Core Insights - The article discusses the journey of Vanke under the leadership of Yu Liang, highlighting his personal and professional milestones over the past decade, including his recent resignation as chairman [1][13]. Group 1: Leadership Transition - Yu Liang, who has been a significant figure at Vanke for 35 years, is stepping down as chairman, marking a pivotal change for the company [1][13]. - There are indications that Yu Liang had considered resigning from all positions as early as 2025 but was persuaded to stay [1]. Group 2: Company Performance - Under Yu Liang's leadership, Vanke's revenue grew from 297.7 billion yuan in 2018 to 500 billion yuan in 2022, showcasing a strong performance trajectory [9]. - In 2017, Vanke reported a revenue of 242.9 billion yuan, a year-on-year increase of 1.01%, and a net profit of 28.052 billion yuan, up 33.44% [6]. Group 3: Strategic Vision - Yu Liang aimed to transform Vanke from a traditional real estate company into a platform-oriented enterprise, emphasizing diversification beyond real estate [9]. - Despite facing skepticism from shareholders regarding this diversification strategy, Yu Liang defended it by referencing Vanke's historical attempts at related business ventures [9]. Group 4: Personal Journey and Philosophy - Yu Liang's personal achievements, such as climbing Mount Everest and running marathons, reflect his commitment to a disciplined and active lifestyle, which he integrated into Vanke's corporate culture [7][9]. - He has expressed a desire for Vanke to maintain its core values and not lose its identity amid diversification efforts, countering perceptions that his leadership lacks the idealism of his predecessor, Wang Shi [10]. Group 5: Industry Context - The article notes that Vanke has been proactive in navigating industry challenges, such as the liquidity crisis faced by many real estate companies in 2021, and has emphasized the importance of sustainable growth [11][12]. - Yu Liang's leadership has been characterized by a focus on efficiency and a keen awareness of market conditions, as evidenced by Vanke's strategic land acquisitions during competitive market periods [11].

Core Viewpoint - The retirement of Yu Liang marks the end of an era for Vanke, transitioning from a period of rapid growth to significant challenges in the real estate industry [2][8]. Group 1: Leadership Transition - Yu Liang has officially retired after 36 years at Vanke, submitting his resignation on January 8, 2025, and will no longer hold any position within the company [2]. - He has played a crucial role in transforming Vanke from a regional player with annual revenue of less than 3 billion to an industry leader with peak annual sales exceeding 600 billion and total assets reaching 1.4 trillion [2]. - Following Yu's retirement, Vanke's management structure shifted from a "manager-led" model to a "state-owned enterprise-led" mixed ownership model, with Shenzhen state-owned assets taking full control [5]. Group 2: Industry Context and Challenges - The real estate sector has undergone a significant transition, with Yu Liang identifying various phases such as the "golden era," "silver era," and "black iron era," reflecting the industry's evolving landscape [3]. - Vanke is facing deep-rooted challenges, with a projected loss of 45 billion for 2024, marking its largest annual loss in history [4]. - As of the end of Q3 2025, Vanke's interest-bearing debt stood at 362.93 billion, while cash reserves were only 65.68 billion, indicating a tight cash flow situation [7]. Group 3: Strategic Initiatives and Risks - Yu Liang's leadership introduced a partnership mechanism that provided a model for shared responsibility within the company, which was crucial during the "Baowan dispute" [6]. - Despite efforts to streamline operations and mitigate risks, Vanke has struggled with cash flow issues, leading to a reliance on shareholder loans from Shenzhen Railways to address debt repayment risks [7]. - On the day of Yu's retirement, Vanke announced a positive development, reaching an agreement with domestic lenders to adjust quarterly interest payments to annual payments, allowing for deferral of similar payments until September of the current year [9].

Core Viewpoint - The retirement of Yu Liang marks a significant transition for Vanke, a leading player in China's real estate industry, as he steps down after 36 years of service, leaving behind a company facing substantial debt challenges and a need for strategic direction [1][9]. Group 1: Yu Liang's Career and Contributions - Yu Liang joined Vanke in 1990 and quickly rose through the ranks due to his financial expertise, becoming a key figure in the company's transformation and growth [2][5]. - Under his leadership, Vanke became the first real estate company in China to achieve over 100 billion yuan in sales, reaching 108.16 billion yuan in 2010, and maintained its position as an industry leader for several years [3][6]. - Yu Liang's strategic foresight was evident when he introduced the "Ten-Year 1000 Billion Plan" and the "5986 Model," which helped Vanke navigate market fluctuations and achieve significant sales growth [3][4]. Group 2: Challenges Faced by Vanke - Despite past successes, Vanke has faced increasing financial pressures, particularly highlighted by a net loss of 49.478 billion yuan in 2024, raising concerns about its debt management and overall financial health [8][12]. - The company is currently dealing with urgent debt extension issues, with multiple bonds approaching maturity and a need for investor consensus on extension proposals [10][11]. - Analysts suggest that Vanke's future direction is uncertain, especially as it transitions from a market-driven enterprise to one influenced by major shareholders, indicating a shift in corporate governance and strategy [12].

