by CHEN Xiaotong

Vanke has secured another round of funding from its biggest shareholder, Shenzhen Metro Group, as the debt-laden developer seeks to stabilize its finances.

The Shenzhen-listed company said on November 11 that Shenzhen Metro will lend up to 1.66 billion yuan (US$230 million) to help repay bonds coming due. The three-year loan carries an interest rate 66 basis points below the one-year loan prime rate, currently 2.34%.

Vanke said the financing reflects its state-owned shareholder's continued support and comes at a rate lower than bank loans. Including the new funding, Shenzhen Metro's total lending to Vanke this year has exceeded 30 billion yuan.

The fresh loan follows a framework agreement signed earlier this month, allowing Shenzhen Metro to offer up to 22 billion yuan in credit. Vanke has also pledged shares in its property-service arm, Onewo, as collateral for some of the loans.

Shenzhen Metro, a state-owned enterprise under the Shenzhen government, became Vanke's largest shareholder in 2017 and now holds a 27% stake.

Vanke's latest results highlight the strain on its balance sheet. The developer reported a 27% year-on-year drop in revenue in the third quarter and a net loss of 16 billion yuan, nearly doubling the loss recorded a year earlier. For the first nine months of 2025, total losses widened to 28 billion yuan.