Core Viewpoint - Vanke has completed a significant organizational restructuring aimed at flattening its management structure and enhancing control from the headquarters [1][3] Group Structure Adjustment - The new organizational structure categorizes Vanke into three main divisions: "Group Headquarters," "Regional Companies," and "Business Units" [1] - The previous "Development and Operations Headquarters" has been dissolved, and its functions have been integrated into the headquarters, resulting in a direct management approach over 16 regional companies [1] - The company has shifted from a three-tier structure ("Group-Region-City") to a more streamlined two-tier system ("Headquarters-City") [1] Management Team Changes - Key executives such as Chairman Xin Jie and other senior management positions remain unchanged, while new roles have been assigned to various executives in line with the restructuring [3] - The restructuring focuses on "capacity aggregation," "risk system prevention," and "organizational efficiency," aiming to enhance business and risk management while reducing management layers [3] Industry Context - The trend of optimizing organizational structures among real estate companies has become common, with major firms like Poly Developments and China Resources Land also making similar adjustments [4] - The adjustments are primarily driven by the need to improve profitability in a challenging market environment, characterized by declining revenues and increased losses [4] - Vanke reported a revenue of 105.32 billion yuan for the first half of the year, a 26.2% decrease year-on-year, with a net loss of 11.95 billion yuan, indicating ongoing financial challenges [4]

Core Viewpoint - Vanke has implemented a new organizational structure aimed at flattening management layers and enhancing control from the headquarters, transitioning from a three-tier to a two-tier management system [2][5][6] Group 1: Organizational Structure Changes - Vanke's new structure consists of "Group Headquarters," "Regional Companies," and "Business Units," with the previous development and operation department being dissolved [2][3] - The number of regional companies has been increased to 16, allowing for direct management from the headquarters [2][3] - The new structure emphasizes a direct management approach from headquarters to cities, eliminating the previous regional tier [2][6] Group 2: Management Team Adjustments - Key executives such as Chairman Xin Jie and other senior vice presidents have retained their positions, while new roles have been assigned to others in line with the new structure [5] - The adjustments are focused on "capacity aggregation," "risk system prevention," and "organizational efficiency," aiming to enhance business and risk management while reducing management levels [5][6] Group 3: Industry Context and Financial Performance - The restructuring aligns with a broader trend among leading real estate companies, such as Poly Developments and China Resources Land, which are also optimizing their organizational structures in response to market changes [5][6] - Vanke reported a revenue of 105.32 billion yuan for the first half of the year, a decrease of 26.2% year-on-year, with a net loss of 11.95 billion yuan, indicating challenges in the current market environment [6]

9月17日，万科集团官网完成了组织架构及管理团队信息的更新。新的架构显示，万科撤销了原有的开发经营本部，将"5+2+2"架构（5大区域公司、2个 总公司、2个直管公司）调整为16个地区公司由总部直接管理。 这是万科近年来最大规模的组织架构调整，也是今年初深铁集团全面接管万科后的首次大型组织变革。经过此次调整，万科彻底打破了沿用近二十年的三 级架构，转向两级管控体系。 万科最新组织架构。图片来源：万科集团官网 具体来看，万科新组织架构分为三大板块：集团总部、地区公司和事业部。 同时，16个地区公司的新负责人也已全部就位，包括北京公司李刚、浙江公司陈灏、广佛公司周轶群、华中公司易平安等。 在架构调整落地的同时，大股东深铁集团持续为万科提供资金支持。 9月16日，万科公告宣布深铁集团向其提供不超过20.64亿元借款，借款期限不超过3年，利率为2.34%。 据统计，这已是深铁集团年内第9次向万科提供借款支持，累计借款已达259.41亿元。 从行业看，万科此次组织架构调整并非孤例。近年来，包括金茂、招商蛇口在内的多家头部房企均已对区域公司组织架构展开类似调整。这些调整的共同 特点是弱化区域公司职能，改组为"总部-城市公 ...

