万科郁亮时代，正式落幕

Core Viewpoint - The retirement of Yu Liang marks a significant transition for Vanke, a leading player in China's real estate industry, as it faces challenges related to debt and management changes [3][4][16]. Group 1: Yu Liang's Career and Impact - Yu Liang served at Vanke for 36 years, becoming a pivotal figure in the company's evolution from a diversified business to a leading real estate enterprise [4][5]. - Under Yu's leadership, Vanke became the first real estate company in China to achieve over 100 billion yuan in sales, reaching 108.16 billion yuan in 2010 [9][11]. - Yu introduced innovative strategies such as the "5986 model" during the 2008 financial crisis, which helped Vanke maintain strong sales and market share [9][12]. Group 2: Challenges Faced by Vanke - Vanke is currently grappling with significant debt issues, with a total of 217.98 billion yuan in outstanding bonds, including 157.53 billion yuan due within a year [18][20]. - The company has initiated debt extension processes, but proposals have faced substantial opposition, indicating a lack of confidence among investors [17][20]. - Yu's departure signifies a shift from a market-driven management model to one influenced by major shareholders, raising concerns about Vanke's future direction and crisis management capabilities [20].