万科一纸公告宣告了服务公司长达 36 年的核心人物郁亮正式到龄退休，辞去董事及执行副 总裁职务，这标志着一个时代的落幕。 租客清退背后指向万科和房东之间的租金纠纷。有房东称，与万科旗下子公司签订长达 12 年的委托运营合同，近期却被拖欠租金超 10 万元，且被要求签署解约协议后方可申请发放 欠租。 一位接近深圳万科的人士表示，目前少数楼栋存在阶段性缓付情况，公司已制定解决方案和 还款计划，正在与业主进行沟通，将逐步协调解决问题。 房东曝万科欠租，租客遭清退 去年 12 月初，有万科泊寓房东在社交媒体发文称收到退租通知，万科方面要求房东先签署 解除协议，然后将押金打到万科公司账户，之后才能申请发放被拖欠的租金。此外，万科还 要求房东免去一个月租金给泊寓撤场。 该房东向《 BUG 》栏目透露，他与万科旗下子公司签订了长达 12 年的租赁合同，将名下 房产委托给万科进行长租公寓运营，收到退租通知时距离合同到期还有 6 年时间。 该房东表示，万科作为运营方支付了 1 个月租金，但累计拖欠租金长达 3 个月，总额超过 10 万元。 2024 年万科方面曾提出降租要求，将每平方米租金减少 10 元至 30 元左右。 在郁 ...

万科一纸公告宣告了服务公司长达36年的核心人物郁亮正式到龄退休，辞去董事及执行副总裁职务，这 标志着一个时代的落幕。 在郁亮任职期间，曾力主将长租公寓列为万科经营性主业之一。他多次为长租公寓业务"定调"，既坦 言"长租公寓赚不了大钱，但一定要做"，也反思过具体运营中"二房东模式让万科付出了很大代价"。 而就在此次人事变动之际，万科旗下的长租公寓品牌"泊寓"风波乍起，其在深圳、武汉、杭州等多地正 上演一场大规模的租客清退。据多地多名租客反映，在未提前30天通知的情况下被要求搬离，泊寓方面 提供换房、重签或退租赔偿等方案。 文 | 《BUG》栏目 徐苑蕾 租客清退背后指向万科和房东之间的租金纠纷。有房东称，与万科旗下子公司签订长达12年的委托运营 合同，近期却被拖欠租金超10万元，且被要求签署解约协议后方可申请发放欠租。 一位接近深圳万科的人士表示，目前少数楼栋存在阶段性缓付情况，公司已制定解决方案和还款计划， 正在与业主进行沟通，将逐步协调解决问题。 房东曝万科欠租，租客遭清退 去年12月初，有万科泊寓房东在社交媒体发文称收到退租通知，万科方面要求房东先签署解除协议，然 后将押金打到万科公司账户，之后才能申请发 ...

2026年1月6日，深圳宝安区福永社区一家泊寓门店的租户小张告诉经济观察报，元旦假期结束后，他返 回出租屋时看到房东张贴的通知，要求所有租户在一周内搬离。 通知称，鉴于深圳市万村发展有限公司（下称"万村公司"）承租该房屋后，已超过60天未向房东支付租 金，构成违约，房东将依法收回房屋，并要求租户在理清与万村公司或泊寓的合同关系后尽快搬离。 小张租住的房屋系通过泊寓承租。看到通知后，他第一时间联系泊寓管家。对方表示已知晓相关情况， 将尽快给予回复。第二天，管家告诉小张，泊寓将退出小张租住的楼栋，并给出三种选择：与房东续 租、换租其他泊寓门店或退房。 还有一些泊寓租户与小张有同样经历。一位泊寓租户称，他租住的泊寓房东亦通知所有租户，称万村公 司与房东的租赁合同已终止，泊寓将不再拥有该楼栋的物业管理权，欢迎租户直接与房东重新签约。 小张介绍，由于房东计划在2026年春节后重新装修房屋，即便续租也需再次搬家，附近泊寓门店的租金 水平较高，最终他选择退租。泊寓管家承诺在一周内陆续返还剩余租金、押金及赔偿款。 "万村计划"为万科于2016年启动的城中村改造项目，由深圳万科承租城中村房源进行升级改造，以轻资 产方式委托给泊 ...