2025.09. 17 本文字数：1292，阅读时长大约3分钟 作者 | 第一财经 郑娜 今年初深铁管理团队全面入驻之后，万科（SZ000002）一轮大规模人事组织调整于近期落地。 万科此番组织及人事调整的重要变化是撤销了开发经营本部。万科将该部门下的"5+2+2"架构（5大区域公司、2个总公司、2个直管公司），调整为划 分16个地区公司，由总部直接管理城市公司。这一调整思路与金茂、招商蛇口等其他头部房企新进推动的组织架构调整相似，是以"撤销中间层级、强 化总部管控与城市端执行力"为核心，打破传统三级架构，转向两级管控。 本次调整也是万科今年以来的第二次大规模人事变动。今年1月底时，万科的管理层核心岗位人事大调整，董事会主席郁亮、总裁祝九胜、董秘朱旭集 体辞任，大股东深铁集团全面接管，派驻管理人员。这之后，辛杰接替郁亮，新任万科集团董事会主席。郁亮、李锋、华翠、李刚任集团执行副总裁， 田钧接任董事会秘书。 财报显示，今年上半年，万科实现营收1053.2亿元，同比下降26.2%；同时，受存货跌价等影响，期末归母净利润亏损扩大至119.47亿元；销售端的 压力也未见减轻，上半年实现合同销售金额691.1亿元，合同 ...

调整组织架构，持续"扁平化"。 本次调整也是万科今年以来的第二次大规模人事变动。今年1月底时，万科的管理层核心岗位人事大调 整，董事会主席郁亮、总裁祝九胜、董秘朱旭集体辞任，大股东深铁集团全面接管，派驻管理人员。这 之后，辛杰接替郁亮，新任万科集团董事会主席。郁亮、李锋、华翠、李刚任集团执行副总裁，田钧接 任董事会秘书。 财报显示，今年上半年，万科实现营收1053.2亿元，同比下降26.2%；同时，受存货跌价等影响，期末 归母净利润亏损扩大至119.47亿元；销售端的压力也未见减轻，上半年实现合同销售金额691.1亿元，合 同销售面积538.9万平方米，同比分别下降45.7%、42.6%。 今年初深铁管理团队全面入驻之后，万科（SZ000002）一轮大规模人事组织调整于近期落地。 与此同时，各部门的核心管理人员也同步披露。在集团层面的高管包括董事长辛杰、工会主席解冻、执 行副总裁郁亮、执行副总裁李锋、执行副总裁华翠、执行副总裁兼财务负责人韩慧华、董事会秘书田钧 等人，以及负责物业事业部的朱保全、负责商业与酒店事业部的孙嘉职务不变。 此外，集团执行副总裁李刚，兼任北京公司总经理；原开发经营事业集团总经理张海，现 ...

Core Viewpoints - In August 2025, the top 100 real estate companies achieved a sales turnover of 2070.4 billion yuan, a month-on-month decrease of 1.9% and a year-on-year decrease of 17.6%. The year-on-year decline narrowed by 6.7 percentage points compared to July, maintaining a historically low monthly performance level. Cumulatively, the top 100 companies achieved a sales turnover of 20708.8 billion yuan, a year-on-year decrease of 13.1%, with the decline expanding by 0.6 percentage points [2][12]. Group 1: Contract Sales - The top 100 real estate companies achieved a sales turnover of 2070 billion yuan in August [3]. - The sales threshold for each tier of companies has further decreased compared to the same period last year, reaching the lowest level in recent years. The sales threshold for the top 10 companies decreased by 4.3% year-on-year to 56.06 billion yuan [5]. Group 2: Land Acquisition - The land acquisition amount for typical companies in August halved month-on-month, reaching a new low in nearly a year. The total investment amount for 30 monitored companies was approximately 25 billion yuan, a decrease of 57% month-on-month, but a year-on-year increase of 41% due to a low base last August [12][13]. - In August, 18 companies did not record any new land acquisitions, with only a few companies exceeding 8 billion yuan in land acquisition amounts [12][13]. Group 3: Financing - The total financing amount for 65 typical real estate companies in August was 37.139 billion yuan, a month-on-month decrease of 23.6% and a year-on-year decrease of 31.2%. Cumulatively, from January to August, the financing amount was 278.518 billion yuan, a year-on-year decrease of 27.3% [17]. - The financing cost for newly issued bonds from January to August 2025 was 3%, an increase of 0.07 percentage points compared to 2024. The average financing cost for the top 10 companies was the lowest at 2.62% [17][19]. Group 4: Organizational Dynamics - In August 2025, the real estate industry continued to undergo deep adjustments, with head companies becoming the core subjects of organizational changes and personnel shifts. The trend showed a reduction in management layers and optimization of talent allocation to enhance decision-making efficiency and control operational costs [22][27]. - Vanke completed a major organizational restructuring, dissolving its previous structure and establishing 16 regional companies to enhance operational efficiency and responsiveness in key cities [20][24].

