Core Viewpoint - Vanke Enterprises Co., Ltd. is facing significant financial challenges, including a recent equity freeze of 250 million RMB related to its subsidiary, Wanwei Logistics Development Co., Ltd., amid a broader debt crisis [1][4]. Equity Freeze Details - An equity freeze of 250 million RMB has been imposed on Vanke's stake in Wanwei Logistics, with a duration of three years, as ordered by the Intermediate People's Court of Xuzhou, Jiangsu Province [1]. - This is part of a larger trend, as Vanke has a total of 13 equity freeze records, with frozen equity exceeding 2 billion RMB [4]. Debt Crisis - Vanke is currently in a debt crisis, with two bond extension proposals totaling 5.7 billion RMB not approved, indicating substantial repayment pressure [4][5]. - As of the end of September 2025, Vanke's interest-bearing debt reached a historical high of 362.9 billion RMB, with 42.7% of this debt maturing within one year [7]. Financial Performance - Vanke reported a 27.3% year-on-year decline in revenue for Q3 2025, amounting to 56.065 billion RMB, and a net loss of 16.069 billion RMB for the quarter [7]. - The company has experienced a significant increase in net losses, totaling 28.016 billion RMB for the first three quarters of 2025, attributed to declining settlement scales in development business and low gross margins [7]. Support from Major Shareholder - Since 2025, the major shareholder, Shenzhen Metro Group, has provided financial support to Vanke, including a framework agreement for loans up to 22 billion RMB [5][8]. - As of January 4, 2026, Shenzhen Metro Group has already provided 20.373 billion RMB in loans to Vanke, with expected total borrowings not exceeding 23.691 billion RMB [8]. Stock Performance - As of the latest trading session, Vanke A shares increased by 0.65%, closing at 4.65 RMB per share, with a market capitalization of 55.478 billion RMB [8].

万纬物流发展有限公司成立于2017年12月，法定代表人为吴蓓雯，注册资本约330.5亿人民币，经营范 围包括普通货物仓储服务、国内货物运输代理、供应链管理服务等。股东信息显示，该公司由万科企业 股份有限公司、Dahlia Investments Pte.Ltd、Reco Meranti Private Limited等共同持股。 天眼查天眼风险信息显示，近日，万科A(000002)新增一则股权冻结信息，股权所在企业为万纬物流发 展有限公司，冻结股权数额2.5亿人民币，冻结期限为3年，执行法院为江苏省徐州市中级人民法院。 ...

Core Insights - Vanke YunGui has demonstrated strong operational capabilities and customer commitment by achieving significant delivery milestones in 2025, emphasizing quality, speed, and customer assurance [1][2]. Delivery Performance - In 2025, Vanke YunGui successfully delivered a total of 3,584 housing units across 21 batches, with 2,536 units (71%) delivered ahead of schedule, achieving a 100% on-time delivery rate [2]. - Notably, Vanke YunGui implemented "delivery with certificate" for 7 projects, simplifying the process for homeowners and ensuring immediate fulfillment of their rights [2]. Year-End Acceleration - In December 2025 alone, Vanke YunGui achieved the early delivery of 1,693 housing units across 4 cities and 7 key projects, marking a strong finish to the year [5]. - Specific projects, such as the Xinda Vanke Jingjiang Yincui in Kunming and Vanke Zhenwan Yue in Nanning, saw early deliveries of 134 and 34 units, respectively, ahead of their scheduled dates [5]. Transparency and Customer Engagement - Vanke YunGui maintained a high level of transparency with over 90% of construction sites open for public visits, allowing homeowners to inspect the quality and progress of their future homes [7]. - Throughout the year, the company proactively collected approximately 7,500 pre-inspection issues from clients, achieving a 96% resolution rate before formal delivery, enhancing the overall customer experience [7]. Commitment to Quality and Service - The successful delivery results reflect Vanke's long-term commitment to product quality, robust engineering management, and a customer-centric approach [7]. - The company has redefined the concept of delivery to encompass not just the transfer of property but also the transmission of trust, demonstration of quality, and initiation of service [7].