Core Viewpoint - Yu Liang has officially resigned from his positions as a director and executive vice president of Vanke due to retirement, marking the end of his 35-year career with the company [2][15]. Group 1: Resignation Details - Yu Liang submitted his resignation letter to the board, effective immediately, and will no longer hold any position within the company [2]. - As of the resignation date, Yu Liang held 7,394,945 shares of Vanke, valued at over 36 million yuan based on the closing price [3]. Group 2: Career Overview - Yu Liang joined Vanke in 1990, shortly after its establishment, and played a crucial role in its early expansion and capital market entry [4]. - He was instrumental in Vanke's first B-share issuance in 1993, raising 450 million Hong Kong dollars, which solidified the company's financial foundation [4]. - His involvement in the "Junwan Battle" in 1994 helped secure management control for Vanke, leading to his entry into the board of directors [4][5]. Group 3: Leadership and Achievements - After becoming the general manager in 2001, Yu Liang led Vanke to significant sales growth, with revenue increasing from 6.3 billion yuan in 2001 to over 529.9 billion yuan in 2017, making it the industry leader [5]. - Under his leadership, Vanke transitioned from a single residential developer to a diversified "urban service provider," focusing on logistics, commercial, and long-term rental apartments [7]. Group 4: Challenges and Strategic Shifts - The real estate industry faced downturns post-2020, putting pressure on Vanke's operations [9]. - In 2025, Vanke encountered liquidity issues, prompting major changes in leadership and strategy, including a focus on risk mitigation and operational efficiency [10][11]. - Yu Liang's final public statements emphasized the need for the company to adapt and survive in challenging market conditions, marking a critical juncture for Vanke [13][14].

他于1990年加入万科，1992年任公司董秘，1994年起任公司董事，1996年任万科企业股份有限公司副总 经理，1999年任公司常务副总经理兼财务负责人，2001年任公司总经理（总裁），2017年任万科董事会 主席、总裁兼首席执行官。 2025年1月，万科A连发多条公告。其中，因工作调整原因，郁亮申请辞去万科董事会主席职务。此 后，郁亮担任公司董事，并担任执行副总裁职务。直至此番辞职。 来源：长安街知事微信公众号 图 万科企业股份有限公司成立于1984年，自2016年首次跻身《财富》"世界500强"以来连续9年上榜，2024 年位列第206位。2017年，深圳地铁集团成为该集团第一大股东。 官网介绍，郁亮出生于1965年，1988年毕业于北京大学国际经济学系，获学士学位；后于1997年获北京 大学经济学硕士学位。曾供职于深圳外贸集团。 转自：北京日报客户端 1月8日，万科A发布公告称，因到龄退休，郁亮向董事会提交了书面辞职报告，申请辞去公司董事、执 行副总裁职务。辞去上述职务后，郁亮将不再担任公司任何职务。截至公告披露日，郁亮持有公司股票 7,394,945股。 郁亮 资料 ...

公告明确，郁亮的辞职报告自送达董事会之日起生效，辞职后其将不再担任万科任何职务。作为公司核 心管理层成员，郁亮在任期间深度参与企业战略规划与经营管理，此次变动不会导致公司董事会成员低 于法定人数，亦不会对日常经营及董事会正常运作产生影响。万科方面表示，将按法定程序尽快完成董 事补选，保障公司治理连续性。 截至公告披露日，郁亮持有万科739.49万股股份，辞职后仍需严格遵守中国证监会及深圳证券交易所关 于上市公司股东股份管理的相关规定。据公开履历，郁亮深耕万科多年，任职期间见证并推动企业多项 重大战略落地，其退休辞任属于正常人事更替。 编辑：张蓓 文/黄指南 1月8日，万科企业股份有限公司发布人事公告，万科董事、执行副总裁郁亮因到龄退休，正式提交书面 辞职报告，申请辞去相关职务。 ...

Core Viewpoint - The retirement of Yu Liang marks the end of a significant era for Vanke, coinciding with the company's struggle for survival amid ongoing debt negotiations and industry challenges [1][5]. Group 1: Leadership Transition - Yu Liang submitted his resignation due to reaching retirement age, officially stepping down from all positions within Vanke [1]. - His leadership began in 2017 when he took over as chairman, during a time when Vanke was already a major player in the real estate sector with annual sales in the hundreds of billions [3]. - Yu Liang's tenure was characterized by a strategic shift from being a residential developer to a broader "urban construction and life service provider" [3][4]. Group 2: Financial Challenges - Vanke is currently engaged in negotiations to extend the maturity of two domestic medium-term notes totaling 5.7 billion yuan [5]. - The company has faced significant financial pressure, with a forecast of substantial losses and unprecedented debt levels [4][5]. - Vanke's proactive approach to debt extension reflects its commitment to risk management and responsibility towards creditors, aiming to create conditions for orderly risk clearance in the industry [5]. Group 3: Support from State-Owned Enterprises - The future of Vanke increasingly relies on support from its major shareholder, Shenzhen Metro Group, which has provided substantial financial assistance totaling approximately 30.8 billion yuan [6]. - Vanke has also been active in asset disposal and equity transfer to improve liquidity, achieving sales of 100.46 billion yuan and optimizing new capacity worth 17.84 billion yuan by the end of Q3 2025 [6]. - The transition of leadership to Huang Liping from Shenzhen Metro Group signals a stronger control by the state-owned entity to navigate the ongoing crisis [6].

