Core Viewpoint - Vanke A emphasizes the importance of communication with investors and has dedicated personnel to handle investor inquiries [1] Group 1 - The company has established a dedicated investor hotline for communication, which is 0755-25606666 (extension to the board office) [1]

Group 1 - Vanke A's stock price has dropped 2.9% to 4.69 yuan per share, with a total market capitalization of 55.955 billion yuan as of the latest report [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 5.44% during this period [1] - Vanke's main business segments include real estate development and property services, with revenue contributions of 80.17% from real estate development, 16.23% from property services, and 3.61% from other activities [1] Group 2 - Huatai-PB CSI 300 ETF (510300) is among the top ten circulating shareholders of Vanke A, having reduced its holdings by 5.9163 million shares, now holding 116 million shares, which is 0.97% of the circulating shares [2] - The estimated floating loss for Huatai-PB CSI 300 ETF today is approximately 16.21 million yuan, with a total floating loss of 31.26 million yuan over the three-day decline [2] - The fund has a total scale of 425.581 billion yuan, with a year-to-date return of 2.84% and a one-year return of 31.24% [2]

Group 1 - The company Vanke Enterprise Co., Ltd. announced a meeting for bondholders to discuss adjustments related to the repayment of principal and interest for the bond "21 Vanke 02" [1] - The meeting will be convened by CITIC Securities Co., Ltd., and a supplementary notice regarding the final resolution will be issued by January 16 [1] - The timing and arrangements for the bondholder meeting will also be included in the supplementary notice [1]

於本 公 告日期，本 公司 董 事會 成 員包 括：非 執 行 董 事黃 力 平 先 生、胡 國 斌 先 生 及雷 江 松 先 生；執 行 董 事 王 蘊 女 士；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。 * 僅供識別 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 （於中華人民共和國註冊成立的股份有限公司 ） （股份代號：2202） 海外監管公告 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。 萬科企業股份有限公司 董事會 中國，深圳，2026年1月14日 现补充通知如下： 本次持有人会议最终议案将由会议召集人中信证券股份有限公司以公告方 式在 2026 年 1 月 16 日前发出补充通知，持有人会议时间等安排亦将在补充通知 中同步说明。债 ...

Core Viewpoint - Shanghai Vanke and Fuxing Group are reportedly looking to sell the Shanghai Vitality City shopping center for 2.2 billion yuan, indicating a significant shift in the commercial real estate landscape in Shanghai [2][8]. Group 1: Project Overview - Shanghai Vitality City is a six-story commercial complex with a total area of approximately 109,200 square meters and a rental area of 57,800 square meters, achieving a rental rate of 97% [6][7]. - The project is strategically located at the intersection of three towns in Pudong, with direct access to Metro Line 11 and 18, and is surrounded by over 100,000 households within a three-kilometer radius [7]. - Since its opening in December 2019, the center has positioned itself as a "city family living room," attracting over 1.424 million visitors annually and generating sales of 1.525 billion yuan in 2023 [7]. Group 2: Company Strategies - Vanke is under significant debt pressure, leading to a strategy of asset divestment, including the sale of multiple large shopping centers across various cities [9][10]. - Fuxing Group's decision to sell is part of a broader strategic shift, focusing on core businesses like jewelry and fashion while divesting non-core assets due to declining performance in the real estate sector [12][13]. - The sale of Shanghai Vitality City reflects both companies' need to adapt to changing market conditions and financial pressures, marking a pivotal moment in their operational strategies [13].

Core Viewpoint - Vanke A (000002.SZ) announced that it will release the final proposal regarding the adjustment of the principal and interest payment arrangements for the 21 Vanke 02 bonds by January 16, 2026, with further details to be provided in a supplementary notice [1]. Group 1 - The company will publish the final proposal for the bond payment adjustments by January 16, 2026 [1]. - The announcement indicates a planned adjustment in the payment arrangements for the 21 Vanke 02 bonds [1]. - A supplementary notice will provide details regarding the meeting time and other arrangements [1].

本通知未涉及事项，仍以《关于召开万科企业股份有限公司 2021 年面向合 格投资者公开发行住房租赁专项公司债券（第一期）（品种二）2026 年第一次债 券持有人会议的通知》为准，敬请投资者留意。 特此通知。 年第一次债券持有人会议的补充通知 根据《关于召开万科企业股份有限公司 2021 年面向合格投资者公开发行住 房租赁专项公司债券（第一期）（品种二）2026 年第一次债券持有人会议的通 知》（以下简称"会议通知"），为稳妥推进万科企业股份有限公司 2021 年面 向合格投资者公开发行住房租赁专项公司债券（第一期）（品种二）（以下简称 "本期债券"或"21 万科 02"）本息兑付工作，特召开持有人会议对本期债券 本息兑付安排调整相关事项进行审议。 现补充通知如下： 本次持有人会议最终议案将由会议召集人中信证券股份有限公司以公告方 式在 2026 年 1 月 16 日前发出补充通知，持有人会议时间等安排亦将在补充通知 中同步说明。债券持有人会议补充通知将在刊登会议通知的同一指定互联网网站 上公告，敬请投资者留意。 | 股票简称：万科 | A | | 股票代码：000002 | | --- | --- | --- ...

