万科企业股份有限公司 关于深铁集团向公司提供不超过 23.6 亿元借款暨关联交易的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2026-012 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。 一、关联交易概述 1．经协商，万科企业股份有限公司（以下简称"公司"或"万科"）第一 大股东深圳市地铁集团有限公司（以下简称"深铁集团"或"出借人"）向公司 提供不超过23.6亿元借款（以下简称"股东借款"）。 2．截至目前，深铁集团持有公司27.18%股权，深铁集团构成公司的关联方。 根据《深圳证券交易所股票上市规则》等相关规定，本次关联交易事项构成公司 应披露的关联交易。 3．公司第二十届董事会第三十次会议于2026年1月27日审议通过了《关于深 铁集团向公司提供不超过23.6亿元借款的议案》，关联董事黄力平、雷江松对本 次关联交易事项回避表决。本次关联交易事项已经公司第二十届董事会独立董事 专门会议第十六次会议审议通过。 4．本次关联交易事项不构成《上市公司重大资产重组管理办法》规定的重 大资产重组或重组上市，无需经过有 ...

万科企业股份有限公司 第二十届董事会第三十次会议决议公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：〈万〉2026-011 万科企业股份有限公司（以下简称"公司"或"万科"）第二十届董事会第 三十次会议通知以电子邮件的方式送达各位董事。公司全体董事以通讯表决方式 参与本次会议，公司于 2026 年 1 月 27 日（含当日）前收到全体董事的表决意见。 本次会议的召开符合《中华人民共和国公司法》等法律法规和《万科企业股份有 限公司章程》的规定。 二、会议审议情况 审议通过《关于深铁集团向公司提供不超过 23.6 亿元借款的议案》 详见公司同日在巨潮资讯网登载的《关于深铁集团向公司提供不超过 23.6 亿元借款暨关联交易的公告》。 表决结果：赞成 6 票，反对 0 票，弃权 0 票。关联董事黄力平和雷江松回避 表决。 三、备查文件 公司第二十届董事会第三十次会议决议。 特此公告。 万科企业股份有限公司 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。 一、会议召开情况 董事会 二〇二六年一月二十七日 1 ...

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。 一、 董事會會議召開情況 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） 關於主要股東提供股東借款的董事會決議公告 萬科企業股份有限公司（以下簡稱「公司」或「本公司」）第二十屆董事會（「董事會」）第三十次會議 的通知以電子郵件的方式送達各位董事。公司全體董事以通訊表決方式參與本次會議，公司於 2026年1月27日（含當日）前收到全體董事的表決意見。本次會議的召開符合《中華人民共和國公 司法》等法律法規和《萬科企業股份有限公司章程》的規定。 二、 董事會會議審議情況 董事會審議通過《關於深圳地鐵集團向公司提供不超過人民幣23.6億元借款的議案》 4. 借款利率： 定價基準為每筆借款提款日前一工作日全國銀行間同業拆借中心公 佈的1年期貸款市場報價利率(LPR)，浮動點數為減66個基點，截至 本公告披露日期為2.34%； ...

1月27日，由昆明市房地产开发与经济协会主办的《2025年度昆明房地产行业蓝皮书》发布会顺利举行。会议系统回顾了过去一年昆明房地产行业的转型路 径与发展成果，并对在行业革新中表现卓越、勇于担当的企业及项目予以表彰。万科作为行业代表受邀出席，与各界共同探讨未来市场发展趋势。 凭借在推动城市高质量发展方面的持续贡献，万科在本次年度评选中荣膺"2025年度昆明高质量发展企业"称号。这一荣誉不仅是对企业综合实力的认可，更 是对其深耕昆明、与城市发展同频共振的长期承诺的肯定。 同时，旗下项目万科·500里丨桂语东方在市场表现上亦十分亮眼。数据显示，该项目以全年8.12亿元的商品房成交金额、7.85亿元的住宅成交金额，荣登商 品房及住宅项目成交金额双榜TOP10。热销的背后，不仅是市场对其产品力与品牌力的认可，更呼应了当下购房者对于高品质居住体验的切实需求。项目从 规划、设计到落地，均体现出万科对居住本质的深入思考，以及对城市人居标准的持续推动。 多年来，万科始终坚持以产品为核心，持续聚焦"好房子、好服务、好社区"的打造。从居住空间的精细化营造，到社区配套与生活服务的完善，万科致力于 通过扎实的产品与服务，满足居民对美好 ...

