Core Viewpoint - Vanke is seeking to secure a framework agreement for shareholder loans from Shenzhen Metro Group, with a borrowing limit of up to 22 billion yuan to repay public debt and interest, reflecting a strategic move to stabilize its financial position amid ongoing challenges in the real estate sector [1][2]. Group 1: Shareholder Loan Agreement - The framework agreement allows Shenzhen Metro Group to provide Vanke with loans not exceeding 22 billion yuan from 2025 until the next annual shareholders' meeting [1]. - As of now, Shenzhen Metro Group has already provided 21.376 billion yuan in unsecured loans, with Vanke required to provide collateral for any future borrowings [1]. - The loans from Shenzhen Metro Group have been described as having better terms than those available from financial institutions, with a total of approximately 30.8 billion yuan provided this year [2]. Group 2: Company Strategy and Management - Vanke's chairman, Huang Liping, emphasized the need for the company to focus on risk management and navigate the challenges posed by the transition in the real estate market [2]. - The company plans to enhance its operational efficiency by restructuring its management hierarchy, reducing it from "three and a half levels" to "two levels" [4]. - Vanke aims to implement a strategic focus on high-quality development in real estate, optimizing its business layout and product positioning through technology and innovation [3]. Group 3: Financial Performance - For the period from January to October 2025, Vanke reported sales of 115.28 billion yuan, with a slight increase in revenue from its operational services [4]. - The company has also added 22.8 billion yuan in new saleable value in the first ten months of the year, aided by supportive policies [4]. - Vanke is actively working on capital operations to divest non-core assets and improve its cash flow and balance sheet structure [4].

0:00 万科企业11月20日在港交所公告，经临时股东大会审议，批准、确认及追认本公司与深圳地铁集团所订 立的贷款框架协议及其项下拟进行的交易；批准、确认及追认贷款框架协议项下拟进行的交易的建议年 度上限；授权本公司董事会并可由董事会转授权其他获授权人士于彼等认为必要时行使一切权力及进行 相关其他行动及事宜，以及签立彼等认为或会对执行贷款框架协议项下拟进行的交易属必要或权宜的其 他文件或协议。 ...

Core Viewpoint - Vanke held its first extraordinary shareholders' meeting for 2025, where a proposal regarding a loan agreement with its major shareholder, Shenzhen Metro Group, was discussed, highlighting the company's ongoing financial challenges and the need for asset pledges to secure loans [2][3]. Group 1: Shareholder Meeting and Loan Agreement - The shareholders' meeting focused on a proposal for Shenzhen Metro Group to provide a loan of up to 22 billion yuan to Vanke, aimed at repaying public debt and specified interest [2]. - As of now, Shenzhen Metro Group has already provided unsecured loans totaling 21.376 billion yuan, with Vanke required to provide collateral for any future loans [2]. - The proposal has sparked market discussions, with some analysts suggesting it indicates a demand for collateral from Shenzhen Metro and a potential end to liquidity support for Vanke [2]. Group 2: Management's Response and Risk Mitigation - Vanke's management emphasized that asset pledges are a standard practice in loan agreements and are necessary to fulfill contractual obligations [3]. - The management also stated that the current economic environment poses significant challenges, and the company is focused on risk mitigation and returning to a healthy growth trajectory [3]. - Vanke's major shareholder, Shenzhen Metro, is committed to assisting the company in navigating these challenges [3]. Group 3: Operational Performance and Market Outlook - From January to October, Vanke reported sales of 115.28 billion yuan, with slight growth in operational service revenue and a notable single-day sales record from a project in Shanghai [4]. - Despite some positive indicators, Vanke's management acknowledged ongoing operational pressures and the need for continued optimization of management practices [4]. - The company anticipates that with ongoing policy support, the real estate market will gradually recover, leading to a new phase of stable development [4].

