen Metro Group Co., Ltd. (「Shenzhen Metro Group」), the largest and substantial shareholder holding approximately 27.18% of the Company’s total issued share capital, to provide a shareholder’s loan of up to RMB2,200 million.

According to the proposal, the loan term shall not exceed three years, and drawdowns must be completed by 31 October 2025. The interest rate is based on the 1-year Loan Prime Rate published by the National Interbank Funding Centre minus 66 basis points (approximately 2.34% as of the announcement’s disclosure date). The loan is intended to cover principal and accrued interest on the Company’s bonds issued in the open market. Repayment of the principal is scheduled semi-annually, with each installment accounting for 0.5% of the drawdown amount, and the loan may be repaid early by mutual agreement.

The Company’s independent non-executive directors deemed the interest rate arrangement fair and beneficial. Under the relevant rules, the transaction qualifies as a connected transaction but is exempt from shareholders’ approvals and disclosure requirements, as it is conducted on ordinary commercial terms without asset security. Out of the nine directors, seven voted in favor of the proposal, while two related directors abstained from voting.