导 读 | | 2025年1-7月 ·中国房地产企业 | | | --- | --- | --- | | | 新增货值TOP100 | | | 排名 | 企业名称 | 新增土地货值 | | | | (亿元) | | 1 | 中海地产 | 1315.5 | | 2 | 绿城中国 | 1116.0 | | 3 | 保利发展 | 943. 0 | | ব | 中国金茂 | 793.5 | | 5 | 花海量斯 | 736.9 | | 6 | 建发房产 | 714.6 | | 7 | 招商蛇口 | 649.0 | | 8 | 滨江集团 | 580. 1 | | | 越秀地产 | 522. 0 | | 10 | 中建智地 | 257. 1 | | 11 | 保利置业 | 240. 1 | | 12 | 象屿地产 | 232. 2 | | 13 | 联发集团 | 221. 4 | | 14 | 国贸地产 | 184.6 | | 15 | 北建城生 | 177 7 | | 16 | 中国铁建 | 168. 0 | | --- | --- | --- | | 17 | 邦泰集团 | 145. 2 | | 18 | 中建玖合 ...

十一年后回顾事业合伙人这个重要的制度创新，它成功了么？对今天的万科有何影响？万科股价为什么涨不起来？为什么员工对万科认可度高？我想这一 切都源于万科合伙人制度。 奴隶主和奴隶、地主和农民、资本家和劳动力、煤老板和民工，一句话，资方和劳方，始终处于矛盾的两个方面，进行不断的、有时隐蔽有时 公开的斗争，而每一次斗争的结局都是：要么店大欺客，要么客大欺店。 ——万科周刊《事业合伙人宣言》（2014） 劳动者和老板的目标并不一致，老板追求的是资本收益最大化，员工追求的是劳动报酬最大化，两者天然矛盾。万科的合伙人制度是希望解决企业利润分 配问题，说白了就是解决老板和员工的分钱问题，是如何让老板保住基础收益的同时让员工多挣钱。 万科并不是首先提出"合伙人"概念的，最早提出的是另一位大佬，jack马，马云，马老师。阿里、小米更早在其组织管理体系上应用合伙人制度。 但万科是传统行业，且应用该制度前体量已经很大了，在如此大体量的传统行业应用合伙人制度，还是头一次。 一、制度背景 企业作为一种组织形式，在于通过集体的力量解决个人无法解决的问题，推动经济和社会的发展。在效率视角，企业存在的意义就是让一群人发挥个人单 打独斗所无法企 ...

Core Viewpoint - The Chinese real estate market continues to operate at a low level, with significant declines in sales performance among the top 100 real estate companies in July, reflecting a seasonal downturn in supply and demand [1][2][11]. Group 1: Market Performance - In July, the transaction volume of new homes in 30 key cities was only 8.36 million square meters, with cumulative sales for the first seven months remaining flat compared to the previous year [1]. - The top 100 real estate companies achieved a monthly sales amount of 211.16 billion yuan, marking a return to historically low levels [2]. - Cumulative sales for the first seven months reached 1,863.84 billion yuan, representing a year-on-year decline of 12.5%, although this decline is 25 percentage points less than the same period last year [2]. Group 2: Company Performance - The number of companies achieving over 100 billion yuan in sales increased to four in the first seven months, although this is one less than the same period last year [1]. - The sales threshold for the top 100 companies decreased by 22.4% year-on-year to 3.19 billion yuan, down from 4.1 billion yuan last year [5]. - The cumulative sales for the top 10 companies fell by over 10%, with the top three companies reporting sales of 412.26 billion yuan, down 14.4% year-on-year [8]. Group 3: Future Outlook - It is anticipated that new home sales in August will continue to fluctuate at low levels, with a cumulative year-on-year decline expected to remain within 5% [11]. - The market is expected to see continued differentiation between cities and projects, with core first and second-tier cities facing supply constraints and potential short-term declines in transaction volume [11]. - Some second-tier cities, such as Tianjin, Wuhan, and Nanjing, may experience a temporary recovery, particularly with the introduction of new housing regulations and products [11].

