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Bond Market News
Vanke’s Dollar Bonds Soar – Appoints New Chairman, to Redeem Onshore Notes Due 2027
January 28, 2025
China Vanke’s dollar bonds jumped higher by over 7 points on the back of the positive developments. It appointed Xin Jie as its new Chairman after both, its Chairman and CEO, Yu Liang and Zhu Jiusheng stepped down. Xin Jie is also the chairman of Vanke’s main shareholder, the Shenzhen Metro Group. In addition to this, there were also other management team changes. Along these lines, local media reported that the Shenzhen government will inject capital into Shenzhen Metro Group to improve the company’s financing potential in supporting Vanke. As per Lucror Analytics, the Shenzhen SASAC noted that the city government has sufficient resources to support Shenzhen Metro to in-turn promote Vanke’s steady development. As per reports, the new chairman said that the new management will actively implement Vanke’s existing plans, noting that Shenzhen Metro has made arrangements to repay its debts due in the current quarter.
Also, Vanke boosted market confidence after saying that it would redeem its onshore notes due 2027 worth RMB 1bn ($137.68mn) early in March. The developer has a total of ~$3.4bn in debts due this year. Separately, the developer forecast a record $6.2bn net loss for 2024 vs. a $1.7bn profit a year prior. Vanke said that it expected to see an RMB 600mn ($82.75mn) profit after transferring all of its income rights and equity rights in a Shenzhen skyscraper project to Shenzhen Metro.
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