Core Viewpoint - The restructuring wave among real estate companies continues, with Gindal Group recently implementing a significant organizational change aimed at enhancing management efficiency and operational synergy through a flatter structure [1][9]. Company Summary - Gindal Group has transitioned from a three-tier management model ("headquarters-regional-city companies") to a 2.5-tier model ("headquarters-regional companies"), establishing four regional companies and ten district companies [1][2]. - The restructuring includes merging certain headquarters functions, such as combining the engineering and cost management centers into one, and establishing a new supply chain management center [2]. - Key executive roles have been redefined, with changes in responsibilities among senior vice presidents and the establishment of new leadership for the four regional companies [3][5]. - The new structure positions district companies as the primary operational entities, while regional companies serve a coordinating function, thereby streamlining decision-making and enhancing execution efficiency [4][6]. Industry Summary - The organizational changes at Gindal Group reflect a broader trend among over 30 major real estate companies adjusting their structures in response to market pressures, with many adopting similar flatter management models [1][9]. - The real estate sector is currently facing significant challenges, with Gindal Group reporting a 23.22% decline in revenue to 75.344 billion yuan and a net loss of 6.115 billion yuan in 2024 [7]. - The industry is shifting from a growth-focused model to one emphasizing quality and efficiency, necessitating organizational adjustments to improve operational effectiveness and reduce costs [9][12]. - Sales data indicates that the real estate market remains in a deep adjustment phase, with a notable decline in sales across major companies, although core cities are showing resilience [10][11].

Core Viewpoint - The organizational restructuring of Gindal Group is a significant move aimed at addressing ongoing losses and declining sales, transitioning from a three-tier management model to a more streamlined 2.5-tier system [1][2][4] Group 1: Organizational Changes - Gindal Group's restructuring began on July 23, consolidating five regional companies into four major regions: South China, Northern, Eastern, and Central-Western [1] - The number of city companies was reduced from 14-15 to 10, focusing on key areas such as Shenzhen, Guangzhou, and Beijing [1][2] - The new management structure emphasizes a flatter hierarchy, with headquarters directly managing regional companies and regional offices overseeing local operations [2][4] Group 2: Financial Performance - Gindal Group anticipates a net profit loss of between 3.4 billion to 4.2 billion yuan for the first half of 2025, a significant increase in losses compared to the previous year [3] - The decline in sales is attributed to a decrease in sales scale and a reduction in available project areas, with a 47.84% drop in signed area and a 52.52% decrease in signed amount year-on-year [3] - The company has faced challenges due to a shrinking market and reduced investment, leading to fewer new projects and declining production capacity [3] Group 3: Strategic Focus - The restructuring is part of Gindal Group's strategy to enhance management efficiency and focus resources on core cities, particularly those with population inflows and favorable policies [4] - The company successfully repaid approximately 20 billion yuan in public debt in 2024, stabilizing its financial position [4] - The adjustments reflect a broader trend in the real estate industry, where many companies are simplifying their structures and concentrating on core operations amid market contractions [4]