Max Noble · Morning BriefChina
China · Homes and property
China Vanke
One of China's biggest homebuilders now pays its bonds with loans from its state-owned shareholder, and stretches the rest a year at a time.
−50WarningMax Noble ScoreSeveral serious signs at once.
No longer on the daily board, so no score update is due. This page shows the edition of 2026-10-25. It updates the morning China Vanke returns to the board.
1Where it stands
Nothing filed yet.
China Vanke has not filed. Its largest shareholder, Shenzhen Metro, has lent it money five times this year to meet its bond payments.
2The signals
What the sources say.
- Fifth loan this year from Shenzhen Metro, 519m yuan, to meet bond payments · caixinglobal.com
- Extended every public bond due in 2026 by a year · caixinglobal.com
Every line links to its source. The Score and the verdict are Max Noble’s analysis.
Next
The full case is coming.
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