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Annual sales results年度销售业绩
14 · 2024-01-02 → 2025-02-03
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Vanke's monthly and annual contract sales figures, showing a persistent decline through 2024-2025.万科月度及年度合同销售数据，显示2024-2025年持续下滑。
2024-01-02Vanke announced 2023 full-year contracted sales of RMB 376.12 billion, down 9.8% YoY; December sales were RMB 32.98 billion, down 17.05% YoY. No new development or logistics projects were added in December.万科公布2023年全年合同销售金额3761.2亿元，同比下降9.8%；12月销售金额329.8亿元，同比下降17.05%。12月无新增开发或物流地产项目。
2024-02-08Vanke A reported January 2024 sales: contracted area 1.254 million sqm, contracted sales amount RMB 19.45 billion; added 3 new development projects and 2 logistics projects with total equity payment of RMB 1.099 billion.万科A公布2024年1月销售数据：合同销售面积125.4万平方米，合同销售金额194.5亿元；新增3个开发项目和2个物流项目，需支付权益价款10.99亿元。
2024-03-14Vanke reports February 2024 sales: contracted area 1.001 million sqm, contracted amount RMB 14.02 billion; Jan-Feb cumulative sales RMB 33.47 billion, down 43% YoY.万科公布2024年2月销售数据：合同销售面积100.1万平方米，合同销售金额140.2亿元；1-2月累计合同销售金额334.7亿元，同比下降43%。
2024-04-03Vanke March 2024 sales: contracted area 1.656 mln sqm, contracted amount 24.51 bln yuan; Q1 cumulative contracted area 3.911 mln sqm, amount 57.98 bln yuan. No new development or logistics projects added since Feb 2024.万科2024年3月销售：合同销售面积165.6万平方米，合同销售金额245.1亿元；一季度累计合同销售面积391.1万平方米，金额579.8亿元。自2024年2月以来无新增开发、物流地产项目。
2024-05-06Vanke reported April 2024 contract sales: area of 1.643 million sqm, amount of 20.89 billion yuan. Jan-Apr cumulative contract sales area was 5.554 million sqm, amount was 78.87 billion yuan. No new development or logistics projects were added since March.万科公布2024年4月合同销售面积164.3万平方米，销售金额208.9亿元；1-4月累计合同销售面积555.4万平方米，销售金额788.7亿元。自3月以来无新增开发或物流地产项目。
2024-06-03Vanke A announced May 2024 sales: contracted area 1.871 million sqm, contracted sales amount RMB 23.33 billion; Jan-May cumulative contracted area 7.425 million sqm, sales amount RMB 102.21 billion. Added 2 new development projects in Shenyang Huanggu District, with total land area 54,000 sqm, GFA 97,000 sqm, Vanke's equity GFA 50,000 sqm, equity land cost RMB 248 million.万科A公布2024年5月销售数据：合同销售面积187.1万平方米，合同销售金额233.3亿元；1-5月累计合同销售面积742.5万平方米，销售金额1022.1亿元。新增2个沈阳皇姑区开发项目，合计占地5.4万平方米，计容建面9.7万平方米，万科权益建面5.0万平方米，权益地价2.48亿元。
2024-07-02Vanke announced June 2024 contracted sales of 25.13 billion yuan, Jan-Jun cumulative 127.33 billion yuan, down 37.56% YoY; added 1 new project in Xuzhou Tongshan district with equity land cost of 536 million yuan.万科公布2024年6月合同销售金额251.3亿元，1-6月累计1273.3亿元，同比下降37.56%；新增1个徐州铜山区项目，需支付权益地价5.36亿元。
2024-08-06Vanke reported July 2024 sales: contracted sales area of 1.455 million sqm, sales amount of 19.21 billion yuan; Jan-Jul cumulative sales area of 10.85 million sqm, sales amount of 146.55 billion yuan. One new project added: Shanghai Baoshan Mancheng Phase II Yangtai East plot (35% equity).万科公布2024年7月销售数据：合同销售面积145.5万平方米，金额192.1亿元；1-7月累计面积1085万平方米，金额1465.5亿元。新增一个开发项目：上海宝山曼城二期杨泰东地块（权益比例35%）。
2024-09-06Vanke's August 2024 contract sales: area 1.227 million sqm, amount 17.24 billion yuan; Jan-Aug cumulative area 12.076 million sqm, amount 163.78 billion yuan.万科2024年8月合同销售面积122.7万平方米，金额172.4亿元；1-8月累计面积1207.6万平方米，金额1637.8亿元。