久期财经讯，12月30日，穆迪下调万科企业股份有限公司(China Vanke Co.,Ltd.，简称"万科企业"， 02202.HK)及其子公司万科地产(香港)有限公司(Vanke Real Estate (Hong Kong) Company Limited，简 称"万科香港")的多项评级，具体调整如下： 1. 万科企业的公司家族评级(CFR)从"Caa2"下调至"Ca"; 2. 万科香港中期票据(MTN)计划的有支持高级无抵押评级从"(P)Caa3"级下调至"(P)C"; 3. 万科香港发行债券的有支持高级无抵押评级从"Caa3"下调至"C"。 上述MTN计划和高级无抵押债券由万科企业、万科香港和债券受托人之间签订的股权购买承诺及维好 协议提供支持。 穆迪同时维持了上述主体的负面评级展望。 穆迪助理副总裁兼分析师Daniel Zhou表示："本次评级下调并维持负面展望，反映出万科企业在发生债 券逾期支付事件后流动性承压，同时穆迪认为该公司债权人的回收前景难言乐观。" 评级理据 万科企业的流动性已出现明显承压，这体现在其未能在一笔境内债券原有的5个工作日宽限期内偿付20 亿元人民币本金及相关利息。尽管多数 ...

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12月3 1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 债券代码 债券简称 148380.SZ 23 万科 01 149358.SZ 21 万科 02 149478.SZ 21 万科 04 14 ...

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 万科企业股份有限公司 2021 年面向合格投资者公开发行住房租赁专项公司债券 (第一期)(品种二)停牌公告 证券代码:000002、299903、149358 证券简称:万科 A、万科 H 代、21万科 02 公告编号:〈万〉2025-169 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。 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12月3 1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 ...

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） * 僅供識別 万科企业股份有限公司 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12月3 1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。 为满足经营需要，万科企业股份有限公司（以下简称"公司"或"万科"） 之控股子公司前期已向金融机构融资，公司或公司之控 ...

Core Viewpoint - Vanke Enterprise Co., Ltd. has announced the suspension of its bond "21 Vanke 02" starting January 5, 2026, to protect the interests of bond investors amid market conditions [1] Group 1: Bond Details - The bond "21 Vanke 02" has a remaining balance of 1.1 billion yuan, with an issuance date of January 22, 2021, and a maturity date of January 22, 2028 [1] - The bond features a 7-year term with options for redemption, interest rate adjustment, and investor repurchase [1] - Vanke has decided not to exercise its redemption option and will maintain the coupon rate at 3.98% for the remaining two years [1] Group 2: Bondholder Meeting - A bondholder meeting is scheduled from January 16 to January 19, 2026, to discuss adjustments to the principal and interest payment arrangements [2] - Only bondholders who have exercised their repurchase option will be allowed to participate in the voting [2] - Three proposals will be reviewed, including waiving procedural requirements, adjusting the repayment date, and extending the grace period for repayment [2] Group 3: Proposed Adjustments - The proposed adjustment for the repayment date of the repurchased bonds is set to January 22, 2027, with interest payments continuing at 3.98% [3] - A grace period of 30 trading days is proposed for the repayment of the repurchased bonds, during which no default will be considered [3] - Vanke will provide additional credit enhancement measures if the proposals are approved, and bondholders can opt out of these enhancements [3] Group 4: Additional Context - Vanke is facing pressure from two other domestic bonds that have not received the necessary approval for extension, despite some proposals being passed [4] - The company is committed to ongoing communication and collaboration with stakeholders to find solutions for its bond obligations [4]

Core Viewpoint - Vanke A announced the suspension of trading for its bond "21 Vanke 02" starting January 5, 2026, to protect the interests of bond investors during the upcoming bondholders' meeting [1] Group 1 - The company plans to hold the first bondholders' meeting for the public issuance of housing rental special corporate bonds (Phase 1) [1] - The suspension is in accordance with the Shenzhen Stock Exchange's revised rules for corporate bond listings [1] - The decision aims to ensure the protection of bond investors' interests [1]

Group 1 - Vanke A announced that "21 Vanke 02" will be suspended from trading starting January 5, 2026 [1]