万科又在低调"补货"了。 智通财经记者 | 王妤涵 10月22日，万科在成都和徐州两地土地市场悄然出手，以合计约5.3亿元底价成功竞得三宗涉宅用地。 在成都，万科旗下成都弘万瑞博置业发展有限公司一口气拿下郫都区犀浦街道两宗相邻地块，总成交价3.16亿元；同 日，在徐州，万科旗下徐州茗科企业管理有限公司以2.13亿元底价摘得铜山区一宗住宅用地。 "这三宗地块均以底价成交，延续了万科'量入为出、聚焦核心'的投资策略。当前万科通过项目盘活持续改善现金流， 为优质项目投资奠定基础。在房地产行业仍处深度调整的背景下，此举释放出积极信号，值得市场关注。"上海易居房 地产研究院副院长严跃进在接受智通财经记者采访时指出。 | 宗地号 | 位置 | 用地性质 | 用地面积 | 规划建面 | | 成交总价(万 成交楼板 溢价率 | | 竞得人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (m') | (m') | r | 价(元/m²) | (%) | | | PD2025-13 | 犀浦街道 | 成都—郫都区 住宅用地、商 服用地 | 34 ...

Core Viewpoint - Vanke is facing a severe financial crisis, marked by significant losses and a deteriorating relationship with its major shareholder, Shenzhen Metro Group, amid a challenging real estate market [1][8][15]. Financial Performance - Vanke reported a record net loss of 497.78 billion yuan for 2024, indicating the most severe financial crisis since its listing [8]. - In the first half of 2025, Vanke's revenue fell by 26.2% to 1,053.2 billion yuan, with a net loss of 119.47 billion yuan, a 21.25% increase in losses year-on-year [9]. - The company's total liabilities reached 872.99 billion yuan, with a net debt ratio of 90.38%, reflecting a 9.78 percentage point increase since the beginning of the year [10]. Debt and Cash Flow Issues - Vanke's cash flow is under severe pressure, with over 1 trillion yuan in short-term debt due within a year, while cash reserves are only around 800 billion yuan [3][10]. - The company has a cash-to-short-term debt ratio below the safety threshold of 1, indicating a critical liquidity issue [10]. Relationship with Shenzhen Metro Group - Shenzhen Metro Group, Vanke's largest shareholder, has provided over 200 billion yuan in loans to Vanke, but is now facing its own financial difficulties, reporting a net loss of 33.61 billion yuan in the first half of 2025 [12]. - The partnership, once seen as mutually beneficial, is now fraught with challenges, as Vanke's stock price has plummeted below 10 yuan, leading to significant losses for Shenzhen Metro [12][13]. Market Conditions - The real estate market is experiencing a downturn, with Vanke's sales dropping to less than 20% of peak levels, representing an 80% decline [5][11]. - The overall market conditions have led to a drastic reduction in project settlement areas and historically low profit margins, further exacerbating Vanke's financial woes [9]. Strategic Responses - Vanke is attempting to self-rescue through asset disposals, business transformation, and technological empowerment, but faces significant challenges in adapting to the broader market downturn [15][16]. - The future of Vanke may depend on the strategic decisions made by Shenzhen Metro Group regarding continued financial support or potential restructuring of their relationship [13][16].

Core Insights - Shenzhen Metro Group and Shenzhen Boyu Commercial Management signed an operational management service agreement for a business apartment project in Qianhai, marking a significant step in their collaboration in the housing rental sector [1][3] - The project will introduce the high-end apartment brand "Furys" managed by Boyu, providing 373 serviced apartments aimed at high-end talent and business elites in the Qianhai area [1][5] Group 1: Partnership Development - The partnership follows a framework agreement signed on April 28, 2023, focusing on the operation of long-term rental apartments [3] - Shenzhen Metro Group has a total development scale of 18.19 million square meters and has maintained over 10 billion in sales for ten consecutive years, providing a solid asset base for the rental operation collaboration [3][6] Group 2: Project Significance - The project is located in the Shenzhen Metro Group's TOD landmark complex, which includes residential, office, hotel, commercial, park, and school facilities, highlighting its strategic location and accessibility [3][5] - The "rail transit + rental" advantage is emphasized due to its proximity to the Liuyumen Station on Metro Line 1 and the quality of nearby amenities [3] Group 3: Brand and Market Position - Boyu will leverage its multi-product line and operational advantages to create high-quality living services for business professionals through the "Furys" brand, which has been recognized as one of the top high-end apartment product lines in China [5] - Vanke Boyu has established itself as a benchmark brand in the domestic long-term rental apartment sector, achieving profitability in 2023 and leading the industry in key metrics such as scale and efficiency [6] Group 4: Future Outlook - The collaboration is seen as a practical step towards the integration of Boyu and Shenzhen Metro Group, benefiting both parties in asset management and long-term rental business development [5] - With continued support from major shareholders and the growth of the domestic rental market, the future prospects for Vanke's long-term rental business are promising [6]