2024-10-11Vanke announced September 2024 sales: contract sales area 1.231 million sqm, contract sales amount 17.42 billion yuan; Jan-Sep cumulative sales area 13.308 million sqm, amount 181.2 billion yuan. No new development or logistics projects added since August.万科公布2024年9月销售数据：合同销售面积123.1万平方米，合同销售金额174.2亿元；1-9月累计销售面积1330.8万平方米，金额1812亿元。自8月以来无新增开发或物流地产项目。
2024-11-08Vanke reports Oct 2024 sales: contract sales area 1.439M sqm, contract sales amount RMB 21.36B; Jan-Oct cumulative sales area 14.747M sqm, sales amount RMB 202.55B. Adds 2 new development projects in Hangzhou and Qingdao.万科公布2024年10月销售数据：合同销售面积143.9万平方米，合同销售金额213.6亿元；1-10月累计销售面积1474.7万平方米，销售金额2025.5亿元。新增杭州、青岛2个开发项目。
2024-12-06Vanke reported November 2024 contract sales of RMB 20.13 billion (1.633 million sqm); Jan-Nov cumulative sales RMB 222.68 billion (16.38 million sqm). Two new development projects added in Chengdu, with total equity payment of RMB 738 million.万科公布2024年11月合同销售金额201.3亿元（面积163.3万平方米）；1-11月累计销售金额2226.8亿元（面积1638万平方米）。新增成都2个开发项目，权益地价7.38亿元。
2025-01-03Vanke reported Dec 2024 contract sales of 1.727 million sqm and 23.34 billion yuan; full-year 2024 cumulative contract sales were 18.107 million sqm and 246.02 billion yuan.万科公布2024年12月合同销售面积172.7万平方米，合同销售金额233.4亿元；2024年全年累计合同销售面积1810.7万平方米，合同销售金额2460.2亿元。
2025-02-03Vanke's January 2025 sales amounted to RMB 11.01 billion, a year-on-year decrease of 42.95%.万科2025年1月销售额为110.1亿元，同比下降42.95%。
Guarantees & loans担保与贷款
5 · 2024-01-08 → 2025-05-28
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Vanke provided guarantees for subsidiaries and joint ventures, extended loans, and obtained bank loans for offshore operations.万科为子公司及合资企业提供担保，延长贷款，并为境外业务获取银行贷款。
2024-01-08Vanke's Hong Kong subsidiary provided a guarantee of GBP 8.78 million for a syndicated loan of GBP 74 million to its UK associate The Stage Shoreditch LLP.万科香港子公司为英国参股公司The Stage Shoreditch LLP的7400万英镑银团贷款提供878万英镑担保。
2024-10-11Yunnan Chengtou announced that Vanke extended a 1.556 billion yuan loan to Laoyingdi Company for 2 years, with Yunnan Chengtou continuing to provide 36% joint liability guarantee, as part of a settlement agreement with China Merchants Bank.云南城投公告，万科对老鹰地公司的15.56亿元借款展期2年，云南城投继续提供36%连带责任担保，作为与招商银行和解协议的一部分。
2024-11-13Vanke provides guarantee for joint venture Shaoxing Yuanhao's loan of up to RMB 800M from Ping An Bank, with extended maturity to May 2027; Vanke and COFCO each guarantee 50%.万科为合营公司绍兴元昊向平安银行申请的不超过8亿元贷款提供担保，贷款期限调整至2027年5月；万科与大悦城各按50%比例担保。
2025-01-09Vanke extended a 2.04 billion yuan insurance creditor's rights investment plan from New China Asset Management for its subsidiary Wuhan Yutian, with the maturity adjusted to December 31, 2026.万科将子公司武汉誉天向新华资产的20.4亿元保险债权投资计划展期，到期日调整至2026年12月31日。
2025-05-28Vanke's subsidiary Vanke Rainbow Investment Partner II Limited applied for a bank loan of up to 6.872 billion HKD from an offshore financial institution, with a term of up to 2 years, guaranteed by Vanke's other subsidiaries.万科控股子公司Vanke Rainbow Investment Partner II Limited向境外金融机构申请不超过68.72亿港元银行贷款，期限不超过2年，由万科其他子公司提供担保。
Hotel & resort operations酒店与度假村运营
1 · 2024-01-09
