Core Viewpoint - Vanke's stock price experienced a significant decline following the announcement of a major personnel change, with the resignation of Chairman Xin Jie, raising concerns about the company's future stability and financial support from its major shareholder, Shenzhen Metro Group [1][2][4]. Group 1: Personnel Changes - On October 12, Vanke's board received a resignation letter from Chairman Xin Jie, effective immediately, with no disagreements noted between him and the board [2]. - Huang Liping was elected as the new Chairman, bringing familiarity with the company due to his previous roles, which is expected to aid in continuity and stability [2][3]. Group 2: Financial Context - Xin Jie, who served as Vanke's Chairman for only nine months, had a tax-preferred salary of 0 yuan in 2024 due to not being a full-time employee [3]. - Shenzhen Metro Group, as a major shareholder, has provided nearly 26 billion yuan in financial support to Vanke over nine instances, but reported a loss of 33.4 billion yuan in 2024, marking its first loss in a decade [3][4]. Group 3: Market Reaction - Following the announcement, Vanke's stock on the Hong Kong market opened down 4.61% and closed at 4.96 HKD per share, a decline of 4.8%, while the A-share market saw a drop of 2.67%, closing at 6.57 yuan per share [1]. - As of October 13, Vanke A's total market capitalization was 78.385 billion yuan, reflecting a decline of over 20% in the past year [5].

Group 1 - Vanke's chairman Xin Jie resigned for personal reasons, and Huang Liping has been elected as the new chairman, marking a new phase of leadership aligned with the "Shenzhen Metro Group" executives [1] - Huang Liping's appointment is expected to enhance Vanke's collaboration with Shenzhen Metro Group, leveraging its resource advantages to address challenges in the real estate sector and achieve stable growth [1] Group 2 - Poly Real Estate announced significant progress in its overall solution by signing a restructuring support agreement, involving holders of approximately 31% of the total unpaid principal debt as of the agreement date [2] - The restructuring framework includes various options such as cash financing of $40 million through pledging or selling commercial shares, share transfers, convertible bonds, and new loans [2] - This agreement represents a key breakthrough for Poly Real Estate in alleviating debt pressure through market-oriented methods, emphasizing proactive communication and diverse solutions [2] Group 3 - The Chongqing government has launched a three-year action plan (2025-2027) to promote urban renewal, establishing a diversified investment system led by government input and supported by corporate investment [3] - The plan includes issuing local government special bonds to support eligible urban renewal projects while ensuring debt risks are controllable [3] - This initiative aims to attract more social capital into urban renewal, enhancing urban functionality, overall aesthetics, and innovation ecosystems [3] Group 4 - The Hong Kong Securities and Futures Commission has introduced a "Real Estate Fund Fast Track" to facilitate the public offering of recognized new real estate investment trusts [4] - This new streamlined process allows local and international real estate fund applicants to consult the commission confidentially, improving their preparation and efficiency for listing [4] - The measures are expected to attract more real estate funds to list in Hong Kong, enhancing the market's vitality and competitiveness while providing investors with more quality investment options [4] Group 5 - The auction of 68 properties at the Shenzhen Fan Hai City Plaza failed due to no bids being placed, indicating a challenge for Fan Hai Holdings in asset monetization and debt repayment [5] - The failure to sell these properties may increase the company's financial pressure, and future auctions might require price reductions, potentially leading to asset value depreciation [5]

