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Bond Market News
China Vanke Reports $2.3bn Loss Amid Sales Slowdown
October 31, 2025
China Vanke posted a loss of RMB 16.1bn ($2.3bn) in the three months ended September 30. Roughly doubling its loss from a year earlier. That brings its combined losses for the first nine months of the year to RMB 28bn ($3.9bn), according to a statement to the Shenzhen exchange. The country’s home sales deteriorated further in July, and new-home prices fell at an accelerated pace. The developer’s gross contracted sales will likely further decline over the next six to 12 months, Moody’s Ratings said in a note earlier this month. The builder still has RMB 10.8bn ($1.5bn) of onshore debt maturing by the end of this year. Its biggest maturity wall will be next year, when about RMB 24bn ($3.4bn) of onshore public bonds and loans come due. Vanke said in the earnings release that Shenzhen Metro intended to provide another loan not exceeding RMB 2.2bn ($310mn). The funds are earmarked to help Vanke repay principal and interest on its bonds. Similary, earlier this year, Shenzhen Metro had provided loans to Vanke to pay up on its bonds. Also, the developer has secured sufficient funds to redeem its RMB 2.5bn ($350mn) bond ahead of its maturity, as per reports.
Vanke 3.5% 2029s note has trended around 3 points lower since the beginning of the month to trade at 64.5 cents on the dollar this morning.
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