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Vanke's hotel projects including Banyan Tree resort opening and Songhua Lake ski resort sale.万科的酒店项目，包括悦榕庄开业及松花湖滑雪场出售。
2024-01-09The first Banyan Tree resort in Guangdong, Dongguan Songshan Lake Banyan Tree, opened; Vanke invested at least RMB 850 million in the project.广东首家悦榕庄——东莞松山湖悦榕庄开业，万科投资不少于8.5亿元。
Offshore debt & creditor negotiations离岸债务与债权人谈判
30 · 2024-01-10 → 2026-06-10
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Vanke's offshore debt repayment plans, negotiations with insurers and banks, and bond price volatility.万科的离岸债务偿还计划、与保险公司及银行的谈判，以及债券价格波动。
2024-01-10Vanke briefed creditors on its 2024 offshore debt repayment plan, intending to use自有资金 and domestic project proceeds to repay USD 630 million notes due in March, and offshore bank loans for RMB 1.4 billion dim sum bonds and another USD 600 million bond due in May.万科向债权人介绍2024年境外债偿付计划，拟用自有资金和境内项目回款偿还3月到期的6.3亿美元票据，通过境外银行贷款偿还5月到期的14亿元离岸人民币点心债及另一笔6亿美元债。
2024-02-29Vanke reportedly visited Beijing creditors to negotiate extension of a March 2024 debt maturity with insurance companies, amid rumors of selling its high-end long-term rental apartment equity.据报道，万科管理层赴北京拜访债主，协商2024年3月到期的保险公司债务展期，同时传闻拟出售高端长租公寓股权。
2024-03-03Xinhua Asset Management issues a statement denying rumors of a debt extension dispute with Vanke, confirming normal business cooperation.新华资产发布声明，否认与万科存在债务展期纠纷的传闻，确认双方业务合作正常。
2024-03-04Vanke's A-share and H-share prices fall sharply (A-share -4.65%, H-share -7.13%); multiple onshore bonds hit record lows (e.g., '22 Vanke 06' down 36%) amid debt extension rumors.受债务展期传闻影响，万科A股和H股股价大幅下跌（A股跌4.65%，H股跌7.13%）；多只境内债券创历史新低（如'22万科06'跌36%）。
2024-03-05Vanke confirms that funds for its USD 630 million 5.35% note due March 11, 2024 (XS1917548247) are fully in place and repayment is on track.万科确认，其将于2024年3月11日到期的6.3亿美元、票面利率5.35%的中期票据（XS1917548247）兑付资金已全部到位，偿债工作有序铺排。
2024-03-12Multiple insurers (including Xinhua Asset, CPIC, Taiping, Dajia) hold new round of negotiations with Vanke in Shenzhen, discussing extending debt maturity by at least one year, adding collateral, and 'non-standard to standard' bond conversion.多家险资（包括新华资产、中国太保、太平保险、大家保险）在深圳与万科进行新一轮磋商，讨论将债务偿付期限延长至少一年、追加增信担保及'非标转标'等方案。
2024-04-03Vanke responds to market rumors about debt extension negotiations with insurers, stating it is routine business communication regarding call options on real estate creditor rights investment plans (typically 10+ year terms).万科回应与保险公司磋商债务展期传言，称是不动产债权投资计划赎回选择权的常规性业务沟通（通常期限10年或以上）。
2024-11-25Vanke reportedly seeks to amend terms of two offshore loans totaling HKD 15.7B; Vanke denies the report, stating no repayment trigger has occurred.据报道万科寻求调整两笔合计157亿港元的境外贷款条款；万科否认该消息，称未触发任何还款要求。
2024-12-18Vanke's USD bonds due May 2025 fell sharply, with the 3.15% bond dropping 1.8 cents to 87.2 cents on the dollar; 2029 bonds fell 2.4 cents to 51.3 cents. Market concerns over Vanke's debt repayment capacity intensified.万科2025年5月到期美元债大跌，3.15%债券每1美元跌1.8美分至87.2美分；2029年债券跌2.4美分至51.3美分。市场对万科偿债能力担忧加剧。
2024-12-18China's banking regulator reportedly asked major insurers to report their financial exposure to Vanke to assess support needed to avoid default.据报道，中国银行业监管机构要求主要保险公司上报对万科的财务敞口，以评估避免违约所需支持。