Core Viewpoint - The resignation of Xin Jie as the chairman of Vanke marks a significant leadership change, with Huang Liping taking over, which is expected to stabilize the company during a critical reform period in the real estate industry [1][2]. Group 1: Leadership Change - Xin Jie submitted his resignation on October 12, citing personal reasons, and will no longer hold any position at Vanke [1]. - Huang Liping, who has been a director at Vanke for four years and is familiar with the company's operations, has been appointed as the new chairman [2]. Group 2: Industry Context - Vanke's role in the real estate sector extends beyond that of a single company, serving as a bellwether for the industry, especially during times of high leverage and market instability [3]. - The company has faced significant challenges, including a "double hit" on its stock and bonds, prompting urgent meetings with financial institutions and government representatives to discuss support measures [3]. Group 3: Financial Stability and Support - Shenzhen State-owned Assets Supervision and Administration Commission (SASAC) and Deep Rail Group have expressed strong support for Vanke, indicating their readiness to assist in risk management [3]. - Deep Rail Group has provided substantial financial support to Vanke, with nine instances of shareholder loans this year, making it a stable external funding source [3]. Group 4: Strategic Adjustments - Vanke plans to deliver over 180,000 units in 2024, aligning with national policies aimed at ensuring housing stability and addressing public welfare [4]. - The company's debt management strategy, which includes focusing on core business areas and engaging in significant asset transactions, may serve as a model for the industry [4]. Group 5: Future Outlook - The new leadership under Huang Liping is expected to leverage his experience in infrastructure and development to enhance Vanke's strategic positioning in urban renewal and comprehensive development [5]. - Vanke's ability to navigate the current market challenges and maintain liquidity will be crucial for the overall health of the real estate sector [5][6].

今年以来，万科在大股东及多方支持下，改革化险取得了积极进展。根据最新的半年报，万科上半年公 开债全部如期兑付，2027年之前已无境外公开债到期。面向下半年，万科此前表示，"在政策端的引 领、金融机构的支持、国资大股东的力挺以及合作伙伴的助力之下，依靠自身的努力，公司有信心、有 能力应对挑战"。 大股东深铁也给予万科真金白银的支持。9月16日晚间，万科A发布公告称，第一大股东深铁集团向公 司提供不超过20.64亿元借款，用于偿还公司在公开市场发行的债券本金与利息。至此，深铁今年累计 为万科提供借款9次，总金额近260亿元。 黄力平是万科董事会"老将"，此次任职属于内部接任。公开资料显示，黄力平出生于1968年，现任万科 董事、审计委员会委员，同时担任深圳市地铁集团有限公司党委副书记、董事、总经理。 黄力平的职业轨迹与深圳城市建设发展紧密相连。2014年8月—2018年8月，黄力平担任深铁集团副总经 理、党委委员。2018年8月—2021年2月，任深圳市人才安居集团有限公司党委副书记、董事、总经理。 2021年2月至今，任深铁集团党委副书记、董事、总经理；同年6月起担任万科董事。 业内人士认为，新任董事长由原董事 ...

10月13日早上，万科企业在港交公告，于2025年10月12日收到本公司董事长辛杰先生提交的书面辞职报告。辛杰因个人原 因申请辞任本公司非执行董事及董事长职务，辞任后将不再担任本公司任何职务。 第二十届董事会第二十四次会议选举黄力平担任董事长，任期自董事会审议通过之日起至本公司第二十届董事会任期届满 之日止。 万科：黄力平接任董事长，辛杰因个人原因辞职 10月13日，万科发布公告，公司召开董事会会议，会议选举黄力平为公司董事长，辛杰辞去董事长职务。业内人士认为， 新任董事长由原董事会成员担任，熟悉公司情况，有利于工作的延续和稳定。个别管理者的调整不会影响企业改革化险的 进程。今年以来，在深圳市及有关部门、大股东地铁集团及金融机构等各方的大力支持下，万科改革化险稳步推进，在多 重挑战下实现了队伍稳定、财务稳定和生产经营稳定。 今年以来，万科在大股东及多方支持下，改革化险取得了积极进展。根据最新的半年报显示，万科上半年公开债全部如期 兑付，2027年之前已无境外公开债到期。面向下半年，万科此前表示，在政策端的引领、金融机构的支持、国资大股东的 力挺以及合作伙伴的助力之下，依靠自身的努力，公司有信心、有能力应对挑战 ...

