万科：评级下调至 “卖出”；多方努力难抵行业下行

23 Dec 2025 10:01:34 ET │ 17 pages Vi e w p o i n t | Vanke (2202.HK / 000002.SZ) D/G to Sell; Significant Endeavors Unable to Offset Industry Downturn CITI'S TAKE We downgrade Vanke-A and Vanke-H to Sell (from Neutral) due to: [1] weak 4Q25E property sales for the sector (Citi est. -39%yoy for listed names), with accelerated home price declines placing continued pressure on sales margin; [2] Vanke had proposed extension for onshore bonds: (i) Rmb2bn originally due 15-Dec-2025, with grace period extended to ...