证券日报网讯 1月5日，万科A在互动平台回答投资者提问时表示，截至2025年9月底，泊寓共运营管理 28.0万间长租公寓，其中20.4万间已开业，出租率94.3%。2025年1月-9月，公司租赁住宅业务（含非并 表项目）实现营业收入27.4亿元，同比增长4.4%。泊寓业务早年在深圳探索"万村"业务时遗留了一些历 史包袱，2025年当部分租约进入调涨周期时，导致部分楼栋出现亏损。 （文章来源：证券日报） ...

Core Viewpoint - The recent tenant eviction notices in Shenzhen's "Boyu" rental properties are part of Vanke's strategic adjustment to focus on core quality assets and improve operational efficiency, rather than a general contraction of the long-term rental apartment business [1] Group 1 - Since December, multiple "Boyu" rental tenants in Shenzhen have received eviction notices, affecting over 10 locations including Longhua Guanlan Jincui Community and Longgang Wuhe Dafapu Community [1] - The internal representatives of Boyu indicated that the evictions are primarily targeting low-efficiency or high-risk existing projects [1] - This strategic adjustment aligns with Vanke's goal to enhance operational efficiency and concentrate on high-quality assets [1]

一方面，泊寓通过品质居住空间与智慧科技社区的营造，提升青年人才的居住舒适度与便捷性。室内设 计结合当下青年人的风格喜好，并通过模拟当下青年人居住习惯，在户内规划设计了多种功能空间，涵 盖办公、睡眠、收纳、卫浴、晾晒、轻食等生活场景。另一方面，社区内规划设有免费的公共空间，租 户在社区内即可自由开启健身运动、阅读自习、亲子休闲等活动，允许租客携带宠物入住，为独在异乡 的年轻人提供一份温暖的"情绪价值"，满足新市民、新青年租住、社交、学习、成长的综合需求。值得 一提的是，该项目配租申请条件也极为友好，面向在杭工作的大专及以上学历人才，为广大青年人才敞 开了大门。 公开资料显示，万科作为国内最早落地实践租购并举的房地产企业，旗下泊寓一直是国内住房租赁领域 的龙头企业，在运营能力和竞争能力上均始终保持领先领跑的优势。根据万科集团三季度报告数据，万 科泊寓在全国共运营管理租赁住房28万间，累计开业突破20万间，出租率接近95%，已成为全国最大的 集中式公寓提供商，业务规模、效率、纳保量保持行业第一，并于2023年10月宣布实现了成本法的整体 盈利。 沁贤里泊寓·大学城北店位于杭州市钱塘区银海街18号，由钱塘区属国企杭州 ...

Core Viewpoint - The freezing of 570 million RMB worth of shares in Shenzhen Vanke Development Co., a subsidiary of Vanke, highlights the financial difficulties faced by major real estate companies in China [1][6]. Company Summary - Shenzhen Vanke Development Co. was established in 1994 and is a wholly-owned subsidiary of Vanke Group, serving as a core profit-generating entity for the group [4]. - The company has a registered capital of 600 million RMB, with Vanke holding 95% and Shenzhen Vanke Financial Consulting Co. holding 5% [6]. - The frozen shares amount to 570 million RMB, which corresponds exactly to Vanke's 95% equity stake in Shenzhen Vanke [6]. Financial Situation - Vanke is currently facing a significant funding gap, with two bonds totaling 5.7 billion RMB maturing in December 2025 [6]. - The bonds include "22 Vanke MTN004" with a balance of 2 billion RMB and an interest rate of 3%, originally due on December 15, 2025 [6]. - Following the announcement of a meeting to discuss the extension of these bonds, Vanke's A-shares and H-shares experienced sharp declines, with A-shares hitting a nearly ten-year low of 5.17 RMB [6][7]. Market Reaction - The freezing of shares has triggered panic in the capital markets, leading to a sell-off of Vanke's domestic and international bonds [6][7]. - The market is concerned about the potential for further financial distress within the real estate sector, as the freezing of shares is seen as a significant warning sign [7].