Summary of Conference Call Notes on China Property Sector Industry Overview - **Sector**: China Property (H/A) - **Key Focus**: The outlook for the China property sector amidst current economic challenges and potential policy changes Core Insights and Arguments 1. **Proactive Policy Support Expected**: Anticipation of more proactive policy measures by March/April 2026, aimed at stabilizing the property market and investor sentiment [1][3][61] 2. **Market Volume Projections**: Combined primary and secondary market volumes are expected to approach a trough, with secondary price declines slowing as prices may retrace to 2015 levels by late-2026 without intervention [1][2] 3. **Earnings and Valuation Adjustments**: - Projected earnings for FY25 are expected to drop by 20%, with an 8% cut in EPS estimates for FY25-27 [4] - Current sector P/E is at 8.2x for 2027E, aligning with historical averages, indicating reasonable valuation if policy shifts occur [1] 4. **Investment Recommendations**: Favorable outlook on companies with strong execution capabilities such as CR Land, COLI, and C&D International, while maintaining a neutral stance on Onewo due to potential control changes [1][22] Market Dynamics 1. **Physical Market Conditions**: - Primary volumes are significantly below intrinsic demand, with expected declines of 5-6% in volume and 8-9% in value for 2026 [2] - Secondary prices may drop by an additional 15-20%, affecting owner willingness to sell [2] 2. **Policy Coordination**: - Anticipated relaxation of home purchase restrictions in Tier 1 cities within 1-2 months, with comprehensive policy responses potentially taking longer [3][63] - The recent coordination by SASAC to manage financial contagion risks is viewed positively [3] Earnings and Valuation Adjustments 1. **Price Objective Changes**: - Average price objectives cut by 12%, with specific adjustments for major developers like Vanke, which saw a 42% reduction in price objectives due to lower NAV estimates [4][7][60] 2. **Onewo's Position**: - Upgraded to Neutral as the worst-case scenario appears priced in, with potential upside if control shifts to Shenzhen Metro [22][23] - Projected core profit decline of 10% in FY26, with dividends expected to normalize by FY27 [25][27] Potential Policy Tools 1. **Mortgage Interest Subsidy**: Considered a high-impact tool, potentially providing a 3-5% discount on home purchases, with estimated costs of RMB70 billion annually for new buyers [70][72] 2. **Central Government-Led Inventory Buyback**: Aimed at addressing supply-demand imbalances, though execution has been limited [70][72] Important but Overlooked Content 1. **Long-Term Growth Outlook**: The severing of ties with Vanke could clarify Onewo's long-term outlook, with expectations of low-single-digit growth in third-party project bidding [26] 2. **Corporate Governance Risks**: Governance issues are highlighted as a significant risk for property management firms linked to developers facing liquidity challenges [28] 3. **Market Sentiment and Stability**: The potential for policy changes to stabilize market sentiment is emphasized, particularly in light of recent economic pressures [63][64] Conclusion - The China property sector is at a critical juncture, with anticipated policy shifts that could provide contrarian investment opportunities. The focus remains on identifying strong performers amidst a backdrop of declining volumes and earnings, while monitoring the evolving policy landscape for signs of stabilization.

Core Viewpoint - The real estate industry is gradually bottoming out and undergoing value reconstruction, adhering to the core concept of "long-termism" [1] Group 1: Sales Performance - In 2025, 10 real estate companies achieved sales exceeding 100 billion yuan, with 4 companies surpassing 200 billion yuan [1] - The top 10 companies by sales in 2025 were: Poly Developments (253 billion), Greentown China (251.9 billion), China Overseas Land & Investment (251.2 billion), China Resources Land (233.6 billion), China Merchants Shekou (186 billion), Vanke (178 billion), Jianfa Real Estate (156 billion), China Jinmao (135 billion), Yuexiu Property (128 billion), and Binjiang Group (105 billion) [2] Group 2: Investment Trends - The investment amount in 2025 reflects the industry's situation, with state-owned enterprises dominating the top ten in investment [2] - China Overseas Land & Investment, China Resources Land, Poly Developments, and China Merchants Shekou accounted for over 30% of the total investment among the top ten companies [2] - Private enterprises showed signs of recovering investment confidence, with total land acquisition exceeding 100 billion yuan in 2025, marking an 8% year-on-year increase [3] Group 3: Market Outlook - The year 2026 is expected to be a pivotal year for the industry, with ongoing debt restructuring among real estate companies and a focus on completing housing delivery tasks [3] - The market is anticipated to seek a new supply-demand balance while maintaining a stable adjustment, with potential structural recovery in residential market transactions [3] - The average annual sales area of new residential buildings in the next five years is projected to remain between 700 million and 800 million square meters [4] Group 4: Company Visions for 2026 - Poly Developments aims to enhance its core value through refined operations and digital marketing while expanding into property services and light-asset construction [5] - Greentown China focuses on product innovation and community service, emphasizing high quality and sustainability [6] - China Overseas Land & Investment plans to deepen its core business and enhance its competitive edge through technology and investment [7] - China Resources Land intends to accelerate its strategic layout and ensure high-quality project execution [8] - China Jinmao aims to become a leader in product innovation and sustainable development through a three-step strategic plan [9] - Yuexiu Property emphasizes high-quality growth through enhanced service offerings and community engagement [10] - Country Garden is shifting its focus from housing delivery to optimizing its debt structure and restoring normal operations [11] - China Communications Construction Company is committed to urban deep cultivation and digital transformation [12]

消息人士称，中国万科提议将还款宽限期从30个交易日进一步延长至90个交易日。中国万科再次提议将 12月15日到期的人民币债券还款期限推迟一年，以特定项目的应收账款作为信用增级措施。 ...