Investment Rating - The report rates the real estate industry as "Outperform" compared to the market [2] Core Insights - New home sales in December showed a month-on-month increase of 33.6%, with a year-on-year decline of 32.1%, indicating a narrowing of the decline compared to previous months [5] - The second-hand home sales saw a year-on-year decline of 30.7% in December, with a month-on-month increase of 12.7%, reflecting a worsening trend in the second-hand market [5] - The overall inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with an average de-stocking period of 17.8 months [5] Summary by Sections New Home Sales - December new home sales area increased by 33.6% month-on-month, but decreased by 32.1% year-on-year, with the decline narrowing by 6.6 percentage points [5] - For the entire year of 2025, new home sales decreased by 14%, with a year-on-year decline of 13.7% across 40 cities [5] - First-tier cities experienced a year-on-year decline of 15.8%, while second-tier and third-fourth tier cities saw declines of 12.6% and 13.6% respectively [5] Second-Hand Home Sales - December saw a year-on-year decline in second-hand home sales of 30.7%, with a month-on-month increase of 12.7% [5] - The overall second-hand home sales for 2025 decreased by 4%, with first-tier cities still showing positive growth [5] Inventory and De-stocking - The inventory of new homes decreased by 0.1% month-on-month and 8.3% year-on-year, with a de-stocking period of 17.8 months [5] - Major cities like Shanghai and Hangzhou have de-stocking periods within 12 months [5] Land Market - The land market in December showed a month-on-month increase of 126.7%, but a year-on-year decline of 8.9% [5] - The average land price was 1392 RMB per square meter, with a year-on-year decrease of 10.3% [5] Real Estate Companies - The top 100 real estate companies saw a year-on-year sales decline of 20% in 2025, with December sales showing a narrowing decline of 26.7% [5] - The land acquisition amount for December decreased by 58.1% year-on-year, while the total acquisition amount for 2025 increased by 2.6% [5] Financing - The financing scale for the real estate industry decreased in December, but showed a year-on-year increase for the entire year [5] - The total issuance of domestic and foreign bonds and ABS in 2025 was 596.7 billion RMB, a 6% increase year-on-year [5] Policy - The central government emphasized stabilizing the real estate market and reducing the value-added tax on personal home sales to 3% [5] - Local policies have been adjusted to optimize purchase restrictions and loan policies in cities like Beijing [5] Sector Performance - The real estate sector underperformed compared to the Shanghai and Shenzhen 300 index in December, with an absolute return of -4.0% [5] Investment Recommendations - The report suggests focusing on companies with stable fundamentals in core cities, smaller firms showing significant breakthroughs, and commercial real estate companies exploring new consumption scenarios [5]

Group 1 - The bond market showed mixed performance for Vanke's domestic bonds, with "22 Vanke 06" rising nearly 3%, "23 Vanke 01" up over 1%, and "21 Vanke 04" increasing by 0.63% [1] - Conversely, "22 Vanke 04" fell over 5%, and "21 Vanke 06" dropped more than 1% [1] - In the local bond market, bonds such as "25 Jilin Bond 29", "24 Corps Bond 03", and "25 Zhejiang Bond 02" increased by over 1% [1] Group 2 - Special government bonds experienced declines, with "24 Special National 01" down 0.49%, "24 Special National 02" down 0.37%, "24 Special National 03" down 0.47%, and "24 Special National 04" down 0.40% [1] - Other special government bonds like "Special National 2401" decreased by 0.19%, while "Special National 2403" fell by 0.43% [1]

Group 1: Debt Restructuring Progress - In January 2026, several real estate companies, including Vanke, Road King, and Fantasia, reported significant progress in debt restructuring, continuing the trend from 2025 [1][3] - In 2025, 21 distressed real estate companies completed debt restructuring, with a total debt relief of approximately 1.2 trillion yuan [1][6] - The restructuring efforts are seen as a transition from addressing immediate liquidity crises to a more comprehensive resolution of debt risks in the real estate sector [5] Group 2: Policy Support and Financing Mechanisms - The "white list" financing system for real estate projects was optimized in January 2026, extending the loan extension period from 2.5 years to 5 years, providing companies with more financial flexibility [1][8] - The "white list" system has facilitated over 7 trillion yuan in loan approvals by September 2025, supporting nearly 20 million housing units [7] - The recent policy changes are expected to benefit financially healthier private real estate companies, allowing them to stabilize operations and diversify their business [9] Group 3: Specific Company Developments - Vanke announced a bond buyback plan on January 21, 2026, offering to repay 40% of the principal of certain bonds while extending the remaining 60% for one year, which was well-received by bondholders [3][4] - Fantasia's restructuring has entered a critical judicial phase, with the Hong Kong High Court approving a meeting for creditors to discuss the restructuring plan [4] - Jin Ke Co. completed a judicial restructuring in December 2025, involving a debt scale of 147 billion yuan, marking it as the largest case in the real estate sector [5]

