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On the evening of May 20, Vanke A announced that in order to meet the development and construction of the Changzhou project, the company, as a borrower, applied for a bank loan of RMB 1.2 billion from Bank of China Co., Ltd. Shenzhen Branch, and had withdrawn RMB 1.2 billion. Changzhou Xucheng Enterprise Management Co., Ltd. (hereinafter referred to as "Changzhou Xucheng"), a subsidiary of Vanke, provided corresponding pledge guarantee for the aforesaid loan with 100% equity interest in Changzhou Shengxin Real Estate Co., Ltd.
Recently, he has received loans from a number of banks
Vanke said that Changzhou Xucheng provided equity pledge guarantee for the company's financing, which will help meet the company's business development needs, and the risk of this guarantee is controllable, and there is no damage to the interests of the company and shareholders. The guarantee complies with the relevant provisions of the Company Law and the Articles of Association.
According to the announcement, as of April 30, 2024, Vanke's guarantee balance was RMB 28.582 billion, accounting for 11.40% of the company's audited net assets attributable to shareholders of listed companies at the end of 2023. Among them, Vanke and its holding subsidiaries provided guarantees of RMB28.401 billion for other holding subsidiaries, and Vanke and its holding subsidiaries provided guarantees for associates and joint ventures with a balance of RMB181 million. Vanke and its holding subsidiaries do not have external guarantees, and the Company has no overdue guarantees or guarantees involving litigation.
According to public information, Vanke and its subsidiaries have recently received mortgages from a number of banks.
On the evening of May 13, Vanke announced that it had obtained loans from three commercial banks. Among them, the total loan principal amount of Bank of China Shenzhen Branch is 690 million yuan, with a term of 3 years. Wuhan Vanke Lizihu Real Estate Co., Ltd. provided corresponding pledge guarantee for the loan with 100% equity of Changsha Wancheng Real Estate Development Co., Ltd.
The total principal amount of the three bank loans of the Agricultural Bank of China Shenzhen Branch is 2.2 billion yuan, and the term is 3 years. Vanke's subsidiaries pledged 100% of the shares of the three project companies to guarantee the three loans.
In addition, Vanke also obtained a credit of RMB 4.449 billion from Bank of Beijing Shenzhen Branch as a fiduciary person, and Vanke's six holding subsidiaries provided mortgage guarantees for the principal amount of loans issued and to be disbursed totaling RMB 4.449 billion.
On March 20, Vanke announced that its subsidiary, Shanghai Central District Real Estate, had signed a loan agreement of 1.4 billion yuan with Industrial Bank Shenzhen Branch to repay public debts with a term of 14 years, guaranteed by Vanke, and pledged for projects and accounts receivable in Shanghai Central District as security conditions.
In the next two years, more than 100 billion yuan of interest-paying debt will be reduced
At present, the liquidity crisis encountered by Vanke is still the focus of market attention. In response to the debt due this year, Vanke previously responded that the debt equivalent to RMB 5.6 billion is still due in the second quarter of the 2024 offshore bonds, and the company has started the relevant replacement and repayment preparations in advance. For debts due in different months, the company will have relevant responses.
Yu Liang, chairman of the board of directors of Vanke, previously stated that in the face of the current predicament, Vanke will increase its efforts to revitalize the stock and change the real estate to ensure a thicker safety cushion. Through these efforts, more than 100 billion yuan of interest-paying debt will be reduced in the next two years to ensure the safety of the company.
Zhu Jiusheng, President of Vanke, said that the support of financial institutions for Vanke is positive and the strength is sufficient. In 2023, Vanke will receive about 90 billion yuan in new financing, and the total amount of financing will be basically stable.
As for how to deal with the current liquidity challenges, Zhu Jiusheng said that in the future, Vanke will focus on three key tasks to resolve the crisis: first, to implement the real estate financing coordination mechanism (white list) to the letter, and to report and report as much as possible, and at present, the group has 59 projects to be included in the white list; The second is to vigorously promote operating property loans, which can not only solve the historical stock problem, but also obtain new liquidity in stages; The third is syndicated loans, which have been supported by many banks, which can improve the efficiency of bank-enterprise cooperation, and are currently being actively promoted.
Reviewer: Peng Yong
Editor: Jiao Yuanyuan
Proofreader: Wang Yin
Producer: Li Ruoyu
Issued by: Fei Yangsheng
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