本公司及董事会全体成员保证公告内容真实、准确和完整,没有虚假记载、误导性陈述 或者重大遗漏。 因到龄退休,郁亮先生于2026年1月8日向万科企业股份有限公司(以下简称 "公司")董事会提交了书面辞职报告,申请辞去公司董事、执行副总裁职务。辞去 上述职务后,郁亮先生将不再担任公司任何职务。 根据《万科企业股份有限公司章程》等规定,郁亮先生的辞职报告自送达公司董 事会之日起生效。郁亮先生已确认与公司董事会无任何意见分歧,亦无其他事项需提 请公司股东、债权人、深圳证券交易所或香港联合交易所有限公司关注。郁亮先生的 辞职不会导致公司董事会成员低于法定人数,不会影响公司董事会的正常运作和公司 的日常经营。公司董事会将按照法定程序尽快完成董事的补选工作。 万科1月8日公告，执行副总裁郁亮因到龄退休向董事会提交书面辞职报告，申请辞去公司董事及执行副总裁职务。辞职后，这位在万科工作36 年、曾执掌公司长达17年的职业经理人将不再担任公司任何职务。 根据公司公告，郁亮的辞职报告自送达董事会之日起生效。郁亮已确认与公司董事会无任何意见分歧，亦无其他事项需提请股东、债权人及交易 所关注。 vanke 万科企业股份有限公司 关于董事 ...

Core Viewpoint - The resignation of Yu Liang marks the end of a significant 35-year career at Vanke, with his departure expected to have no immediate impact on the company's operations or board functions [2]. Group 1: Career and Contributions - Yu Liang, born in 1965, has held various key positions at Vanke since joining in 1990, including CEO and Chairman, and has been instrumental in transforming Vanke from a regional player to a leading national real estate company with revenues reaching 700 billion [3]. - Under Yu's leadership, Vanke achieved its "Thousand Billion Plan" ahead of schedule in 2010, becoming the first Chinese real estate company to surpass annual sales of 100 billion [3]. - By 2020, Vanke's contract sales peaked at 704.15 billion, showcasing the company's growth trajectory during Yu's tenure [3]. Group 2: Industry Insights and Strategic Shifts - Yu Liang is recognized for his foresight regarding industry cycles, coining terms like "Silver Era" and "Survive" to guide Vanke's strategic direction amidst changing market conditions [4]. - His predictions have influenced Vanke's transition towards a "development + operation + service" model, providing critical insights for the broader industry [4]. Group 3: Challenges and Market Position - Despite Yu's strategic foresight, Vanke faced challenges in executing its strategies, leading to a significant lag in growth compared to competitors like Evergrande and Country Garden during the "Silver Era" [6]. - Vanke's high land acquisition costs from 2019 to 2021 have become a burden as the real estate market entered a downturn, contributing to a projected loss of nearly 50 billion in 2024, marking the company's first annual loss since its inception [6]. - As Yu departs, Vanke is experiencing its most severe challenges, with ongoing liquidity issues and credit rating downgrades, raising questions about the company's future and its ability to navigate the real estate cycle [6].

【导读】郁亮从万科辞职，因到龄退休，不再担任任何职务 1月8日，万科发布公告称，因到龄退休，郁亮于2026年1月8日向公司董事会提交书面辞职报告，申请辞去公司董事、执行副总裁职务。辞 去上述职务后，郁亮将不再担任公司任何职务。 根据《万科企业股份有限公司章程》等规定，郁亮的辞职报告自送达公司董事会之日起生效。郁亮已确认与公司董事会无任何意见分歧， 亦无其他事项需提请公司股东、债权人、深圳证券交易所或香港联合交易所有限公司关注。 万科表示，郁亮的辞职不会导致公司董事会成员低于法定人数，不会影响公司董事会的正常运作和公司的日常经营。公司将尽快完成董事 的补选工作。 公开资料显示，郁亮出生于1965年，1988年获北京大学学士学位，1997年获北京大学经济学硕士学位。 郁亮早年曾在深圳外贸集团工作，1990年加入万科，1994年起任公司董事，1996年任公司副总经理，1999年任公司常务副总经理兼财务负 责人。 2001年，郁亮接任王石成为万科总经理（总裁），标志着职业经理人制度在万科的全面落地。 2001年至2018年1月，郁亮任公司总裁；2017年7月至2025年1月，任公司董事会主席；2025年1月，辞去公司 ...