Standard & Poor's downgrades Vanke Enterprise's long-term issuer credit rating to "SD"

On December 23, Standard & Poor's downgraded China Vanke Co., Ltd. (referred to as "Vanke Enterprise" 02202.HK) from "CCC-" to "SD" in terms of its long-term issuer credit rating. Standard & Poor's also confirmed a long-term issuer credit rating of "CCC-" for its subsidiary, Vanke Real Estate (Hong Kong) Company Ltd (referred to as "Vanke Hong Kong"), as well as a long-term issue rating of "CCC-" for Vanke Hong Kong's senior unsecured notes. At the same time, Standard & Poor's removed the above ratings from the credit watch list. These ratings were placed on the negative credit watch list on November 27, 2025.