Core Viewpoint - The recent leadership change at Vanke, with the resignation of Xin Jie and the appointment of Huang Liping, reflects the company's strategic adjustments during a critical period in the real estate industry, emphasizing stability and continuity in operations [2][3]. Group 1: Leadership Change - Xin Jie submitted his resignation as non-executive director and chairman of Vanke on October 12, citing personal reasons, and will no longer hold any position within the company [2]. - Huang Liping, who has been a director at Vanke for four years and is familiar with the company's operations, has been appointed as the new chairman [2]. Group 2: Financial Support and Stability - Vanke has faced significant market volatility, prompting urgent meetings with financial institutions, where the Shenzhen State-owned Assets Supervision and Administration Commission and Shentie Group expressed their commitment to support Vanke [3]. - Shentie Group has provided substantial financial assistance to Vanke, including nine shareholder loans this year, making it a stable external funding source [3]. Group 3: Strategic Adjustments - Vanke plans to deliver over 180,000 units in 2024, aligning with national priorities for housing stability and reflecting a shift from high-leverage expansion to a focus on social welfare [4]. - The company's debt management strategy, which includes focusing on core businesses and exiting non-core areas, may serve as a reference model for the industry [5]. Group 4: Future Outlook - The new leadership under Huang Liping, with experience in infrastructure and development, is expected to drive Vanke's growth in integrated development and urban renewal projects [5]. - Vanke's ability to navigate the current market challenges and achieve a soft landing will be crucial for restoring confidence in the real estate sector and providing valuable insights for industry transformation [6].

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。 万科企业股份有限公司关于行使"22 万科 07"公司债券 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10月13日 赎回选择权的第二次提示性公告 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 事黃 力 平 先 生、胡國 斌 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 证券代码：000002、299903、148099 证券简称：万科 A、万科 H 代、 ...

Core Viewpoint - Vanke has undergone its second leadership change within a year, with Chairman Xin Jie resigning for personal reasons and being succeeded by Huang Liping as the new Chairman of the Board [1][5][7] Group 1: Leadership Change - Xin Jie submitted his resignation as Chairman and Director of Vanke on October 12, 2025, and will not hold any position in the company post-resignation [1][5] - Huang Liping has been elected as the new Chairman of the Board, effective from the date of the board's approval until the end of the current board's term [5][7] Group 2: Background Information - Xin Jie has been in charge of Vanke for less than a year, having been appointed on January 27, 2025, amid significant financial challenges for the company [6] - Huang Liping, born in 1968, has a strong background in engineering and management, holding positions in Shenzhen Metro Group and Vanke [7] Group 3: Financial Performance - Vanke's half-year report for 2025 indicates a total revenue of 105.32 billion yuan, with 80.2% coming from real estate development and related asset management, and 16.2% from property services [7]

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10月13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 事黃 力 平 先 生、胡國 斌 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 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） 万科企业股份有限公司关于行使"20 万科 08"公司债券 赎回选择权的第二次提示性公告 证券代码：000002、299903、149297 证券简称：万科 A、万科 H 代、 ...

今天（10月13日），万科股价在重大人事变动消息冲击下显著下跌。截至当日收盘，港股万科企业低开4.61%后一度跌超6%，最终报5.05港元/股，跌幅 3.07%；A股万科A同步低开，当日跌幅达2.67%，报6.57元/股。 | 今开 | 6.52 | | 最高 | 6.63 | | | 成交量 217.77万手 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 6.75 | | 最低 | 6.47 | | 成交额 | 14.25亿 | | 换手率 | 2.24% | | 市盈(TTM) | 亏损 | | 总市值 | 783.85亿 | | स्त्रीय स्व | 五日 | 日K | 間K | 月K | 型K | 年K | 更多v | 股价波动背后，市场聚焦两大核心问题。其一，辛杰主导的深铁"输血"政策能否延续？频繁支持万科的背后，深铁集团在2024年出现十年首亏，亏损金额 达334亿元，2025年上半年仍亏33.6亿元；其二，万科经营困境能否破局？辛杰任内，万科2025年上半年亏损扩大至119.5亿元，同期公司完成区域层级撤 销、核心部门 ...