Core Insights - The real estate sector is experiencing significant pressure with high base growth rates leading to a decline in market performance [1] - The report maintains a "Buy" rating for the industry, indicating potential investment opportunities despite current challenges [2] Market Performance - In October 2025, the transaction volume of commodity residential properties in 46 cities decreased by 33.3% year-on-year, with a notable decline in first-tier cities at 39.1% [11][12] - The cumulative transaction volume from January to October 2025 shows a 10.9% year-on-year decrease [11] - The second-hand housing market also faced challenges, with transaction volumes in 11 cities down by 21.3% year-on-year [35] Market Sentiment - The second-hand housing prices fell by 1.7% month-on-month in October 2025, marking a total decline of 13.0% since the beginning of the year [5][35] - Inventory levels in the new housing market showed a slight decrease, with a 2.1% reduction in short-term inventory in 10 key cities [5] Policy Environment - The "14th Five-Year Plan" emphasizes promoting high-quality development in real estate, shifting from suppression to encouragement of reasonable demand [5][29] - The government is gradually lifting restrictive measures, which may positively impact market sentiment in the long term [5] Land Market Dynamics - In October 2025, the land transfer revenue in 600 cities dropped by 27.8% year-on-year, indicating a cooling land market [5] - The average land premium rate fell to 3.3%, the lowest since 2025, reflecting cautious bidding behavior among developers [5] Company Performance - The top 100 real estate companies reported a sales amount of 276.6 billion yuan in October 2025, a 41% year-on-year decline [29] - State-owned enterprises showed a year-on-year sales decline of 37%, while private enterprises faced a more severe drop of 52% [30] Investment Outlook - The SW Real Estate Index fell by 2.37% in October 2025, underperforming the broader market by 2.4 percentage points [5] - The report suggests holding quality real estate development companies, as the market is expected to stabilize and recover gradually [5]

Core Viewpoint - Vanke successfully acquired a land parcel in Chongqing for approximately 320 million yuan, marking the first land transaction in the newly established Liangjiang New Area following administrative adjustments [1] Group 1: Land Acquisition Details - The land parcel, located in the Liangjiang New Area, was sold for a total price of about 320 million yuan, with a floor price of approximately 8,000 yuan per square meter [1] - The land area is approximately 26,700 square meters, with a plot ratio of 1.5, allowing for a total construction area of around 40,000 square meters [1] Group 2: Market Context and Analysis - The Central Park area has experienced a "supply halt" for land, with the last parcel sold in September 2023, also to Vanke, at a floor price of about 10,300 yuan per square meter [1] - The competitive landscape in the area is intense, with 11 main projects currently for sale, primarily offering products in the 80-100 square meters and 120-140 square meters range, which are well-received in the market [1] - In response to the homogeneity of mainstream products, Vanke may develop new residential types and fourth-generation housing to differentiate itself in the market [1]

Core Insights - The establishment of a dual rental and purchase housing system in China is accelerating, with the activation of existing assets playing an increasingly important role [1][3] - The "Boyu Yanyuan Old Palace Core Community" project, a pilot for affordable rental housing, has officially opened in Daxing District, Beijing, marking a significant step in utilizing collective land for housing [1][4] Company Overview - The "Jianwan Fund," a joint venture between China Construction Bank and Vanke Group, acquired the land for the project and is responsible for its operation through Vanke's rental brand, "Boyu" [1][3] - The project includes 1,505 affordable rental units, with rental prices set at 90% of the surrounding market rates, demonstrating a commitment to providing affordable housing options [3][4] Industry Context - Daxing District is a pilot area for the reform of collective operating construction land, and the project is part of a broader initiative to increase the supply of affordable rental housing in response to the dual rental and purchase housing policy [3][9] - Vanke has been a pioneer in the rental housing sector, successfully implementing a sustainable business model that combines asset activation, service enhancement, and capital closure [3][9] - The company operates 280,000 rental units nationwide, with a nearly 95% occupancy rate, solidifying its position as the largest provider of concentrated apartments in China [8][9]