来源：智通财经 10月22日，万科在成都、徐州两地斩获三宗涉宅用地，其中成都郫都区两宗地块以3.16亿元底价成交， 徐州一宗地块则以2.1325亿元底价收入囊中。 成都市公共资源交易服务中心官网显示，当日，成都郫都区迎来2宗涉宅用地出让，根据成交结果，2宗 地块均由成都弘万瑞博置业发展有限公司底价竞得。根据天眼查APP，该公司由万科和菁弘集团共同持 股，其中万科旗下成都万合众友企业管理有限公司持股51%，成都市润弘投资有限公司持股49%。公开 信息显示，该联合体此前已在同一板块开发项目——菁弘万科·樟宜星光。 根据土地出让信息，此次成都出让的PD2025-13地块、PD2025-14地块均位于郫都区犀浦街道，其中， PD2025-13地块用地性质为住宅用地、商服用地，起始楼面价4550元/平方米，起始价2.34亿元； PD2025-14地块用地性质为住宅用地，地块起始楼面价4570元/平方米，起始价0.82亿元。根据成交结 果，2宗地块均由成都弘万瑞博置业发展有限公司以底价摘得，地块共计成交总价为3.16亿元。 据克而瑞四川监测，两宗地块距离较近，均属于红光板块，PD2025-14地块位于PD2025-13地 ...

Core Viewpoint - Vanke has been actively participating in land auctions in various regions, despite a noticeable reduction in land acquisition efforts since 2024, focusing on resource quality and existing project revitalization [1][2][3] Group 1: Land Acquisition Activities - On October 22, Vanke's subsidiary Chengdu Hongwan Ruibo Real Estate Development Co., Ltd. won two residential land parcels in Chengdu at a total price of 316 million yuan, with unit prices of 4,550 yuan/m² and 4,570 yuan/m² [1] - In Xuzhou, Vanke's subsidiary Xuzhou Mingke Enterprise Management Co., Ltd. acquired the East C land parcel at a starting price of approximately 213 million yuan, with a floor price of about 4,000 yuan/m² [1] Group 2: Land Acquisition Strategy - In 2024, Vanke acquired 13 new projects with a total planned construction area of 1.37 million m² and an average land price of 6,670 yuan/m², focusing on revitalizing existing projects [2] - In the first half of 2025, Vanke further reduced land acquisitions to 6 new projects, with a total planned area of 558,000 m² and an average land price of 4,528 yuan/m² [2] Group 3: Sales and Financial Performance - Vanke reported a significant decline in sales amounting to 69.1 billion yuan in the first half of 2025, primarily due to limited new project supply and a focus on depleting existing resources [2] - The company has adopted a strategy emphasizing the revitalization of existing resources, achieving nearly 10 billion yuan in new capacity and approximately 6 billion yuan in cash returns through resource optimization in the first half of 2025 [2] Group 4: Investment Philosophy - Vanke emphasizes a long-term strategy of prudent investment, focusing on high-quality resource acquisition and improving the existing resource structure through land revitalization [3]

Group 1 - The core viewpoint of the articles highlights the ongoing enthusiasm in land auctions across multiple cities, with real estate companies actively seeking opportunities to acquire land [1][2] - In the second half of this year, Vanke has participated in land acquisitions in at least nine cities, indicating a strategy of replenishing land reserves in key markets [1] - The total land acquisition amount for the top 100 real estate companies in the first nine months of this year reached 727.8 billion yuan, representing a year-on-year increase of 36.7% [2] Group 2 - The land market remains focused on high-quality plots in core areas, with significant transactions such as the 12.64 billion yuan acquisition in Hangzhou, which had a premium rate of 19.93% [1] - The trend indicates that the fourth quarter is typically a peak period for land supply, with expectations of increased market supply, although the competition for quality plots in core cities is likely to continue [2] - Many cities, particularly third and fourth-tier cities, are experiencing a downturn in land auction performance, with both the number of plots offered and transaction metrics declining year-on-year [2]

10月22日，成都出让2宗郫都区涉宅用地，地块位置临近，均由万科和成都润弘投资联合体底价竞得， 楼面价分别为4550元/㎡、4570元/㎡，成交价分别为2.34亿元、0.82亿元，2宗地块总成交金额为3.16亿 元。 ...

