本报讯(记者陈潇)改革化险与融合发展并进，管控与治理模式优化调整。万科企业股份有限公司(以下简 称"万科")于8月22日发布半年报，上半年实现营收1053亿元，销售收入近700亿元，高质量交付超4.5万 套，销售回款率超100%，经营服务业务竞争力保持领先，在上半年改革化险与融合发展取得积极进展 的基础上，万科对管控与治理体系进行了优化。万科此次调整，以"强化管控与激发活力并重"为核心原 则，目标是在强化组织管控与保持市场活力之间取得关键平衡，力争实现治理效能与业务发展的双重提 升。 除了顺应行业趋势，万科此次组织调整也呼应了其最新的战略规划。据了解，万科近期制定了新的五年 战略规划，明确以"围绕城市生态，服务美好生活，做新时代房地产转型发展的好企业"为新愿景，强调 既要应对短期经营压力，也要布局长周期、多元协同发展路径。为实现战略目标，推动转型发展，万科 将推进"城市聚焦""投融资模式转型""促进业务间紧密协同""产业生态圈融合发展""科技赋能"等五项战 略举措，推动业务布局优化和结构调整，促进开发业务回归良性循环，经营服务业务稳步增长，提高不 动产全周期运营能力，全力推动公司重归健康发展的轨道。此次组织调 ...

Core Insights - The real estate market is showing signs of stabilization and recovery, with positive year-on-year growth in new and second-hand housing transactions, and a significant decrease in unsold housing inventory over the past four months [1][2][4] Group 1: Market Performance - In the first half of the year, the overall real estate market remained stable, with new and second-hand housing transaction volumes achieving positive year-on-year growth. Major cities like Shanghai and Shenzhen saw significant increases in transaction volumes, with Shanghai's total transaction area up 17% and Shenzhen's net signed transactions up 38.5% [2] - The proportion of second-hand housing transactions is gradually increasing, with several provinces reporting higher transaction volumes for second-hand homes compared to new homes. For instance, Shenzhen's net signed transactions grew by 36.6% and Beijing's by 18.6%, reaching a three-year high [2] Group 2: Land Market Dynamics - The recovery in the new housing market has positively impacted the land market, with core cities increasing the supply of quality land, leading to competitive bidding and high premium land sales. In the first half of the year, residential land transfer fees in first and second-tier cities increased by over 40% year-on-year, with cities like Hangzhou and Beijing seeing land transfer fees exceeding 100 billion yuan [3] Group 3: Policy Support - The sustained release of housing demand is attributed to ongoing policies from central and local governments aimed at stabilizing the real estate market. In the first half of the year, approximately 170 provinces and cities introduced over 340 policies to support the market [4] - Adjustments to housing provident fund policies have been significant, with over 150 adjustments made in the first half of the year. A reduction in the provident fund loan interest rate by 0.25 percentage points is expected to save residents over 20 billion yuan annually in interest payments, thereby supporting housing demand [4] Group 4: Industry Transformation - The real estate industry is transitioning from high-speed growth to high-quality development, focusing on project quality rather than scale expansion. The emphasis is shifting towards providing "good houses" that meet the public's demand for safety, comfort, and sustainability [6] - The central government's focus on urban renewal is seen as a critical area for future development, indicating that both new housing development and urban renewal will be essential for unlocking demand potential [6] Group 5: Future Outlook - The recent meetings by the State Council and the Ministry of Housing and Urban-Rural Development have reinforced strong signals for stabilizing the real estate market. Experts anticipate that as policies are fully implemented, a new model of real estate development that aligns with urban growth will be established, further solidifying market stability [7]

Core Viewpoint - Vanke is receiving significant financial support from its largest shareholder, Shenzhen Metro Group, to stabilize its operations and address liquidity issues, while also pursuing self-rescue strategies through asset disposals and new project developments [1][2]. Group 1: Financial Support and Borrowing - On July 3, Vanke announced that Shenzhen Metro Group would provide up to 6.249 billion yuan in loans, extending existing loans totaling 8.9 billion yuan [1]. - Since the beginning of the year, Shenzhen Metro Group has provided multiple loans to Vanke, totaling over 21 billion yuan, including amounts of 2.8 billion yuan, 4.2 billion yuan, 3.3 billion yuan, and 1.551 billion yuan in various transactions [1]. - The financial backing from Shenzhen Metro Group is seen as a critical measure to stabilize Vanke's credit standing in the capital market [1]. Group 2: Strategic Partnerships and New Projects - On July 2, Vanke, Shenzhen Metro Group, and Tongli Group announced plans to establish a smart logistics center in the Greater Bay Area, leveraging Vanke's logistics expertise and Shenzhen Metro's assets [2]. - This collaboration follows a previous partnership in April focused on long-term rental apartments, indicating a trend towards integrated development strategies [2]. Group 3: Self-Rescue Efforts - Vanke is actively engaging in asset disposals as part of its self-rescue efforts, including the sale of a 49% stake in the Hongshu Bay project for 1.292 billion yuan [2]. - In June, Vanke raised 479 million yuan by selling 72.956 million shares of its A-shares, further indicating its strategy to improve liquidity [2]. - The company has also made land acquisitions in Wuhan and Zhengzhou, signaling a proactive approach to future growth opportunities [2].