Core Viewpoint - Vanke is undergoing dual transformations in financial security and organizational restructuring, aiming to establish a solid foundation amid favorable policy changes in the real estate sector [1] Financial Support: Major Shareholder's Strong Backing - Vanke has signed a framework agreement with its major shareholder, Shenzhen Metro Group, to secure a borrowing limit of up to 22 billion yuan, specifically for repaying public market bond principal and interest, highlighting the urgency of debt resolution [2] - As of the announcement date, Shenzhen Metro Group has provided Vanke with a total of 20.373 billion yuan in unsecured loans, with actual withdrawals amounting to 19.71 billion yuan [2] - Despite the ongoing financial support, Vanke's debt pressure remains significant, with a net loss of 11.95 billion yuan in the first half of 2025, an increase from 9.8 billion yuan in the same period last year [2][3] - Vanke's net debt ratio stands at 90.4%, up 9.8 percentage points from the end of 2024, while its asset-liability ratio is 73.1%, down 0.6 percentage points [2] Organizational Restructuring: Farewell to the "Feudal" Model - In September, Vanke made significant organizational adjustments by abolishing its original development and operational headquarters and five regional companies, replacing them with 16 regional companies directly managed by the group headquarters [4] - This restructuring aims to eliminate resource waste and internal conflicts caused by the previous regional companies operating independently, focusing on extreme cost reduction and centralized resource management [4] - Despite the restructuring, Vanke's sales performance remains concerning, with a sales amount of 69.1 billion yuan in the first half of 2025, a year-on-year decline of 45.7% [4] Product Innovation: Aligning with High-Quality Development - Vanke continues to explore product innovation, exemplified by the "Ideal Land" project in Shanghai, which integrates residential, commercial, and community services, aiming to create a 10-15 minute living circle [4][5] - This project has achieved significant market recognition, ranking first in Shanghai's new residential sales in 2023, indicating a positive reception for innovative products [4] - Vanke's future focus will be on comprehensive residential development, property services, and rental apartments, aligning with the "14th Five-Year Plan" suggestion to promote high-quality development in the real estate sector [5] Industry Transformation: Adapting to New Norms - The real estate industry is moving away from high leverage and rapid turnover, compelling leading companies like Vanke to undergo financial restructuring and organizational changes to adapt to evolving market conditions [6] - The ability to transform product innovation into a sustainable profit model will determine Vanke's success in navigating the current challenges and seizing opportunities presented by favorable policies [6]

Core Viewpoint - The "Boyu Yanyuan Old Palace Core Community" project in Daxing District, Beijing, marks a significant step in the development of collective land for rental housing, showcasing a successful model for sustainable housing rental operations and providing valuable experience for the industry [1][3][4]. Group 1: Project Overview - The "Boyu Yanyuan Old Palace Core Community" is the first collective land project under the "Jianwan Fund" in Beijing, with a total construction area of approximately 65,000 square meters, located near the South Fifth Ring Road and about 1.5 kilometers from the Yigong Station on the Yizhuang Line [3]. - The project includes 1,505 units of affordable rental housing, operated by Vanke's long-term rental apartment brand "Boyuy," with rental prices set at 90% of the surrounding market rates [3][4]. Group 2: Industry Context - The current phase of urban development in China is shifting from large-scale expansion to improving existing stock, with policies supporting the revitalization of existing assets [4]. - The construction of affordable rental housing on collective land aligns with the "rent and purchase coexistence" housing policy, effectively increasing the supply of affordable rental units and promoting the efficient use of rural land resources [4]. Group 3: Company Positioning - Vanke is one of the earliest companies to enter the rental housing market, successfully exploring a sustainable path through "stock activation + service enhancement + capital closure," which has improved operational efficiency and established a clearer business model [4][9]. - Vanke's rental business has achieved significant scale, managing 280,000 rental units nationwide, with an occupancy rate close to 95%, making it the largest provider of centralized apartments in China [8][9]. Group 4: Future Outlook - The innovative practices of Vanke's rental housing business provide solutions to industry challenges, focusing on activating existing resources and enhancing tenant experience through standardized services and smart management [9]. - The long-term rental business of Vanke is expected to contribute stable and lasting value to society, the industry, and citizens, as it continues to evolve and adapt to market needs [9].

