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Guandian.com After obtaining a 20 billion yuan syndicated mortgage loan for its parent company Vanke, Vanwei Logistics also needs to open up financing channels for itself.

On July 11, Vanke Co., Ltd. issued an announcement disclosing that Vanke Logistics applied for a loan of 1.699 billion yuan from Bank of Beijing and completed the withdrawal, with a term of 10 years.

Vanke's eight holding subsidiaries provided corresponding guarantees for this loan by pledging their equity in project companies or mortgaging project assets.

The eight holding subsidiaries that came forward to pledge their shares are Dukun Energy Technology (Kunshan), Ningbo Qingyu Lithium Battery Energy, Suzhou Wanzhi Cold Chain Logistics, Ningbo Shengshi Huatu Logistics, Shaanxi Wancang Fengyu Supply Chain, Xi'an Wanwei Logistics, Hangzhou Donglian Warehousing and Taizhou Wanying Supply Chain.

Except for Shaanxi Wancang Fengyu Supply Chain which has several minority shareholders, other holding subsidiaries are all 100% owned by Vanke Logistics Development Co., Ltd., also known as Vanke Logistics.

Yu Liang pointed out at the shareholders' meeting on April 30 that Vanke needs to complete the "transformation of its financing model" and gradually shift from a model based on unified borrowing and repayment and the main body's credit to a financing model based mainly on project and asset credit.

It now seems that it is not just the real estate companies in various cities that need to transform. Platform companies such as logistics may also need to find their own financing solutions.

Since Vanke officially entered the logistics real estate industry and established the "Vanwei" brand in 2015, its development in the past few years has relied on the group's blood transfusion. For example, Vanke announced that as of the end of 2020, it had invested a total of 24.42 billion yuan in Vanke Logistics Development Co., Ltd., including 18.1 billion yuan in registered capital and 6.32 billion yuan in shareholder loans.

After successfully issuing a 573.2 million yuan REITs-like product "Wanwei Logistics-E Fund Asset-Logistics and Warehousing Phase 1 Asset-Backed Special Plan" in June 2020, Wanwei Logistics had no asset securitization operations for quite a long time until it explored public REITs.

In terms of equity financing, in 2021, Wanwei Logistics successfully introduced five shareholders including Zhuhai Wanwei Yinghe Investment Partnership (Limited Partnership), Dahlia Investments Pte. Ltd., Reco Meranti Private Limited, Top Yulan Investment Ltd, and Nanjing Xizhi Wanwei Venture Capital Partnership (Limited Partnership).

Among them, Dahlia Investments Pte. Ltd. is an indirect wholly-owned subsidiary of Temasek Holdings, and Reco Meranti Private Limited is also a subsidiary of the Singapore Government Investment Corporation, with strategic investment attributes. However, since then, Wanwei Logistics has not continued to add new strategic investors.

As for Vanke Yinghe and Haiou Enterprise Management, their partners have close ties with the management of Vanke Logistics. From the beginning of their establishment, they were interpreted as two Vanke employee follow-up investment platforms.

In August last year, the registered capital of Vanke Logistics dropped from 35.968 billion yuan to 33.05 billion yuan, a decrease of 8.11%, mainly due to the decrease in the investment of Zhuhai Vanke Yinghe from 3.057 billion yuan to 139 million yuan. Combined with a series of management system reforms in the second half of last year, the internal follow-up investment path does not seem to be easy to follow.

According to Vanke's 2023 financial report data, the logistics business (including non-consolidated items) achieved operating income of 4.18 billion yuan, a year-on-year increase of 17.2%, of which the operating income of high-standard warehouses was 2.30 billion yuan, a year-on-year increase of 6.3%; the cold chain operating income (excluding supply chain business income) was 1.88 billion yuan, a year-on-year increase of 33.9%.

After Wanwei put into operation more than 10 parks in Shanghai, Shenzhen, Zhengzhou and other cities in 2023, by the end of the year, it had a total of more than 170 parks in 47 cities, with a warehousing scale of approximately 12 million square meters.

According to third-party statistics, the total valuation of Wanwei Logistics' current financing projects can reach 33.327 billion yuan. Based on an estimated mortgage rate of 50%, the corresponding potential financing space is approximately 16.663 billion yuan.

According to the statistics of Viewpoint Index, the number of newly opened high-standard warehouses of Wanwei Logistics in 2021-2023 was 17, 13 and 1 respectively, showing a sharp downward trend; in 2021-2023, the number of newly opened cold chain parks was 8, 10 and 7 respectively, and the pace of expansion has slowed down.

According to JLL data, China's high-standard warehouse market has developed rapidly in the past 10 years. As of 2023, the stock of high-standard warehouse market has reached about 130 million square meters. In addition, affected by the centralized land supply in the early stage, the scale of new high-standard warehouses in the country has been large in the past four years, and the market has seen a short-term oversupply. In terms of rent, the average rent in 2023 has dropped to 30 yuan/square meter/month, a significant drop from 33 yuan/square meter/month at the end of 2022.

Some industry insiders believe that for cold chain logistics, only by reaching a certain network scale can costs be further reduced to lock in and enhance stickiness with top end users. However, at this time, even without the impact of the Vanke crisis, it would be difficult for Wanwei Logistics to find new financial supporters in the capital market.

Currently, the financing paths left for Wanwei Logistics are mainly REITs and asset mortgages.