Caixin: Vanke's debt extension risk suddenly erupted at the end of 2025, officially announcing the abandonment of on-time repayment of maturing public debt. Vanke, which has always emphasized survival crises, excellent products, and state-owned backing, has finally reached this point. GPT analogy: Vanke's stability is like 'the driver in the racing team least likely to crash,' but then a sudden downpour caused the entire track to collapse that year—no driving skills or self-discipline could save you.