Xin Lang Cai Jing·2025-11-25 12:21Core Viewpoint - Vanke is accelerating its land acquisition activities as the year-end approaches, with significant investments in key cities like Hangzhou and Wuhan, totaling over 1.4 billion yuan in a single day, signaling a proactive strategy in a challenging market environment [1][2]. Group 1: Land Acquisition - On November 25, Vanke, in partnership with Hangzhou Anju Group, acquired a residential land parcel in Hangzhou for a base price of 1.015 billion yuan, marking it as the first public transport-oriented residential project in the city [1]. - The same day, Vanke and Hubei Ketiou successfully acquired a residential land parcel in Wuhan for 393.5 million yuan, following a previous acquisition in June [1]. - Since July 2025, Vanke has acquired 16 land parcels across 12 major cities, with a total investment of approximately 5.199 billion yuan [1]. Group 2: Financial Performance - For the first nine months of 2025, Vanke reported a revenue of 161.39 billion yuan, with a net loss attributable to shareholders of 28.02 billion yuan [4]. - The pre-tax gross margin for the real estate development business was 7.8%, while the post-tax gross margin dropped to 2.0% [4]. - The losses were attributed to a decline in the scale of business settlements, low gross margins, and provisions for inventory depreciation [4]. Group 3: Debt and Financial Strategy - Vanke's total domestic debt amounts to 21.798 billion yuan, with a peak repayment of 5.871 billion yuan due in December 2025 [5]. - As of September 2025, Vanke held cash reserves of 65.68 billion yuan against total interest-bearing liabilities of 362.93 billion yuan, resulting in a debt-to-asset ratio of 73.5% [5]. - The company has sold all its shares in Beike, marking the end of a six-year partnership, and is actively working on asset disposals to improve cash flow [5][7].