To live, to finally use it on yourself. The landlord's family also has little surplus food.
On the eve of an important meeting, a piece of news about Vanke was terrifying. There are online rumors that Vanke executives went to Beijing to negotiate with Xinhua Assets for a 10 billion debt extension but were rejected.
This unconfirmed news has been circulating since the end of February, which is tantamount to a bombshell detonating the real estate circle, no matter how many people believe it, Vanke bonds in the capital market are no longer known to parents.
Under pressure, Xinhua Assets came forward to issue a statement, but only said four words "untrue news"., as for whether Vanke came to talk about the untruth, or the money owed was untrue, or the request for extension was rejected, it was untrue, and it was not true, which was equivalent to taking off his pants and farting to declare his loneliness.
Sure enough, there was no accident, after the opening of the market on March 4, the Vanke bonds of the previous days collapsed again, "22 Vanke 06" fell by nearly 20%, and "200 Vanke 08" collapsed by more than 35%, and Vanke was also pulled into the water.
The largest real estate company in China in terms of market capitalization, the bonds were discounted by 65% in one day, and after the accidents of Evergrande, Sunac and Country Garden, could it be that the tragedy really burned to Vanke's head?
China's "savviest" real estate companies have smelled unusual signals.
There is no wind and no waves, and the speculation of the outside world is by no means groundless, and Vanke has made frequent moves recently.
First, on February 20, it sold 50% of the equity of Shanghai Vanke Qibao Plaza to Hong Kong Link REIT** for 238.4 billion.
Compared to Link REIT 3 years ago, 27The other half of the equity acquired by 7.2 billion yuan, this ** is equivalent to an 85% discount. If calculated according to the valuation of the two transfers, it is even more discounted by 75%.
It is worth mentioning that Qibao Plaza's revenue in the past two years has exceeded 400 million, making it the most profitable commercial real estate project under Vanke.
Even the "cash cow" is sold, and it does not hesitate to discount it, how anxious Vanke is!
Just over a week later, Vanke plans to take a stake in its long-term rental apartment "Boyu", with potential buyers including state-owned enterprises.
Vanke Boyu has a huge volume, with a layout in 32 cities across the country, about 180,000 rooms**, a total of 800,000 people, and more than 5,000 enterprises, which is worthy of the name of the industry's first.
Unlike Qibao Plaza's contribution to Vanke's positive cash flow, Boyu is a major problem for Vanke, and Vanke's chairman Yu Liang has previously publicly revealed that Vanke has lost 9 billion yuan in 5 years of long-term rental apartments, and it will only return to positive profits in a single month from June 2023.
This has finally survived the most difficult period, and when it is about to start making money, Vanke has put it on the shelves for sale, and it is no wonder that everyone thinks in the worst way.
Both of these important actions send the same signal, and Vanke urgently needs to withdraw funds, of course, in order to cope with the upcoming peak of debt servicing.
According to relevant statistics, Vanke will have a total of 3 overseas maturing debts in 2024, totaling 26$7.5 billion. The most recent issue was on March 11th, 6US$300 million, or about 4.5 billion yuan, is due in debt.
In April and May, Vanke had a total of nearly 20 billion yuan of debt due and about 50 billion yuan of domestic and foreign debt due within a year.
Vanke still has 103.6 billion yuan of monetary funds on its books, and it stands to reason that Vanke can fully cover short-term debts and there is no risk of default.
But Vanke did not dare to take the risk, because Vanke could not afford the consequences of defaulting on its debts.
Everything can be attributed to one point, the house can't be sold.
Only when the house is sold, can the money be returned to the bank and investment institutions, and then the land can be used for development, and then the house is sold to return the funds, and finally the whole chain is played.
The most important point is that whether the house can be sold smoothly determines the life and death of the real estate company, and Vanke is no exception.
But now even Vanke's house can't be sold.
According to the data released by the China Index Institute, the total sales of the top 100 real estate companies from January to February were 476.2 billion, a year-on-year decrease of 516%, directly cut off.
Among them, Vanke's sales in January were 19.3 billion, down 3058%, and sales fell 43% year-on-year from January to February1%。Compared with other real estate companies with ankle chopping, this is already a very good performance.
In other words, the cold winter of the industry as a whole is still continuing, and the houses of the best real estate companies are selling worse than the other.
Vanke, the first to shout "live", has a sense of crisis that is not ordinary, how can it not detect the chill behind it!
Another noteworthy point is that Vanke has greatly reduced the speed of land acquisition, and Kerry data shows that in 2024, Vanke only ranks 23rd in the ranking of real estate companies to acquire land, and it took 48900 million, which is incompatible with his de facto status as the first real estate company.
All kinds of signs show that Vanke is really afraid!
In October last year, because of the debt problem, it was sniped by the capital market, and Vanke finally invited the Shenzhen State-owned Assets Supervision and Administration Commission to come out, and only then did it barely settle the turmoil.
It's only been less than half a year, and a new round of bigger storms has swept in, and even partners refuse to say a word for themselves.
But in any case, Vanke must not fall, because Vanke is a model of confidence in the property market, behind which is the asset anchor of tens of millions of families, and it is also the last pass for trillions of banks to stick to, which is not comparable to Evergrande, Sunac, Country Garden and others.