by HOU Ruining

According to corporate data platform Tianyancha, Vanke recently recorded a new equity freeze involving its stake in VX Logistics. The freeze, ordered by the Xuzhou Intermediate People's Court in Jiangsu province, covers 250 million yuan in equity and will remain in place for three years.

VX Logistics, founded in December 2017, has registered capital of about 33.05 billion yuan, not all of which has been paid in, and is engaged in warehousing, domestic freight forwarding and supply-chain management services. Shareholder information shows it is jointly owned by Vanke, Dahlia Investments Pte. Ltd. and Reco Meranti Private Limited, among others.

As of January 4, Tianyancha data show Vanke is subject to 13 separate equity freeze orders. Based on Jiemian News’ incomplete tally, Vanke's cumulative frozen equity now exceeds 2 billion yuan across multiple cases.

The latest equity freeze adds to growing concerns over Vanke’s debt position. In late December 2025, two bond extension proposals totalling 5.7 billion yuan failed to win creditor approval. The bonds involved were "22 Vanke MTN004", worth 2 billion yuan, and "22 Vanke MTN005", worth 3.7 billion yuan.

In a December 31 announcement, Vanke said it had not been able to fully repay principal and interest on either bond by their contractual deadlines. Both have entered 30-working-day grace periods, ending on January 28 and February 10, 2026 respectively. While no other outstanding bonds have yet defaulted, the delayed payments highlight significant repayment pressure and considerable uncertainty surrounding the company's bond servicing capacity.

Public data show the two medium-term notes are only part of Vanke's near-term maturities. The developer faces additional bonds maturing or becoming exercisable worth 12.419 billion yuan in 2026. As of the end of September 2025, Vanke's interest-bearing debt stood at 362.9 billion yuan, a record high. Short-term interest-bearing liabilities accounted for 42.7% of the total, while the cash-to-short-term-debt ratio was just 0.48. Excluding restricted cash would further worsen the picture.

Financial filings show Vanke's third-quarter 2025 revenue fell 27.3% year on year to 56.065 billion yuan. The company posted a net loss of 16.069 billion yuan for the quarter, bringing losses for the first nine months to 28.016 billion yuan, a sharp expansion from a year earlier. Vanke attributed the losses to weaker project settlements, persistently low gross margins, additional provisions for inventory impairment, and asset and equity disposals priced below book value.

Since early 2025, Shenzhen Metro Group, Vanke's largest shareholder, has stepped in repeatedly with financial support. On November 2, Vanke said it had signed a framework agreement under which Shenzhen Metro would provide up to 22 billion yuan in shareholder loans between 2025 and the date of Vanke's 2025 annual shareholders' meeting. The loans are to be backed by collateral or pledges on a drawdown basis.

As of the announcement date, Shenzhen Metro had signed unsecured loan contracts totalling 20.373 billion yuan, with 19.71 billion yuan already drawn. Total principal and interest under the arrangement are expected not to exceed 23.691 billion yuan.