2025-12-11PJT Partners contacted Vanke's USD bondholders to form an Ad Hoc Group (AHG) to negotiate debt management, including potential conversion to H-shares or secured status.PJT Partners联系万科美元债券持有人，呼吁组建债权人小组（AHG），商讨债务管理，包括可能转换为H股或升级为有担保债权人。
2025-12-14All three extension proposals for '22 Vanke MTN004' failed at the first bondholder meeting; the closest proposal (with guarantees) got 83.40% support, short of the 90% threshold.“22万科MTN004”首次持有人会议三项展期方案均未通过；最接近的方案（含增信）获83.40%支持，未达90%门槛。
2025-12-15Vanke announced it will hold a second bondholder meeting for '22 Vanke MTN004' within the 5-business-day grace period, continuing to seek a solution.万科公告将在5个工作日宽限期内召开“22万科MTN004”第二次持有人会议，继续寻求解决方案。
2025-12-17Vanke proposed a revised extension plan for '22 Vanke MTN004': pay 60 million yuan interest by Dec 22, extend principal by 12 months, and extend grace period to 30 trading days (to Jan 28, 2026).万科提出“22万科MTN004”修订展期方案：12月22日前支付6000万元利息，本金展期12个月，宽限期延长至30个交易日（至2026年1月28日）。
2025-12-17Vanke proposed extension for '22 Vanke MTN005' (3.7 billion yuan): defer principal by 12 months to 2026-12-28, pay 111 million yuan interest on original due date, and add guarantees.万科提议“22万科MTN005”（37亿元）展期：本金展期12个月至2026年12月28日，原到期日支付1.11亿元利息，并增加增信措施。
2025-12-22Vanke's second bondholder meeting for '22 Vanke MTN004' approved extending the grace period to 30 trading days (to Jan 28, 2026), but the core extension proposal (defer principal by 12 months) failed again.“22万科MTN004”第二次持有人会议通过将宽限期延长至30个交易日（至2026年1月28日），但核心展期方案（本金展期12个月）再次未通过。
2025-12-26Vanke's '22 Vanke MTN005' (3.7 billion yuan) bondholder meeting approved extending the grace period to 30 trading days (to Feb 10, 2026), but all five extension proposals failed.万科“22万科MTN005”（37亿元）持有人会议通过将宽限期延长至30个交易日（至2026年2月10日），但五项展期方案均未通过。
2025-12-31S&P downgraded Vanke's long-term issuer credit rating from 'CCC-' to 'SD' (Selective Default); Fitch downgraded Vanke to 'RD' (Restricted Default).标普将万科长期主体信用评级从“CCC-”下调至“SD”（选择性违约）；惠誉将万科评级下调至“RD”（限制性违约）。
2026-01-04Two Vanke medium-term notes (22 Vanke MTN004 and 22 Vanke MTN005) totaling 5.7 billion yuan failed to pass extension plans, entering a 30-trading-day grace period.万科两笔合计57亿元的中期票据（22万科MTN004和22万科MTN005）展期方案未获通过，进入30个交易日宽限期。
2026-01-13Vanke proposed extending the grace period for '22 Vanke MTN004' to 90 trading days and offered two extension plans with增信措施.万科提议将“22万科MTN004”宽限期延长至90个交易日，并提供两套展期方案及增信措施。
2026-01-15Vanke proposed extending the grace period for '22 Vanke MTN004' to 90 trading days and adjusting principal and interest repayment, including a 12-month extension.万科提议将“22万科MTN004”宽限期延长至90个交易日，并调整本息兑付安排，包括展期12个月。
2026-01-21Vanke's '21 Vanke 02' bond extension plan was approved with 92.11% support, involving 40% principal repayment and 60% extension for one year with增信措施.万科“21万科02”债券展期方案以92.11%支持率通过，涉及40%本金兑付及60%展期一年，并增加增信措施。
2026-01-27Vanke's '22 Vanke MTN004' and '22 Vanke MTN005' extension plans were approved with 100% support, totaling 5.7 billion yuan, with 40% principal repayment and 60% extension for one year.万科“22万科MTN004”和“22万科MTN005”展期方案均以100%支持率通过，合计57亿元，涉及40%本金兑付及60%展期一年。
2026-01-30Six of Vanke's domestic bonds ('21 Vanke 04', '21 Vanke 06', '22 Vanke 02', '22 Vanke 04', '22 Vanke 06', '23 Vanke 01') were suspended from trading starting February 2, 2026, due to changes in transfer arrangements.万科六只境内债券（21万科04、21万科06、22万科02、22万科04、22万科06、23万科01）自2026年2月2日起停牌，因涉及后续转让安排变更。