Core Viewpoint - Vanke A (000002.SZ) held its first extraordinary shareholders' meeting for 2025 on November 20, where it approved a proposal to authorize the board to provide guarantees for a total of 22 billion yuan in shareholder loans from Shenzhen Metro Group, which has already provided 21.376 billion yuan in unsecured loans to Vanke [1][3]. Group 1: Leadership and Support - Huang Liping, the new chairman of Vanke, emphasized Shenzhen Metro Group's commitment to supporting Vanke's healthy development in accordance with market-oriented and legal principles [1][3]. - Huang Liping outlined a development strategy for Vanke focusing on three principles: strategic focus, standardized operations, and technology empowerment [3][4]. Group 2: Financial Situation - As of the end of Q3, Vanke has repaid 28.89 billion yuan in public debt, with significant support from loans provided by Shenzhen Metro Group, which has lent over 30 billion yuan since the beginning of 2025 [6]. - Vanke faces challenges such as a lack of high-margin projects and slow sales in suburban developments, with nearly half of listed real estate companies reporting losses in the first three quarters of the year [6][7]. Group 3: Operational Strategies - Vanke is focusing on revitalizing its existing resources through various strategies, including optimizing indicators and resource exchanges, with 22.8 billion yuan in new saleable value added in the first ten months [7]. - The company has completed large transactions for 19 projects, achieving a total signed amount of 6.86 billion yuan in the first three quarters, and is working on divesting non-core assets to improve cash flow and debt structure [7].

Core Viewpoint - Vanke held its first extraordinary general meeting of shareholders for 2025, focusing on a framework agreement for shareholder loans from Shenzhen Metro Group, which could impact Vanke's liquidity and risk management strategies [3][4]. Group 1: Shareholder Loan Agreement - The proposal involves Shenzhen Metro providing Vanke with a loan of up to 22 billion yuan starting from 2025, aimed at repaying public debt and specified interest [3]. - As of now, Shenzhen Metro has already provided 21.376 billion yuan in unsecured loans, and Vanke must provide collateral for any future loans to avoid early repayment demands from Shenzhen Metro [3][4]. Group 2: Management's Response and Strategy - Vanke's management emphasized that the asset collateralization is a standard practice in loan agreements and is necessary to fulfill contractual obligations [4]. - The management acknowledged the ongoing challenges in the real estate sector, indicating that the company is in a transitional phase and will face a period of adjustment [4][5]. - Vanke plans to enhance operational efficiency and improve cash flow by divesting non-core assets and businesses, while also leveraging policy support to revitalize resources [5]. Group 3: Sales Performance and Market Outlook - For the first ten months of the year, Vanke reported sales of 115.28 billion yuan, with slight growth in operational service revenue and a notable single-day sales record in a project [5]. - The company anticipates that with the continued implementation of supportive policies, the real estate market will gradually recover and enter a new phase of stable development [5].

茲提述萬科企業股份有限公司（「本公司」）日期為2025年10月13日的公告（「該公告」）。除另有界定者 外，本公告所用詞彙與該公告所界定者具有相同涵義。 除該公告所披露資料外，本公司謹此補充，辛先生於書面辭職報告中稱其因「個人原因」請辭，並未 就個人原因進一步作出闡釋。截至本公告刊發之日，除該公告所披露外，就辛先生請辭的具體事 由，本公司未獲提供其他信息。 辛先生在書面辭職報告中確認彼與董事會並無意見分歧，亦無有關其辭任之事宜須提請本公司股東 垂注。辛先生的請辭不影響董事會的正常運作和本公司的日常運營。本公司各項工作穩步推進，生 產經營穩定。 萬科企業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2202） 補充公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內 容而引致的任何損失承擔任何責任。 CHINA VANKE CO., LTD.* 萬科企業股份有限公司 董事會 中國，深圳，2025年11月20日 於本公告日期，董事會成員包括：執行董事郁亮先生及王蘊 ...

Core Viewpoint - Vanke is facing significant operational challenges, with a reported net loss exceeding 16 billion yuan in Q3, marking a critical period for the company as it navigates through a harsh market environment [2][3]. Financial Support and Challenges - The major shareholder, Shenzhen Metro Group, has provided approximately 30.8 billion yuan in loans to Vanke this year to alleviate financial pressure during a peak debt repayment period [3]. - Despite this support, Vanke's management acknowledges that operational pressures remain and that overcoming these challenges will require collective efforts from all stakeholders [2][4]. Strategic Direction and Market Position - Vanke's chairman, Huang Liping, emphasized a strategic focus on promoting high-quality development in real estate, aligning with broader industry trends towards a multi-tiered housing supply system [5]. - The company reported sales of 115.28 billion yuan from January to October, demonstrating resilience in product offerings even amid market adjustments [6]. Operational Improvements and Innovations - Vanke is undergoing organizational restructuring to enhance operational efficiency, reducing management layers from "three and a half" to "two" levels, which aims to streamline decision-making processes [6]. - The company is also actively working on improving cash flow through capital operations, including divesting non-core assets [6][7]. Resource Management and Technological Integration - Vanke has successfully added 22.8 billion yuan in marketable assets in the first ten months of the year by optimizing existing resources and leveraging policy support [7]. - The company is focusing on integrating new technologies and sustainable practices to enhance its product and service competitiveness [7]. Future Outlook - The management acknowledges that while the support from the major shareholder has provided a crucial time window, the path to recovery will be gradual and challenging [8]. - Vanke's ability to navigate through this "pain period" will depend on collaborative efforts and its own strategic initiatives [8][9].

