Property developer China Vanke reports a strong financial Q3

China Vanke, one of the nation's top property developers, reported robust financial results for the third quarter, notwithstanding the slowdown in the real estate industry, the company said on Monday during its Q3 earnings presentations through video link.

The State-owned Assets Supervision and Administration Commission of Shenzhen Municipality People's Government said that it has full confidence and sufficient funds and tools to help Vanke if it faces extreme conditions.

All market-oriented and law-based approaches deemed possible will be explored to help the company, including project cooperation, optimization of equity investment structure and bond subscription, the Shenzhen SASAC said.

Noting that China Vanke has long followed prudent business and financial practices, the Shenzhen SASAC said that the company has not encountered any major financial risks or management risks.

By the end of Q3, the firm held 103.7 billion yuan ($14.3 billion) in cash and cash equivalents, which was enough to pay off its short-term debt 2.2 times over, the company said, adding that it will ensure the payment of domestic and overseas debts as scheduled.

Meanwhile, China Vanke has retained long-term strategic partnerships with major financial institutions, with its financing channels running smoothly. It has raised capital which amounted to over 85 billion yuan during the first ten months, according to the company.

Xin Jie, chairman of Shenzhen Metro Group Co Ltd, a key shareholder of China Vanke, said that the city's metro operator has a toolkit at hand and will roll out relevant measures should the shifting market dynamics call for them.

Shenzhen Metro will take over part of Vanke's urban renewal projects in Shenzhen pursuant to market rules and legal frameworks, to better mobilize Vanke's assets and inject fresh liquidity into the company, with the transaction amount expected to top 10 billion yuan, Xin said.

In addition, Shenzhen Metro will buy Vanke's bonds issued in the open market when appropriate to shore up market confidence, Xin added.