万科，成都徐州拿地！

Core Viewpoint - Vanke has been actively participating in land auctions in various regions, despite a noticeable reduction in land acquisition efforts since 2024, focusing on resource quality and existing project revitalization [1][2][3] Group 1: Land Acquisition Activities - On October 22, Vanke's subsidiary Chengdu Hongwan Ruibo Real Estate Development Co., Ltd. won two residential land parcels in Chengdu at a total price of 316 million yuan, with unit prices of 4,550 yuan/m² and 4,570 yuan/m² [1] - In Xuzhou, Vanke's subsidiary Xuzhou Mingke Enterprise Management Co., Ltd. acquired the East C land parcel at a starting price of approximately 213 million yuan, with a floor price of about 4,000 yuan/m² [1] Group 2: Land Acquisition Strategy - In 2024, Vanke acquired 13 new projects with a total planned construction area of 1.37 million m² and an average land price of 6,670 yuan/m², focusing on revitalizing existing projects [2] - In the first half of 2025, Vanke further reduced land acquisitions to 6 new projects, with a total planned area of 558,000 m² and an average land price of 4,528 yuan/m² [2] Group 3: Sales and Financial Performance - Vanke reported a significant decline in sales amounting to 69.1 billion yuan in the first half of 2025, primarily due to limited new project supply and a focus on depleting existing resources [2] - The company has adopted a strategy emphasizing the revitalization of existing resources, achieving nearly 10 billion yuan in new capacity and approximately 6 billion yuan in cash returns through resource optimization in the first half of 2025 [2] Group 4: Investment Philosophy - Vanke emphasizes a long-term strategy of prudent investment, focusing on high-quality resource acquisition and improving the existing resource structure through land revitalization [3]