Core Insights - The recent sales success of Vanke's "Gaofuyun Jing" project in Shanghai highlights the robust demand in the luxury real estate market, with a total sales exceeding the entire luxury segment's sales in 2024 within hours of opening [1][5] - The project features a high average price of 21 million yuan per square meter, with a minimum purchase threshold of 7.6 million yuan, indicating strong purchasing power among buyers from the Yangtze River Delta region [1][2] Market Dynamics - The project sold 25 units of large flats priced between 130 million to 170 million yuan, with the highest unit reaching approximately 162 million yuan, showcasing the strong buying capacity of high-end consumers in the region [1][3] - Buyers from the Yangtze River Delta accounted for over 60% of the effective applicants, with local Shanghai buyers making up 34.78%, followed by Zhejiang and Jiangsu [1][2] Project Characteristics - "Gaofuyun Jing" is located in a prime area of Huangpu District, surrounded by major commercial districts, which enhances its appeal due to its scarcity and strategic location [2][3] - The project is part of a larger urban renewal initiative, with a total planned area of 96,000 square meters and an estimated value exceeding 20 billion yuan [4][5] Competitive Landscape - The luxury market in Shanghai has seen strong performance, with over 1,000 transactions of properties priced at 30 million yuan and above in the first half of 2025, indicating a competitive environment [6] - Despite the strong market, Vanke has struggled to maintain a presence among leading luxury developers, making the success of "Gaofuyun Jing" crucial for its market positioning and brand value [6][5]

Core Viewpoint - Wang Jianlin's financial struggles are highlighted, with significant debt and cash flow issues leading to a series of asset sales and legal disputes with former allies [1][5][26]. Group 1: Financial Crisis - Wang Jianlin's family wealth has evaporated by over 800 billion, and his ranking has dropped significantly due to financial mismanagement and failed investments [6][8]. - The crisis began with two major bets on the company's public listing, which ultimately failed, leading to immense buyback pressures [8][9]. - In 2021, a new strategic investment was made to alleviate the pressure, but it resulted in a loss of control over key assets [11][15]. Group 2: Asset Sales - Wang Jianlin initiated a large-scale asset sale to address debt, including nearly 100 Wanda Plazas, with significant transactions involving major companies like Tencent and JD [19][21]. - Despite these sales, the financial situation did not improve as many transactions were completed as debt offsets rather than generating new cash flow [24]. Group 3: Legal Disputes - Vanke has filed a lawsuit against Wanda, marking a significant shift from their previous partnership, which has further damaged Wang Jianlin's reputation [3][30]. - The lawsuit stems from a previous collaboration that has now turned contentious, with Vanke seeking repayment for investments made [28][30]. Group 4: Reputation and Future Prospects - The ongoing financial and legal troubles have severely impacted Wang Jianlin's business reputation, making it difficult to pursue new ventures [26][34]. - Despite attempts to pivot towards a "light asset" model in the cultural tourism sector, progress has been slow, and trust in his leadership has diminished [32][34].

Core Insights - The luxury housing market in Shanghai continues to thrive, with significant sales recorded for high-end properties [2][6] - The recent launch of the Gaofuyun Residence saw 25 units sold, generating a total sales amount of approximately 3 to 4 billion yuan, setting a record for single-project sales of properties priced above 1.3 billion yuan in Shanghai [2][3] Sales Performance - The Gaofuyun Residence offered 125 large units, with sizes ranging from 276 to 600 square meters, at an average price of about 21,000 yuan per square meter, resulting in an average total price of 76 million yuan per unit [3][4] - During the subscription period from October 9 to 13, the project received 190 subscription requests, achieving a subscription rate of approximately 152%, leading to an earlier opening date on October 18 [4] Buyer Demographics - The majority of buyers for the Gaofuyun Residence are high-net-worth individuals from Jiangsu, Zhejiang, and Shanghai, with local buyers accounting for about 30% and clients from the Yangtze River Delta making up around 60% [5][6] Market Trends - The luxury property segment in Shanghai remains active, with other high-end projects like Shanghai One, Greentown Chaoming Dongfang, and Lujiazui Taikoo Yuan also experiencing strong sales [7][8] - Despite some areas in Shanghai experiencing low transaction volumes, the demand for mid-range improvement products remains consistent, while luxury properties continue to see high activity levels [8][11] Developer Activity - Vanke has entered the Shanghai inner-ring luxury market with the development of high-end properties, a rare move for the company [9] - The Gaofuyun Residence is a joint development by Vanke and local firm Huazhou Real Estate, which has a history of developing top-tier luxury projects in Shanghai [9] Market Outlook - According to statistics, the high-end residential market in Shanghai recorded eight new projects in the third quarter, totaling 931 units, with average prices ranging from 136,000 to 205,000 yuan per square meter [11] - The average transaction price for high-end residential properties has increased by 0.7% to 151,900 yuan per square meter, indicating a continued preference for core high-end projects among high-net-worth buyers [11]