Core Viewpoint - The real estate market in China is experiencing a significant downturn, with the top 100 real estate companies reporting a total sales revenue of 20,730.1 billion yuan from January to July 2025, reflecting a year-on-year decline of 13.3% [1] Group 1: Sales Performance - In July 2025, the sales revenue of the top 100 real estate companies also saw a decline, with a year-on-year drop of 18.2% [1] - The average sales revenue for the top 10 real estate companies in the first seven months was 1,010.3 billion yuan, down 13.6% year-on-year [2] - Among the top 20 real estate companies, only seven firms, including Jianfa Real Estate and Yuexiu Property, reported an increase in sales, while the rest experienced varying degrees of decline [2][3] Group 2: Company Rankings and Changes - Companies like Jindi Group and New Town Holdings saw their sales drop by over 50%, causing them to fall out of the top 20 rankings [3] - Poly Developments, China Overseas Property, and China Resources Land experienced sales declines between 10% and 20%, aligning with industry trends [4] - The top 20 real estate companies saw a reshuffling in rankings, with nine companies improving their positions, while six companies, including Vanke and Longfor Group, saw their rankings decline [4] Group 3: Future Market Outlook - The Central Political Bureau's recent meeting emphasized maintaining policy continuity and stability, suggesting that more supportive measures may be introduced to stabilize the market [5] - The new housing market is expected to continue experiencing low transaction volumes in August, with significant differentiation between cities and projects [5]

Group 1 - The core point of the article is that Vanke has received additional financial support from its major shareholder, Shenzhen Metro Group, in the form of a shareholder loan amounting to up to 869 million yuan, aimed at repaying bond principal and interest [2] - The loan has a duration of approximately three years, with the final withdrawal date set for August 31, 2025, and the interest rate is 2.34% [2] - Shenzhen Metro Group has provided asset collateral for the loan, with a total asset value of no more than 1.298 billion yuan, resulting in a collateralization rate of 70% [2] Group 2 - In 2023, Shenzhen Metro Group has provided a total of seven shareholder loans to Vanke, amounting to approximately 22.688 billion yuan [2] - Vanke has successfully repaid approximately 16.49 billion yuan in public debt in the first half of the year, with no foreign public debt maturing before 2027 [2] - Vanke is also utilizing various methods to resolve its debts, including asset settlements [2] Group 3 - On July 30, Vanke announced a debt settlement agreement with Wanwuyun, involving a total consideration of approximately 257 million yuan [3] - The agreement includes 106 debt settlement agreements, with Vanke providing various types of properties located in multiple cities to offset outstanding payments to Wanwuyun [3] - Vanke has transferred equity in two subsidiaries, Hangzhou Wanyu and Hangzhou Yuanguang, to Wanwuyun as part of the debt settlement [3] Group 4 - Hangzhou Yuanguang is primarily engaged in real estate development and has a lease agreement with Hangzhou Wanyu for a commercial project that includes hotel apartments [4] - The total building area of the project is approximately 10,072.58 square meters, with specific areas designated for retail and hotel apartments [4] - The equity transfer amount related to the project is approximately 9.824 million yuan, offsetting trade receivables between Wanwuyun and Vanke [4]

