China Vanke Co., Ltd. hits the limit up during trading, with multiple bonds rising significantly in recent days.

Today, the leading stock price of real estate companies surged, with A-shares rising limit up in early trading and closing up 7.45%. At the same time, several bonds of Vanke continued to surge, with "22 Vanke 05" rising more than 30%, triggering a second intraday trading halt. "22 Vanke 07", "20 Vanke 08", and "21 Vanke 02" all rose more than 20%, triggering intraday trading halts. Yesterday afternoon, three bonds of Vanke surged more than 20% triggering trading halts. "22 Vanke 07" rose 24.2%, "22 Vanke 05" rose 20.01%, and "22 Vanke 02" rose 20%; ultimately, "22 Vanke 07" closed up 22% and "22 Vanke 02" rose over 16%. Today, "22 Vanke 04" surged 20% and temporarily halted trading. Last night, Vanke issued a notice for the payment of interest on a special company bond for housing leasing in 2025, which showed that the coupon rate for "21 Vanke 02" was 3.98%. In this interest payment plan, each bond (face value of 1000 yuan) will receive 39.80 yuan in interest (including tax), which is seen as a positive signal for Vanke's stable development. According to third-party statistics, Vanke's real estate business sales amount exceeded 240 billion yuan in 2024, ranking at the top, and having the highest sales area nationwide. According to Vanke's quarterly report released earlier, the company continued to adhere to its financial safety line with efforts from all sides. In the third quarter of last year, Vanke maintained positive operating cash flow, with a repayment amount exceeding 180 billion yuan from January to September, a repayment rate of over 100%; the debt structure continued to be optimized, with the weighted average debt maturity extended to 5.4 years. Vanke also continued to receive active support from financial institutions, achieving new and refinancing over 77 billion yuan, operating property loans exceeding 25 billion, while maintaining low financing costs, with a comprehensive cost of new financing at 3.58%, further decreased from the mid-term; in addition, Vanke actively promoted bulk asset transactions, with contract amounts exceeding 20 billion in the first three quarters. Through full efforts, Vanke continued to reduce its stock debt, with interest-bearing liabilities repaid by about 70 billion from January to September, and no public debt both domestically and internationally in 2024. At the same time, in the first three quarters, Vanke delivered over 110,000 units to customers as scheduled, continuing to improve delivery quality and living experience, completing community facilities in 51 major projects, promoting community atmospheres, and adding over 20,000 households to the residents. In order to ensure that consumers can live in their new homes with peace of mind, "delivery and certificate processing" has been promoted during the delivery phase, allowing owners of hundreds of projects to receive their property certificates on-site. Regarding the performance of the real estate market in various cities, the National Bureau of Statistics recently stated that in December 2024, among 70 large and medium-sized cities, the selling prices of residential properties in first-tier cities rose month-on-month, while the overall decline in prices in second and third-tier cities narrowed. The year-on-year decline in prices in first, second, and third-tier cities all continued to narrow. From the data for December 2024, sales amount and sales area increased by 2.8% and 0.4% respectively year-on-year. The Bureau of Statistics stated that the real estate market has seen positive changes under the influence of a combination of policies, and market confidence is gradually being restored. With the effective implementation of existing policies and incremental policies, the real estate market is expected to continue to improve in the next phase. In the medium to long term, China's new urbanization has not been completed, and the demand for first-time and upgraded housing still has potential. The demand for more safe, comfortable, green, and smart homes will increase, and new models of real estate market development will gradually be established, which will contribute to the stable and healthy development of the real estate market.