Group 1 - Wall Street analysts indicate that the tightness in the money market may persist until November due to high financing costs, pressuring the Federal Reserve to act before halting balance sheet reduction next month [2] - The overnight secured financing rate surged by 18 basis points last Friday, marking the largest single-day fluctuation since the Fed's rate hike cycle began in March 2020 [2] - Despite a decrease in SOFR on Monday after month-end pressures eased, it remains above the Fed's key policy benchmark rates, including the federal funds rate [2] Group 2 - Bank of America previously anticipated that the Fed would end quantitative tightening (QT) at the end of October and immediately begin asset purchases to expand its balance sheet [2] - Fed Chair Jerome Powell stated that the Fed would eventually start to gradually increase reserve levels to keep pace with the banking system and economic developments, but did not specify a timeline [2] - Other Fed officials, including Vice Chair for Supervision Michael Barr, believe the central bank should maintain the smallest possible balance sheet [2] Group 3 - The Chinese Ministry of Finance plans to issue up to $4 billion in senior bonds, with three companies participating in the issuance [4] - The current yield for China's two-year government bonds is 1.42%, while the ten-year yield is 1.80% [8] - The U.S. two-year government bond yield has decreased by 2 basis points to 3.58%, and the ten-year yield has decreased by 3 basis points to 4.10% [8]

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。 中國，深圳，2025年11月5日 CHINA VANKE CO., LTD.* 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） 於本 公 告日期，本 公司 董 事會 成 員包 括：執 行 董 事 郁 亮 先 生 及 王 蘊 女 士；非 執 行 董 事黃 力 平 先 生、胡國 斌 先 生 及雷 江 松 先 生；以及 獨 立非 執 行 董 事 廖子 彬先 生、林 明彥 先 生、沈向洋 博士及 張 懿 宸 先 生。 海外監管公告 * 僅供識別 本公告乃根據香港聯合交易所有限公司證券上市規則 第 13.10B 條 作出。兹 載 列 該 公 告如下， 僅供 參 閱。 | 债券代码 | 债券简称 | | --- | --- | | 149297.SZ | 20 万科 08 | | 149358.SZ | 21 万科 02 | | 149478.SZ | 21 万科 04 ...

万科企业股份有限公司 关于按照《香港上市规则》公布 2025 年 10 月证券变动月报表的公 告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2025-143 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误导性 陈述或者重大遗漏。 根据《香港联合交易所有限公司证券上市规则》（简称"《香港上市规则》"） 13.25B 条关于披露股份发行人的证券变动月报表的要求，及《深圳证券交易所股 票上市规则》11.2.1 条关于境内外同步披露的要求，特披露万科企业股份有限公 司在香港联合交易所有限公司披露易网站（www.hkexnews.hk）刊登的《万科企 业股份有限公司截至 2025 年 10 月 31 日的月报表》，供参阅。 特此公告。 万科企业股份有限公司 董事会 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 000002 | 說明 | 深圳證券交易 ...

Core Viewpoint - S&P has downgraded Vanke's rating to "CCC" with a negative outlook [1] Group 1 - The downgrade reflects concerns over Vanke's financial stability and ability to meet obligations [1] - The negative outlook indicates potential further downgrades if the company's situation does not improve [1] - Vanke's current challenges are attributed to broader market conditions and specific operational issues [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 萬科企業股份有限公司 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02202 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,206,512,938 | RMB | | 1 RMB | | 2,206,512,938 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,206,512,938 | RMB | | 1 RMB | | 2,206,512,938 | ...