At its 2025 annual shareholders’ meeting, Vanke said it had repaid 33.21 bln
yuan of publicly issued bonds as of March 2026. Excluding shareholder loans, the
group completed 28.0 bln yuan of new issuance and refinancing in 2025 and cut
the blended cost of outstanding financing to 3.02%, down 85 bps year‑on‑year.
Six public bond extension proposals, including 22 Vanke MTN0004 and 22 Vanke
MTN005, were approved by bondholder meetings. On balance-sheet optimization,
Vanke said it activated and optimized 33.85 bln yuan of existing inventory and
added equivalent new capacity in 2025, acquiring 23 projects; 18 newly launched
projects reached an investment conversion rate of 84%, with six projects
acquired and opened the same year achieving 100% conversion.
