经济观察报·2026-01-08 10:56Core Viewpoint - The article discusses the ongoing withdrawal of certain rental properties managed by the company "泊寓" (Boyu), primarily related to the "万村计划" (Wan Village Plan), due to significant rental losses and overdue payments from the rental company to property owners [1][3][10]. Summary by Sections Withdrawal of Properties - The properties being withdrawn are mainly those associated with the "万村计划," with an estimated scale of 30,000 to 40,000 units affected starting from the second half of 2025 [1][3]. - Affected tenants have been notified to vacate their residences due to the rental company, 万村公司 (Wan Village Company), failing to pay rent for over 60 days, leading to contract terminations by landlords [2][6]. Tenant Options - Tenants have been offered three options: continue living in the property by signing a new lease with the landlord, relocate to another Boyu property with incentives, or terminate their lease with compensation [5][10]. - Some tenants reported receiving different compensation packages, highlighting inconsistencies in the communication and offers made by Boyu [5][10]. Financial Implications - The rental company, 深圳万科 (Shenzhen Vanke), is developing a repayment plan for overdue rents owed to landlords, indicating financial strain due to the rental losses [3][7]. - The company reported a net profit of 31.94 million yuan in 2024 but faced a loss of 88.81 million yuan from January to November 2025, primarily due to the "万村计划" properties entering a rental increase cycle [11][15]. Market Dynamics - The "万村计划" was initiated in 2016 to upgrade village properties, but the rental model has led to significant financial pressure as rental prices have not kept pace with market conditions [6][10]. - The company has been transitioning towards a lighter asset model, focusing on partnerships and affordable housing projects, with over 60% of its operational properties now classified as affordable housing [15][16]. Future Outlook - Despite the withdrawal of certain properties, Boyu plans to retain a significant number of "万村计划" properties if landlords agree to lower rents, indicating a potential restructuring of its operational strategy [14]. - The company is also exploring asset securitization to convert some of its heavy assets into liquid capital, aiming to reduce dependency on Vanke and diversify its property sources [16].