Recently, the Chinese real estate giant Vanke Group Co., Ltd. (referred to as Vanke) has added another frozen equity information, with a frozen equity amount of 250 million yuan (RMB), and the total amount of frozen equity has exceeded 2 billion yuan.
According to Tianyancha information, on January 4th, the Intermediate People’s Court of Xuzhou City, Jiangsu Province, implemented a freeze on Vanke’s 250 million yuan equity in Vanwei Logistics Development Co., Ltd., with a freeze period of 3 years.
According to incomplete statistics from Jiemian News, this is Vanke’s 13th frozen equity information, with the total amount of frozen equity exceeding 2 billion yuan.
This once leading real estate enterprise is currently enmeshed in a debt crisis. As of the end of September 2025, Vanke’s interest-bearing debt totaled 362.9 billion yuan, reaching a historic high. In addition, in late December 2025, Vanke’s two extension plans totaling 5.7 billion yuan were not approved. Among them, “22 Vanke MTN004” amounted to 2 billion yuan, and “22 Vanke MTN005” amounted to 3.7 billion yuan.
According to the announcement released by Vanke on December 31, 2025, both “22 Vanke MTN004” and “22 Vanke MTN005” failed to fully repay the principal and interest according to the bond terms by the agreed deadlines and have entered a 30-working-day grace period, which will expire on January 28, 2026, and February 10, 2026, respectively.
Furthermore, in 2026, Vanke has bonds maturing or eligible for redemption totaling 12.419 billion yuan.
As Vanke’s largest shareholder, Shenzhen Metro Group Co., Ltd. (referred to as Shenzhen Metro Group) provided Vanke with approximately 30.8 billion yuan in shareholder loans last year. According to the framework agreement signed between Shenzhen Metro and Vanke in November last year, by June 30 this year, Shenzhen Metro Group can only lend Vanke 2.29 billion yuan.
In other words, solely relying on the “blood transfusion” from Shenzhen Metro, Vanke is already unable to cope with the 5.7 billion yuan debt extended to January of this year and the 12.4 billion yuan debt due this year.
According to a report by Lianhe Zaobao last month citing sources familiar with the matter, Chinese banks have taken measures to control their exposure to risks, and regulatory authorities have no intention of providing a rescue, but have begun to formulate response plans to prevent risks from spreading.
Overall, the situation suggests that Beijing has abandoned its efforts to rescue the market if Vanke undergoes debt restructuring.