万科企业股份有限公司 关于为子公司提供履约担保的公告 证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2025-162 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。 经履行内部审议决策，万科企业股份有限公司（以下简称"公司"或"万科"） 之控股子公司浙江万科南都房地产有限公司（以下简称"万科南都"）及下属子 公司将相关应收权利按照协议约定转让给受让方。为保证前述交易事项中双方权 益，转让方、受让方及相关方约定为本次交易提供履约担保。其中，公司之控股 子公司浙江万科企业集团有限公司（以下简称"浙江万科"）为万科南都在本次 交易事项中应承担的相关责任提供阶段性保证担保，担保金额不超过 2.59 亿元。 公司 2024 年度股东大会审议通过了《关于提请股东大会授权公司及控股子 公司对外提供担保的议案》，同意在授权有效期内提供的新增担保总额须不超过 人民币 1,500 亿元，有效期为自 2024 年度股东大会决议之日起至 2025 年度股东 大会决议之日止。董事会在取得股东大会授权之同时，已进一步转授权公司指定 高管人员对于单笔金 ...

证券代码：000002、299903 证券简称：万科 A、万科 H 代 公告编号：<万>2025-163 万科企业股份有限公司 关于担保进展情况的公告 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。 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，公司或公司之控股子公司继续通过信用保 证、股权质押等方式为相应的融资提供担保。 公司 2024 年度股东大会审议通过了《关于提请股东大会授权公司及控股子 公司对外提供担保的议案》，同意在授权有效期内提供的新增担保总额须不超过 人民币 1,500 亿元，有效期为自 2024 年度股东大会决议之日起至 2025 年度股东 大会决议之日止。董事会在取得股东大会授权之同时，已进一步转授权公司指定 高管人员对于单笔金额低于人民币 50 亿元的对外担保进行审批，并签署相关法 律文件。 本次担保事项在上述担保额度范围内, 被转授权人员已在上述授权范围内 决策同意本次担保事项，具体情况如下： 一、已有担保事项（一）进展 （一）担保事项概述 公司之控股子公司郑州荣望房地产开发有限公司( ...

万科A公告称，公司控股子公司郑州荣望、深圳万科前期向太平资产融资，公司及子公司提供担保。截 至目前，郑州荣望融资余额11.2亿元、深圳万科38.8亿元，分别将投资期限延长1年、15亿元部分延长1 年，担保方式不变。截至2025年11月30日，公司及控股子公司担保余额844.93亿元，占2024年末净资产 比重41.69%。本次担保后，总额将达941.36亿元，占比46.45%，无逾期担保。 ...

Core Viewpoint - Vanke, a representative of Chinese real estate companies, is facing severe financial challenges with a significant debt burden and declining revenues, raising concerns about its survival [1][3]. Debt Crisis and Market Challenges - As of the end of Q3 2025, Vanke's interest-bearing debt reached 3629.3 billion yuan, with 1513.9 billion yuan due within a year, while cash reserves stood at only 656.8 billion yuan, resulting in a cash shortfall exceeding 850 billion yuan [3][4]. - The cash-to-short-term-debt ratio has dropped to a critical level of 0.43, indicating that for every 1 yuan of debt due, there is less than 0.5 yuan available in cash [3][4]. - Vanke's revenue for the first three quarters of 2025 was 1613.9 billion yuan, a year-on-year decrease of 26.61%, with a net loss exceeding 280 billion yuan, including a loss of 160.7 billion yuan in Q3 alone [3]. Market Reaction - The bond market reacted strongly to Vanke's financial situation, with several bonds experiencing significant declines, including a drop of over 20% for "21 Vanke 04" and "22 Vanke 02," leading to temporary suspensions [4][5]. - Vanke's A-shares fell over 7%, reaching a new low since August 2015, while H-shares also dropped over 7%, hitting a record low since its listing [5]. Self-Rescue Actions and External Support - In response to its financial difficulties, Vanke initiated drastic self-rescue measures, including accelerating asset sales and restructuring its organizational framework from a three-tier to a flatter two-tier system [7]. - The largest shareholder, Shenzhen Metro Group, has provided crucial support, lending a total of 291.3 billion yuan to Vanke by Q3 2025 [8]. Leadership Changes - On January 27, 2025, Vanke announced a leadership change, with the chairman of Shenzhen Metro Group, Xin Jie, taking over as chairman of Vanke's board, while former chairman Yu Liang transitioned to the role of executive vice president [9]. Founder’s Return - Vanke's founder, Wang Shi, has re-emerged during this challenging period, expressing his commitment to support the company and its stakeholders [10][12]. - Wang Shi's potential return is viewed positively in the industry, as he possesses extensive experience and connections that could benefit Vanke [14]. Industry Background and Policy Direction - Vanke's struggles reflect broader challenges in the Chinese real estate market, which has seen a 15.9% year-on-year decline in development investment from January to November 2025 [16]. - The market is shifting from a supply-demand imbalance to a more balanced state, with a notable increase in second-hand housing transactions [16]. Strategic Adjustments and Business Transformation - Despite the challenges, Vanke's diversified business segments showed resilience, with revenue from asset management and property services increasing by 21.3% year-on-year in the first half of 2025 [17]. - Vanke is focusing on enhancing its service offerings and adapting to market demands for higher quality housing, moving away from previous expansion strategies based on land price competition [22].

