多地租客被赶！郁亮谢幕，万科长租公寓爆发“清退潮”

Core Viewpoint - The retirement of Yu Liang, a key figure in Vanke's operations for 36 years, marks the end of an era, coinciding with significant challenges in the company's long-term rental apartment business, "Boyu" [2][12]. Group 1: Management Changes - Yu Liang has officially retired from his positions as director and executive vice president, which is seen as a pivotal moment for Vanke [2]. - His leadership was instrumental in positioning long-term rental apartments as a core business, despite acknowledging the challenges and low profitability associated with this sector [2][12]. Group 2: Rental Business Challenges - Vanke's long-term rental brand "Boyu" is facing a crisis, with mass tenant evictions occurring in cities like Shenzhen, Wuhan, and Hangzhou, attributed to rental disputes with landlords [3][6]. - Landlords have reported significant rent arrears from Vanke, with some claiming overdue payments exceeding 100,000 yuan, leading to demands for contract termination before receiving owed rents [5][10]. Group 3: Financial Performance - Vanke's rental residential business has shown stable revenue growth, with revenues of 32.4 billion yuan in 2022, 34.6 billion yuan in 2023, and projected 37.02 billion yuan in 2024, although it still represents less than 2% of the company's total revenue [12]. - The overall financial situation of Vanke is concerning, with a reported revenue decline of 26.61% year-on-year and a net loss of 28.02 billion yuan in the first three quarters of 2025 [13][14]. Group 4: Debt and Cash Flow Issues - Vanke is under significant debt pressure, with total interest-bearing liabilities reaching 362.93 billion yuan and a cash shortfall exceeding 85 billion yuan [14]. - The company is exploring various measures to improve liquidity, including shareholder loans and asset sales, but faces challenges in debt negotiations and has seen support from its largest shareholder, Shenzhen Metro Group, diminish [17][18]. Group 5: Strategic Adjustments - Vanke is attempting to mitigate losses by terminating contracts with high-cost, low-yield properties, particularly in urban villages, to improve cash flow [15]. - The company has previously suspended new contracts for its "Wancun Plan" due to high renovation costs and long payback periods, indicating a strategic shift in its rental business approach [15].