据国家统计局数据，国内70个城市在2025年12月的新建商品房住宅销售价格环比下降0.4%，降幅已经连续数月维持在 相近水平，一线城市环比下降0.3%，降幅较前一月收窄0.1%，部分指标的跌幅呈现出收窄或者趋稳的态势。 在全面取消限购、限贷政策持续优化等多重因素叠加之下，2025年的广州房地产市场整体表现尤为亮眼。根据《广州 市2025年住房发展年度计划》及行业数据显示，2025年广州全市新房成交面积达355.6万平方米，同比降幅收窄至 4.2%，其中中心五区成交占比提升至36%，成为大湾区市场回稳的核心引擎。 回望2025年，在房地产行业向高质量发展转型的关键节点，万科深度锚定广佛都市圈发展脉搏，以"与城市共生长"的 初心深耕布局，凭借优质产品供给与全生命周期服务体系，交出了一份亮眼的市场答卷，持续赢得市场与消费者的广 泛认可。 持续领跑，多个红盘霸榜市场头部 （万科·理想花地规划图，以实际建设为准） 凭借深厚的品牌积淀与产品实力，2025年万科在广佛的销售业绩突破100亿元，多个红盘稳居所在板块销售榜单前 列，市场认可度持续领跑。据克而瑞数据，万科·理想花地全年热度稳居广州荔湾花地湾片区首位，2022至2 ...

Core Viewpoint - The Shenzhen Stock Exchange announced a temporary suspension of the bond "21 Vanke 04" (149478) after its trading price increased by 20% or more compared to the previous closing price [1] Group 1 - The bond experienced a significant price increase, leading to a temporary trading halt at 10:11:10 AM [1] - The bond was resumed for trading at 10:41:11 AM after the temporary suspension [1]

Core Viewpoint - The real estate industry in China is undergoing a deep adjustment, with significant declines in investment, sales area, and sales revenue in 2025, indicating a challenging market environment [1][3][9]. Investment and Sales Data - In 2025, national real estate development investment reached 82,788 billion yuan, a year-on-year decrease of 17.2% [1]. - The sales area of new commercial housing was 88,101 million square meters, down 8.7% year-on-year, while the sales revenue was 83,937 billion yuan, reflecting a 12.6% decline [1][9]. - The construction area for real estate developers was 659,890 million square meters, a decrease of 10.0% year-on-year, with residential construction down 10.3% [3]. Construction Activity - New construction area was 58,770 million square meters, down 20.4%, with residential new construction area at 42,984 million square meters, a decline of 19.8% [4]. - The completion area was 60,348 million square meters, down 18.1%, with residential completions at 42,830 million square meters, a decrease of 20.2% [4]. Market Dynamics - The market is still in a "de-inventory" phase due to declining new home sales and significantly reduced land transactions over the past two years [5]. - Some central and state-owned enterprises are maintaining orderly construction activities, and there is still demand for well-located properties, which is boosting market confidence [6]. Financial Policies and Support - Local governments are enhancing "guarantee delivery" efforts, with recent financial policies aimed at stabilizing financing for projects on the "white list," which will support the delivery of homes [7]. Leading Companies - In 2025, ten real estate companies achieved sales exceeding 100 billion yuan, with four surpassing 200 billion yuan. These include major players like Poly Development, China Overseas Land & Investment, and Vanke [9]. - The top ten companies by investment are primarily state-owned enterprises, with significant investments from China Overseas, China Resources, Poly Development, and China Merchants Shekou, indicating a strategic positioning during market adjustments [9]. Market Trends - December 2025 showed signs of improvement, with new commercial housing sales area increasing by 39.87% month-on-month and sales revenue rising by 44.07% [10]. - The average price of new residential properties in first-tier cities saw a slight decrease, with Shanghai experiencing a minor increase, while other cities like Beijing and Guangzhou reported declines [10][11]. - The second-hand housing market is also seeing a shift, with increased transactions in second-hand homes as buyers seek more affordable options [12].