3 6 Ke·2026-01-09 02:55Core Insights - The article discusses the ongoing issues faced by Shenzhen's rental management company, "泊寓," particularly related to its "万村计划" project, which has led to significant tenant relocations due to unpaid rent by the managing company [1][2][4]. Group 1: Company Operations - "泊寓" is currently in the process of withdrawing from certain properties, primarily those associated with the "万村计划," due to severe rent discrepancies, with an estimated 30,000 to 40,000 units affected [2][4]. - The company has provided tenants with three options: renew their lease directly with the landlord, relocate to another "泊寓" property with incentives, or terminate their lease with compensation [3][4]. - "万村计划" was initiated by Shenzhen Vanke in 2016, aiming to upgrade and manage urban village properties, with a total of 70,000 to 80,000 units signed by the end of 2018 [4][10]. Group 2: Financial Performance - "泊寓" reported a net profit of 31.94 million yuan in 2024, but incurred a loss of 88.81 million yuan from January to November 2025, primarily due to the "万村计划" properties entering a rent increase cycle [7][9]. - The company has been facing challenges due to a rental model that requires continuous payments to landlords, leading to financial strain when rental prices are not adjusted accordingly [7][11]. - As of September 2025, "泊寓" managed 280,000 units across 29 cities, with 204,000 units operational, marking a significant scale in the centralized apartment sector [9][12]. Group 3: Market Dynamics - The rental market in Shenzhen has seen an increase in supply, prompting "泊寓" to implement limited price adjustments to maintain occupancy rates [8]. - The company has shifted towards a light-asset model, collaborating with local governments and enterprises to enhance operational efficiency and reduce dependency on Vanke [11][12]. - "泊寓" has also engaged in asset securitization to convert some of its heavy assets into liquid capital, indicating a strategic pivot in its operational approach [12].