Core Viewpoint - Vanke is facing significant operational challenges, highlighted by a net loss exceeding 16 billion yuan in Q3, marking a critical period for the company as it navigates through a harsh market environment [1][7]. Group 1: Financial Support and Challenges - The major shareholder, Shenzhen Metro Group, has provided approximately 30.8 billion yuan in loans to Vanke this year to alleviate financial pressure during a debt repayment peak [2]. - Despite the support from the major shareholder, Vanke's management acknowledges that operational pressures remain and that overcoming these challenges will depend on collective efforts and Vanke's own strategies [1][3]. Group 2: Strategic Direction and Market Position - Vanke's chairman, Huang Liping, emphasized a strategic focus on promoting high-quality development in real estate, aligning with the macroeconomic trend of optimizing housing supply [4]. - Vanke reported a sales amount of 115.28 billion yuan from January to October, demonstrating resilience in product quality even during market adjustments [4]. Group 3: Business Transformation and Growth Areas - The company's service operations are emerging as new growth sources, with a 3% year-on-year increase in revenue from its subsidiary, Wanwu Cloud, and a rental rate exceeding 94% in its long-term apartment business [5]. - Vanke is undergoing organizational restructuring to improve operational efficiency, reducing management layers and enhancing decision-making processes [5]. Group 4: Future Outlook and Technological Integration - Vanke is focusing on "technology empowerment" by applying new information and green low-carbon technologies to enhance product competitiveness and service offerings [6]. - The management acknowledges that while the current operational pressures are significant, the support from the major shareholder has provided a crucial time window for Vanke to navigate through this challenging period [7].

Core Viewpoint - The Hong Kong real estate sector experienced a rebound on November 20, with several major companies seeing significant stock price increases, driven by expectations of supportive government policies aimed at stabilizing the real estate market [2][4]. Group 1: Market Performance - Major real estate stocks such as Sunac China (01918.HK) rose by 6.02%, Vanke (02202.HK) by 3.69%, and Country Garden (02007.HK) by 3.09% [2][3]. - Other companies like China Overseas Grand Oceans Group (00081.HK) and Yuexiu Property (00123.HK) also joined the upward trend, indicating a broader market recovery [2]. Group 2: Policy Catalysts - The recent rally in the real estate market is attributed to rising expectations of new supportive policies from the Chinese government to counteract the sluggish market and prevent further financial instability [4][5]. - The Ministry of Housing and Urban-Rural Development is reportedly considering measures such as interest subsidies for new personal housing loans and increasing tax deductions for mortgage borrowers [5]. Group 3: Market Data and Trends - Current real estate data shows a continued decline, with a reported 18.8% year-on-year drop in national commercial housing sales area for October 2025, and a 24.3% decrease in sales value [6]. - The market is under pressure, with expectations for policy support growing as the sales figures continue to decline [6][7]. Group 4: Future Outlook - Analysts suggest that the combination of policy expectations, consumer recovery, and improvements in the Hong Kong market will catalyze the real estate sector's performance leading up to the end of the year [9]. - The upcoming "Hong Kong 100 Strong" list is anticipated to feature major real estate companies, reflecting their importance in the market [10].

法律意见书 中国 深圳 福田区 益田路6001号太平金融大厦11、12楼 11F/12F., Taiping Finance Tower, 6001 Yitian Road, Futian District, Shenzhen, P.R. China 电话：(0755) 8826 5288 邮政编码：518038 网址：https://www.sundiallawfirm.com 广东信达律师事务所 关于万科企业股份有限公司 2025 年第一次临时股东会的 法律意见书 信达会字[2025]第 369 号 致：万科企业股份有限公司 广东信达律师事务所（以下简称"信达"）接受万科企业股份有限公司（以 下简称"贵公司"）的委托，指派律师参加了贵公司 2025 年第一次临时股东会 （以下简称"本次股东会"），并进行了必要的验证工作。 信达律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）等中国（为本法律意见书之目的，"中国"不 包括香港特别行政区、澳门特别行政区及台湾地区）法律法规以及《万科企业股 份 ...