Core Insights - Vanke YunGui has successfully achieved early delivery of multiple projects across various cities, showcasing an efficient engineering management system [1][3][5] Group 1: Early Delivery Achievements - In December, Vanke YunGui completed the delivery of seven projects, with several experiencing early handovers, such as Nanning's Zhenwan Yue 9 days early and Kunming's Jingjiang Yincui 7 days early [3][5] - By December 7, Vanke YunGui had delivered a total of 2,100 units across 11 batches, with 6 projects delivering 1,081 units early, representing over 50% of the total [5][6] Group 2: Nationwide Delivery Strategy - Vanke has delivered 84,167 units nationwide across 197 projects this year, with 38 projects totaling approximately 12,000 units achieving early delivery [6][8] - Notable early deliveries include Guangzhou's Jinmao Vanke Duhui Qishi Shanzhuang at 210 days early and Chengdu's Vanke Jinyu Huafu at 198 days early, indicating a systematic approach rather than mere luck [6][8] Group 3: Management and Quality Control - The early delivery is attributed to a mature management system that emphasizes precision from design to delivery, utilizing digital management and industrialized construction processes [8][9] - Vanke employs technologies like BIM for construction simulation and leverages group supply chain advantages to ensure timely and quality material supply [8][9] Group 4: Commitment to Quality and Trust - The early delivery is not just a demonstration of speed but a testament to Vanke's commitment to quality and customer trust, redefining the perception that fast construction leads to poor quality [10] - Vanke's approach to delivery signifies not only the transfer of property but also the initiation of a quality living experience for homeowners, reinforcing their commitment to customer satisfaction [10]

Core Viewpoint - Vanke is currently engaged in a liquidity defense battle, focusing on the extension of its debt obligations as a critical strategy to avoid default and manage its financial challenges [1][4]. Group 1: Debt Extension Proposals - Vanke's second debt extension proposal involves a total of 3.7 billion yuan, with a key meeting scheduled for December 22 to vote on the extension [2][5]. - The new proposal includes six distinct measures aimed at enhancing flexibility and addressing creditor concerns, significantly upgrading from previous proposals [3][4]. - The first proposal offers a straightforward 12-month extension for both principal and interest payments without additional conditions [7]. Group 2: Enhanced Security Measures - Subsequent proposals (from the second to the fifth) incorporate increasing levels of credit enhancement to protect investors [8][9]. - The second proposal includes a 12-month extension with a guarantee from Vanke, while the third adds specific guarantees from major local enterprises [9][10]. - The fourth proposal introduces a priority repayment clause, ensuring that Vanke must repay the current bonds before any other debts [10]. - The fifth proposal includes cross-default clauses, triggering immediate repayment if Vanke fails to meet other debt obligations [11]. Group 3: Time Management Strategies - The sixth proposal aims to extend the grace period for payments from 5 working days to 30 trading days, providing Vanke with additional time to negotiate [12][18]. - If the initial vote fails, Vanke will still have a month to negotiate further, highlighting the importance of time in their strategy [13][23]. Group 4: Financial Context and Challenges - Vanke faces significant pressure as it attempts to negotiate two debt extensions simultaneously, with a risk of substantial default if either proposal fails [19][20]. - As of December 3, 2025, Vanke has a total of 20.3 billion yuan in domestic bonds and 1.3 billion USD in foreign bonds, all of which are subject to cross-default clauses [21][22]. - The company is actively seeking to buy time to improve its financial situation, with its major shareholder, Shenzhen Metro Group, providing substantial financial support [24][25]. - Despite this support, Vanke's sales performance and overall business conditions remain challenging, making debt extension a crucial path to avoid default [25][26].

Core Viewpoint - The recent tenant eviction notices in Shenzhen's "Boyu" rental properties are part of Vanke's strategic adjustment to focus on core quality assets and improve operational efficiency, rather than a general contraction of the long-term rental apartment business [1] Group 1 - Since December, multiple "Boyu" rental tenants in Shenzhen have received eviction notices, affecting over 10 locations including Longhua Guanlan Jincui Community and Longgang Wuhe Dafapu Community [1] - The internal representatives of Boyu indicated that the evictions are primarily targeting low-efficiency or high-risk existing projects [1] - This strategic adjustment aligns with Vanke's goal to enhance operational efficiency and concentrate on high-quality assets [1]

万科海外(01036)发布公告，自2025年12月19日起，公司执行董事孙嘉先生将辞任公司提名委员会成 员，而公司执行董事叶凯雯女士将获委任为提名委员会成员。 ...

Core Viewpoint - Vanke Overseas (01036) announced that effective December 19, 2025, Mr. Sun Jia will resign from the company's nomination committee, while Ms. Ye Kaiwen will be appointed as a member of the nomination committee [1] Group 1 - Mr. Sun Jia will resign from the nomination committee [1] - Ms. Ye Kaiwen will be appointed to the nomination committee [1]

格隆汇12月19日丨万科海外(01036.HK)宣布，自2025年12月19日起，公司执行董事孙嘉将辞任公司提名 委员会成员，而公司执行董事叶凯雯将获委任为提名委员会成员。 ...