China debt crunchState-owned operator's deficit and chairman's exit show strain from effort to save developerDespite record losses, Shenzhen Metro said its operations, cash flow and debt-servicing ability remain unaffected. (Nikkei montage/Source photos by Wataru Suzuki, Getty Images and Reuters) WATARU SUZUKIApril 30, 2026 13:05 JSTSHANGHAI -- Shenzhen Metro Group on Wednesday reported a record net loss of 37.5 billion yuan ($5.48 billion) for 2025, with its 27% stake -- the largest among shareholders -- in troubled property developer China Vanke dragging down earnings and highlighting the widening fallout from China's property slump.