2026-04-03Vanke seeks to extend '23 Vanke MTN001' (2 billion yuan, 3.11% coupon, due April 23, 2026); holder meeting set for April 17.万科拟对23万科MTN001（20亿元，利率3.11%，2026年4月23日到期）进行展期，4月17日召开持有人会议。
2026-04-14Vanke proposes to pay 40% principal of '23 Vanke MTN001' at maturity, extend remaining 60% for one year; provide receivables pledge as credit enhancement.万科提议23万科MTN001到期兑付40%本金，剩余60%展期一年，并提供应收账款质押增信。
2026-04-21Vanke's '23 Vanke MTN001' extension plan approved by holders: pay 40% principal + 10k fixed per account, extend 60% for one year.23万科MTN001展期方案获持有人通过：兑付40%本金及每户10万元固定兑付，剩余60%展期一年。
2026-05-22Vanke announced it will hold bondholder meetings on June 5, 2026, to consider extension proposals for '23 Vanke MTN003' (2 billion yuan, due June 15) and '23 Vanke MTN004' (2 billion yuan, due July 7). Both bonds will be suspended from trading from May 25.万科公告将于2026年6月5日召开持有人会议，审议“23万科MTN003”（20亿元，6月15日到期）和“23万科MTN004”（20亿元，7月7日到期）的展期议案，两笔债券自5月25日起停牌。
2026-05-29At the 2025 AGM, Vanke management stated that 6 public bonds had been extended under partial repayment arrangements. For the 4 public bonds maturing in June-July 2026 (total 10.12 billion yuan due in H2 2026), a unified extension plan is being advanced.在2025年度股东会上，万科管理层表示已在部分兑付安排下完成6只公开债券展期，针对2026年6-7月集中到期的4只公开债（下半年到期合计101.2亿元），正推进统一展期方案。
2026-06-10Vanke's two medium-term notes '23 Vanke MTN003' (RMB 2 billion) and '23 Vanke MTN004' (RMB 2 billion) extension plans were approved with 100% votes; 40% principal plus interest to be paid, remaining 60% extended by one year.万科‘23万科MTN003’和‘23万科MTN004’两笔合计40亿元中期票据展期方案获100%通过，先付40%本金及利息，剩余60%展期一年。
Organizational restructuring组织架构重组
12 · 2024-01-14 → 2025-10-05
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Repeated internal restructurings of Vanke's regional and business units, including the creation of Commercial BG and flattening of management.万科区域及业务部门的多次内部重组，包括成立商业BG和管理扁平化。
2024-01-14Vanke internally restructured, establishing a Commercial Business Unit (BG) consolidating all 7 regional commercial operations and SCP Group; Sun Jia appointed as Chief Partner of Commercial BG, Zhou Yiqun succeeded as Chief Partner of Southern Region.万科内部组织调整，成立商业事业部，整合7大区域商业业务及印力集团；孙嘉出任商业事业部首席合伙人，周轶群接任南方区域首席合伙人。
2024-03-08Vanke's Southern Region undergoes a major organizational restructuring, consolidating ~12 city companies into 8: Shenzhen, Guangfo, Wanxi, Dongguan, Zhuxi, Fujian, Hainan, and Guangxi companies.万科南方区域进行重大组织架构调整，将原有约12个城市公司重组为8个：深圳公司、广佛公司、万溪公司、东莞公司、珠西公司、福建公司、海南公司、广西公司。
2024-04-10Vanke Beijing region undergoes organizational restructuring: Beijing company merges Baotou business unit; Taiyuan company merges Shijiazhuang company; Jinan, Qingdao, Yantai, Tianjin become regional companies with adjusted leadership.万科北京区域进行组织架构调整：北京公司合并包头事业部；太原公司合并石家庄公司；济南、青岛、烟台、天津设为地区公司并调整负责人。
2024-10-11Vanke restructured its development operations: reduced seven regions to five, turned Northeast and Northwest regions into head offices, streamlined regional functions, and placed Shanghai and Guangfo companies under direct management of the development headquarters.万科重组开发经营业务：七大区域缩减为五个，东北、西北区域调整为总公司，精简区域职能，上海公司、广佛公司由开发经营本部直接管理。
