万科加速“扁平化”

Core Viewpoint - Vanke has undergone a significant organizational restructuring, transitioning from a "5+2+2" model to a direct management system of 16 regional companies, marking the largest change in nearly two decades [2][4]. Group Structure - The new organizational structure consists of three main components: Group Headquarters, Regional Companies, and Business Units [4]. - Group Headquarters includes a Board Office, Group Office/Party Work Department, and 11 centers such as Investment Development Center and Audit Supervision Center [4]. - The 16 Regional Companies cover major cities including Beijing, Tianjin-Hebei, Shandong, Shanghai, and Zhejiang, while Business Units encompass diverse sectors like property, commercial and hotel, office, long-term rental apartments, overseas, food, logistics, and financial consulting [4]. Management Changes - Key executives such as Chairman Xin Jie and Vice President Yu Liang remain unchanged, while several high-level positions have been reassigned [4][5]. - New appointments include Li Gang as General Manager of Beijing Company and Zhang Hai as Chief Product Officer [4][5]. Financial Support - The major shareholder, Shenzhen Metro Group, continues to provide financial support to Vanke, with a recent loan of up to 2.064 billion yuan at an interest rate of 2.34% [6][7]. - This marks the ninth loan provided by Shenzhen Metro Group in the year, totaling 25.941 billion yuan [8]. Industry Context - Vanke's restructuring aligns with trends among leading real estate companies like Jinmao and China Merchants Shekou, which have also shifted to a "headquarters-city company" management model, reducing the role of regional companies [8]. - Vanke's 2025 semi-annual report indicates strong performance, with revenue of 105.3 billion yuan and sales income nearing 70 billion yuan, alongside high delivery rates and significant resource recovery [8].