# shadow companies

Vanke’s Shadow Network: Middlemen, Billions of Receivables and a Corporate‑Governance Crisis

An investigative report links a network of ‘shadow’ firms tied to Vanke insiders with a string of quick‑turn land and project transfers into the listed group. These arrangements coincide with hundreds of billions of yuan in intercompany receivables and large impairment charges that have substantially worsened Vanke’s financial losses and raised fresh governance questions.