Group 1 - Vanke's major shareholder, Shenzhen Metro Group, has provided a loan of up to 869 million yuan to Vanke for debt repayment, with an interest rate of 2.34% and a loan term until July 2, 2028 [1] - Shenzhen Metro Group has provided a total of 7 loans to Vanke this year, amounting to approximately 22.688 billion yuan, aiding Vanke in repaying about 16.49 billion yuan of public debt in the first half of the year [1] - Vanke is utilizing various methods to resolve debts, including asset settlements [1] Group 2 - Vanke announced a debt settlement agreement with Wanwuyun, involving a total consideration of approximately 257 million yuan, covering 106 debt settlement agreements [2] - Vanke is transferring equity of two subsidiaries, Hangzhou Wanyu and Hangzhou Yuanguang, to Wanwuyun as part of the debt settlement, with the transfer amounting to approximately 98.24 million yuan [3] - The properties involved in the debt settlement include various types of real estate located in multiple cities, which will help Wanwuyun in its commercial operations [2][3] Group 3 - Vanke has completed interest payments for bonds "21 Vanke 06" and "23 Vanke 01" on July 24 and 28 [4]

值得一提的是，此次借款距万科上次向大股东借款，间隔尚不足一个月。7月3日，深铁集团曾向万科提供不超过62.49亿元借款，也是年 内万科申请的最大一笔借款。 万科在公告中指出，本次股东借款用于偿还公司在公开市场发行的债券本息以及经出借人同意的指定借款利息；借款期限从合同签订之 日起至2028年7月2日止；定价基准为每笔借款提款日前一工作日全国银行间同业拆借中心公布的1年期贷款市场报价利率（LPR），浮 动点数为减66个基点，目前为2.34%。 另外，公司根据国资对外借款的相关规定就本次股东借款提供资产、股权或收益权质押等形式的增信安排，抵质押资产的对应质押率等 于或高于市场惯例的水平确定。此次借款的抵质押资产清单显示，包括深圳市万科发展有限公司持有的办公资产、万科企业股份有限公 司持有的办公资产等，合计账面净值为12.972亿元，抵质押率从50%至70%不等。 | TH THE JENUAL LA THE SELECT COLLECT COLLECT COLLECT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT C ...

7月30日，万科企业股份有限公司发布公告，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"）向公司再提供不超过8.69亿元借款 （"股东借款"）。 值得一提的是，此次借款距万科上次向大股东借款，间隔尚不足一个月。7月3日，深铁集团曾向万科提 供不超过62.49亿元借款，也是年内万科申请的最大一笔借款。 对于本次借款，万科方面表示，上述安排充分体现了大股东对公司的支持。公告中还提及，2025年初至 本公告披露日，深铁集团已累计向公司提供借款218.19亿元（不含本次借款）。在本次借款全额落地 后，深铁集团已累计向万科提供借款金额超过226亿元。 南都·湾财社记者梳理发现，这已经是深铁集团今年第七次向万科提供借款。前六次，深铁集团分别向 万科提供了28亿元、42亿元、33亿元、不超过15.52亿元、不超过30亿元、不超过62.49亿元借款。 采写：南都·湾财社记者 孙阳 万科在公告中指出，本次股东借款用于偿还公司在公开市场发行的债券本息以及经出借人同意的指定借 款利息；借款期限从合同签订之日起至2028年7月2日止；定价基准为每笔借款提款日前一工作 ...

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，2025年7月3 0日 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 一、担保事项 万科企业股份有限公司 关于为银行贷款事项提供担保的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：2 ...

關連交易 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） 收到來自主要股東的財務資助及提供資產抵押 經協商，於2025年7月30日（交易時段後），本公司與本公司主要股東深圳地鐵集團訂立貸款協議 及資產抵押，據此，深圳地鐵集團同意向本公司提供總額不超過人民幣869百萬元的貸款；同 時，本集團須以深圳地鐵集團為受益人，以抵押本集團全資持有的若干投資性房地產、固定資產 及質押本集團全資持有的若干非上市附屬公司之股權的形式提供價值不超過人民幣1,297.2百萬元 的資產抵押，作為貸款協議項下的擔保。 截至本公告日期，深圳地鐵集團為持有本公司全部已發行股本約27.18%的主要股東，因此，根 據上市規則第14A章，為本公司的關連人士。因此，其項下擬進行的該等交易構成本公司關連交 易。根據上市規則第14.07條計算，該等交易的一項 ...