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。 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 辛 傑 先 生、胡 國 斌 先 生、黃 力 平 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。 * 僅供識別 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，2025年9月2 4日 万科企业股份有限公司关于行使"20 万科 08"公司债券 赎回选择权的第一次提示性公告 证券代码：000002、299903、149297 证券简称：万科 ...

万科企业股份有限公司关于行使"20 万科 08"公司债券 赎回选择权的第一次提示性公告 证券代码：000002、299903、149297 证券简称：万科 A、万科 H 代、20 万科 08 公告编号：〈万〉2025-124 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 误导性陈述或者重大遗漏负连带责任。 重要提示： 1．债券代码：149297。 2．债券简称：20万科08。 3．赎回登记日：2025年11月12日。 4．赎回资金到账日：2025年11月13日。 5．赎回价格：人民币104.11元/张（含当期利息，且当期利息含 税）。 6．债券赎回比例：100%。 7．摘牌日: 2025年11月13日。 一、"20万科08"公司债券的基本情况 1．发行主体：万科企业股份有限公司。 2．债券名称：万科企业股份有限公司 2020 年面向合格投资者公 开发行公司债券（第四期）（品种二）。 3．债券简称：20 万科 08。 1 4．债券代码：149297。 5．债券余额：16 亿元。 6．债券期限：本期债券期限为 7 年期（附第 5 年末发行人赎回 选择权、发行人调整票面利率选择权和投资者 ...

万科企业股份有限公司关于行使"20 万科 08"公司债券 赎回选择权的公告 证券代码：000002、299903、149297 证券简称：万科 A、万科 H 代、20 万科 08 公告编号：〈万〉2025-123 | 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、 | | --- | | 误导性陈述或者重大遗漏负连带责任。 | 根据《万科企业股份有限公司 2020 年面向合格投资者公开发行公司债券（第 四期）募集说明书》（以下简称"《募集说明书》"）中有关万科企业股份有限公 司 2020 年面向合格投资者公开发行公司债券（第四期）（品种二）（以下简称 "20 万科 08"、"本期债券"）发行人赎回选择权的条款约定： 发行人将于本期债券第 5 个计息年度付息日前的第 30 个交易日，通过中国 证监会指定的上市公司信息披露媒体发布关于是否行使赎回选择权的公告。若发 行人决定行使赎回选择权，本期债券将被视为第 5 年全部到期，发行人将以票面 面值加最后一期利息向投资者赎回全部本期债券。所赎回的本金加第 5 个计息年 度利息在兑付日一起支付。发行人将按照本期债券登记机构的有关规定统计债券 持 ...

Group 1 - The core viewpoint of the article highlights a collective rise in Hong Kong's property stocks, driven by government reforms aimed at stabilizing the real estate market and addressing sector challenges [1] - The Ministry of Housing and Urban-Rural Development of China has announced plans to deepen reforms and promote breakthroughs in housing, real estate, urban construction, and the construction industry [1] - Several property companies are undergoing domestic debt restructuring, including Country Garden, Sunac China, Longfor Group, and CIFI Holdings [1] Group 2 - Notably, the luxury housing market in Shanghai has seen a surge, with a recent launch of 120 units in the Kerry Jinling Huating Phase II selling out completely, generating a sales revenue of 9.843 billion yuan in a single day [1] - Specific property stocks such as Longfor Group and Jianfa International have seen increases of nearly 4%, while Shimao Group and China Overseas Grand Oceans have risen by nearly 3% [1] - The article provides a detailed list of stock performance for various property companies, indicating positive market sentiment [1]

Group 1 - The core viewpoint of the article highlights that the majority of Hong Kong's property stocks experienced an increase, with notable gains from companies such as Sunac China and Country Garden, which rose over 3% [1] - Other companies in the sector, including New World Development, China Overseas Land & Investment, Vanke, and Greentown China, also saw increases exceeding 2% [1]

Core Viewpoint - Vanke is facing a critical moment in 2025, marked by a debt peak and significant self-rescue efforts, including asset sales and negotiations with creditors [1][10]. Group 1: Asset Management - Vanke has begun selling core assets, including two properties in Guangzhou, as part of its urgent cash recovery strategy [3][5]. - The assets being sold are part of a previously acquired bad asset package worth 55.1 billion yuan, which is now being liquidated to generate funds [4][5]. - The urgency of the asset sales is highlighted by a payment requirement for full settlement by December 15, 2025, indicating Vanke's pressing need for cash [5][6]. Group 2: Debt Management - Vanke is negotiating with creditors to reduce the interest rates on its debts from at least 4.3% to 3% or lower, reflecting the company's struggle to manage its debt burden [7][10]. - The company faces a significant short-term debt pressure, with short-term interest-bearing liabilities reaching 158.28 billion yuan against cash reserves of 88.16 billion yuan, resulting in a cash-to-short-debt ratio of only 0.56 [11][12]. Group 3: Sales Strategy - Vanke has implemented aggressive price reductions in cities like Chongqing, Guangzhou, and Shenzhen to boost cash flow through sales [8][10]. - The company's sales dropped by 45.7% year-on-year in the first half of 2025, indicating a challenging sales environment [15][18]. Group 4: Organizational Restructuring - Vanke has undergone significant organizational restructuring to cut costs, reducing its management structure from three levels to two, aiming for greater efficiency [20][21]. - The company has also been actively liquidating non-core assets, with 64 projects generating approximately 57.5 billion yuan in cash flow in the first half of 2025 [20][21]. Group 5: Financial Support - Vanke has received substantial financial support from its major shareholder, Shenzhen Metro, amounting to 26 billion yuan in loans, which is seen as a temporary measure to maintain liquidity [17][25]. - The company has also been included in a financing support mechanism, allowing it to access development loans and operational property loans more easily [25]. Group 6: Future Outlook - The long-term survival of Vanke hinges on its ability to stabilize sales and manage debt effectively, as the current strategies are seen as short-term solutions [26][28]. - The ongoing challenges in the real estate market may further impact Vanke's sales and financial health, necessitating a focus on cash flow management and asset liquidation [26][27].