Core Insights - The establishment of a dual rental and purchase housing system in China is accelerating, with the activation of existing assets playing an increasingly important role [1][3] - The "Boyu Yanyuan Old Palace Core Community" project, a pilot for affordable rental housing, has officially opened in Daxing District, Beijing, marking a significant step in utilizing collective land for housing [1][4] Company Overview - The "Jianwan Fund," a joint venture between China Construction Bank and Vanke Group, acquired the land for the project and is responsible for its operation through Vanke's rental brand, "Boyu" [1][3] - The project includes 1,505 affordable rental units, with rental prices set at 90% of the surrounding market rates, demonstrating a commitment to providing affordable housing options [3][4] Industry Context - Daxing District is a pilot area for the reform of collective operating construction land, and the project is part of a broader initiative to increase the supply of affordable rental housing in response to the dual rental and purchase housing policy [3][9] - Vanke has been a pioneer in the rental housing sector, successfully implementing a sustainable business model that combines asset activation, service enhancement, and capital closure [3][9] - The company operates 280,000 rental units nationwide, with a nearly 95% occupancy rate, solidifying its position as the largest provider of concentrated apartments in China [8][9]

Core Viewpoint - The "Boyu Yanyuan Old Palace Core Community" project in Daxing District, Beijing, marks a significant step in the development of collective land for rental housing, showcasing a successful model for sustainable housing rental operations and providing valuable experience for the industry [1][3][4]. Group 1: Project Overview - The "Boyu Yanyuan Old Palace Core Community" is the first collective land project under the "Jianwan Fund" in Beijing, with a total construction area of approximately 65,000 square meters, located near the South Fifth Ring Road and about 1.5 kilometers from the Yigong Station on the Yizhuang Line [3]. - The project includes 1,505 units of affordable rental housing, operated by Vanke's long-term rental apartment brand "Boyuy," with rental prices set at 90% of the surrounding market rates [3][4]. Group 2: Industry Context - The current phase of urban development in China is shifting from large-scale expansion to improving existing stock, with policies supporting the revitalization of existing assets [4]. - The construction of affordable rental housing on collective land aligns with the "rent and purchase coexistence" housing policy, effectively increasing the supply of affordable rental units and promoting the efficient use of rural land resources [4]. Group 3: Company Positioning - Vanke is one of the earliest companies to enter the rental housing market, successfully exploring a sustainable path through "stock activation + service enhancement + capital closure," which has improved operational efficiency and established a clearer business model [4][9]. - Vanke's rental business has achieved significant scale, managing 280,000 rental units nationwide, with an occupancy rate close to 95%, making it the largest provider of centralized apartments in China [8][9]. Group 4: Future Outlook - The innovative practices of Vanke's rental housing business provide solutions to industry challenges, focusing on activating existing resources and enhancing tenant experience through standardized services and smart management [9]. - The long-term rental business of Vanke is expected to contribute stable and lasting value to society, the industry, and citizens, as it continues to evolve and adapt to market needs [9].

Core Viewpoint - Vanke reported a significant loss in the first three quarters of 2025, with a net profit loss exceeding 28 billion yuan, highlighting the severe challenges faced in the current market environment [2][4]. Financial Performance - In Q3 2025, Vanke achieved a revenue of 56.07 billion yuan, with a net profit loss of 16.07 billion yuan, marking a decline of 16.73% and 181.9% respectively compared to Q2 [2]. - For the first three quarters, total revenue was 161.39 billion yuan, a year-on-year decrease of 26.61%, while the net profit loss expanded by 56% [2]. - The company reported asset impairment losses of approximately 9.4 billion yuan, primarily due to declining development business settlements and pressure on gross margins [2]. Business Operations - Vanke's real estate development business contributed 114.25 billion yuan in revenue from a settlement area of 8.333 million square meters [2]. - The company sold over 74,000 units and achieved a contract sales area of 7.751 million square meters, with a total contract sales amount of 100.46 billion yuan, reflecting year-on-year declines of 41.8% and 44.6% respectively [4][5]. - Despite challenges in the real estate sector, Vanke's operating service segment maintained resilience, generating a total revenue of 43.57 billion yuan in the first three quarters [5]. Strategic Partnerships and Support - Vanke has signed a deal with China Travel Group for asset disposal, indicating ongoing efforts to manage its asset portfolio [5]. - The company received its 11th loan from Shenzhen Metro Group, amounting to no more than 2.2 billion yuan, aimed at repaying bond principal and interest, showcasing the deepening financial support from its major shareholder [9][11]. - Vanke's relationship with Shenzhen Metro has become crucial, with the latter holding 27.18% of Vanke's shares and providing favorable loan conditions [9][11]. Future Outlook - The company is focusing on optimizing its existing resources and enhancing its operational strategies to navigate through the current market challenges [10][12]. - Vanke's ability to self-repair and adapt will be critical for its survival and success in overcoming the industry's downturn [12].