Core Viewpoint - Vanke celebrates its 41st anniversary by emphasizing its role in shaping Shenzhen's urban landscape and enhancing the quality of life for its residents through innovative products and services [1][19]. Group 1: Company History and Contributions - Over 41 years, Vanke has been integral to Shenzhen's development, contributing to landmark projects and innovative housing solutions, such as the first fully furnished community and the first new Chinese-style residential project in the country [2][19]. - Vanke has developed a comprehensive product system that includes various residential styles, showcasing its commitment to evolving housing standards and meeting the needs of urban residents [5][19]. Group 2: Product and Service Innovations - Vanke focuses on three dimensions: product strength, scene integration, and service enhancement, to meet the expectations of urban living [5][8]. - The company has introduced high-end projects like ONELUXURY, which combines art, nature, and architecture, setting new standards for luxury living in Shenzhen [7]. - Vanke's community developments integrate diverse functions such as commercial, cultural, and residential spaces, creating vibrant urban ecosystems [8][10]. Group 3: Commitment to Quality of Life - Vanke believes that "service is the best product," implementing innovative community management practices to enhance residents' living experiences [14]. - The company emphasizes real-life experiences and quality assurance, ensuring that customers receive tangible benefits and long-term support [16][19]. - Vanke's anniversary celebration includes promotional offers and community engagement initiatives, reinforcing its commitment to providing a fulfilling living environment [18][19].

万科2029年11月到期美元债势创6月2日以来最大跌幅，该公司3.5%债券每1美元跌1.5美分，至70.6美 分。 ...

Core Insights - The top 30 construction management companies in 2025 have a total contract area of 1.019 billion square meters, representing a year-on-year growth of 25% [1][5] - The market is experiencing a stabilization phase with high penetration rates but slowing growth, indicating a saturated entry of companies into the construction management sector [2][4] Group 1: Market Dynamics - The construction management market penetration rate reached a historical high of 7.8% in the first half of 2025, compared to only 0.9% in 2022 [2] - The growth rate of the penetration has significantly slowed, with an increase of less than 1.2 percentage points from 2024 to 2025, down from 3.1 percentage points in 2023 and 2.6 percentage points in 2024 [2][4] - Over 100 real estate companies are involved in construction management, but the number of new entrants has not increased in the first half of 2025, indicating a stable industry landscape [4] Group 2: Competitive Landscape - The top 10 companies in the construction management sector have maintained a stable ranking, with a 100% overlap with 2024 and 80% with 2023 [6] - The bottom tier (ranked 21-30) has seen significant changes, with only a 50% overlap with 2024 and 40% with 2023, highlighting intense competition and ongoing market reshuffling [6] - New entrants in the bottom tier, such as Lianfa Group and Jiuzhu Gongjian, have replaced established companies, indicating a shift in competitive dynamics [6] Group 3: Growth Opportunities - Companies are encouraged to explore new avenues for growth, such as urban renewal projects, public housing, and distressed asset management [9] - There is a need for construction management firms to enhance their service offerings across various project stages, including early consulting and post-construction operations [9][11] - To succeed in the ongoing industry reshuffle, companies must broaden their strategic focus and improve their competitive capabilities [11]

Market Overview - In the week of September 15-21, 2025, Kunming's real estate market saw an increase in supply as developers prepared for the upcoming National Day and Mid-Autumn Festival, with a supply volume of approximately 171,900 square meters, a significant increase of 292% week-on-week [1] - Transaction volume reached about 63,500 square meters, with a slight increase of 3% week-on-week, and the average transaction price remained stable at approximately 11,047 yuan per square meter [1] Sales Performance - The "Zhu You Shuang He Wan" project achieved notable sales, ranking third and second in sales volume, with a weekly sales amount of about 29 million yuan, selling 36 units at an average price of approximately 6,592 yuan per square meter [3] - "Bang Tai" projects, including "Bang Tai · Guan Yun" and "Bang Tai Ying Yue," dominated the top sales positions, with sales amounts of approximately 46 million yuan and 30 million yuan, respectively, and average prices of 18,849 yuan per square meter and 8,638 yuan per square meter [3] - "Long Hu · Feng Cui," located in the resort area, recorded the highest average price at approximately 21,117 yuan per square meter, with a weekly sales amount of about 26 million yuan [3] Project Launches - No new projects were launched last week, but five projects were re-launched, totaling 585 units, with a subscription of 97 units, resulting in an overall absorption rate of approximately 17% [5] - "Bang Tai Chun Hua Xu" launched 34 units with a high absorption rate of 41%, selling at an average price of approximately 10,000-10,500 yuan per square meter [5] - "Vanke" projects saw varied absorption rates, with "Vanke · Gui Yu Dong Fang" achieving a 23% absorption rate and "Vanke · Gong Yuan Cheng Shi" only 7% [5] Land Supply - There was no land supply or transactions in Kunming's main urban area last week [4] Infrastructure Development - The Kunming West Railway Station comprehensive transportation hub phase one construction project is set to begin, with a total construction area of approximately 58,600 square meters and an estimated investment of 850 million yuan [7][8]