2024-10-11Vanke appointed Cao Jiangwei as head of the Beijing region, replacing Lu Bing, who was transferred to lead the newly established Office Business Unit.万科任命曹江巍为北京区域负责人，接替卢冰；卢冰调任新成立的办公事业部负责人。
2024-10-11Vanke's development headquarters established an Office Business Unit and deepened the Commercial Business Unit organization, focusing on office assets and three core product lines (shopping centers, community retail, historical blocks).万科开发经营本部组建办公事业部，深化商业事业部组织建设，聚焦办公类资产及三大核心产品线（大型购物中心、社区商业、历史文化街区）。
2025-07-20Media reported that Vanke plans a major organizational restructuring: abolishing all regional companies, shifting to a headquarters-directly-managing-city-companies model (2.5-level management), and moving the Shanghai Development & Operations HQ back to Shenzhen. This is the first restructuring since Shenzhen Metro became the largest shareholder.据媒体报道，万科将进行重大组织架构调整：取消所有区域公司，改为总部直管城市公司的2.5级管控模式，并将上海开发经营本部迁回深圳。这是深铁成为第一大股东后的首次架构调整。
2025-08-01Vanke announced a major organizational restructuring: all regional companies will be abolished and city companies merged into district-wide head offices, marking the first restructuring since Shenzhen Metro took control.万科宣布全面取消所有区域公司，将城市公司合并成区片总公司模式，为深铁入驻后首次组织架构调整。
2025-08-22Vanke announced a new five-year strategic plan and organizational restructuring: internal structure divided into 'Group HQ', 'Regional Companies', and 'Business Units', with HQ as risk control, strategy, asset, and tech center.万科公布新五年战略规划，组织架构调整为“集团总部”、“地区公司”、“事业部”三类，总部定位风控、战略、资产、科技中枢。
2025-08-25Vanke announced a major organizational restructuring: 5 regional companies were abolished, replaced by 16 regional companies directly managed by 13 headquarters centers, shifting to a strong group two-level control system.万科宣布重大组织架构调整：撤销5大区域公司，改为16个地区公司由总部13大管理中心直管，全面进入强集团二级管控体系。
2025-08-28Vanke completed a major organizational restructuring: abolished the Development Operations HQ and all regional companies, established 16 regional companies, and appointed general managers for each.万科完成组织架构调整：撤销开发经营本部和所有区域公司，设立16个地区公司并任命总经理。
2025-10-05Vanke undergoes largest organizational restructuring: abolishes 5 regional companies (East China, South, Beijing, Southwest, Central China) and the Development & Operations HQ, shifting from '5+2+2' to 16 city-level companies directly managed by HQ, flattening to a 'HQ-City' two-tier system.万科进行最大规模组织架构调整：撤销5大区域公司（华东、南方、北京、西南、华中）及开发经营本部，从“5+2+2”架构调整为集团总部直接管理的16个地区公司，转向“总部-城市”二级管控体系。
Huawei smart home partnership华为全屋智能合作
1 · 2024-01-16
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Strategic cooperation with Huawei on whole-house smart home solutions, smart cities, and digital home ecology.与华为在全屋智能、智慧城市及数字家庭生态方面的战略合作。
2024-01-16Vanke and Huawei signed a strategic cooperation agreement on whole-house smart home solutions, covering smart cities, communities, and digital home ecology, with pilot projects in multiple cities.万科与华为签署全屋智能战略合作协议，涵盖智慧城市、社区、数字家庭生态等领域，已在多城市打造试点项目。
Yantai Bairun shareholder dispute烟台百润股东纠纷
6 · 2024-01-18 → 2024-11-26
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Ongoing public allegations, lawsuits, and tax evasion claims by Yantai Bairun Property and other partners against Vanke.烟台百润物业及其他合作伙伴对万科持续的公开指控、诉讼及逃税举报。
2024-01-18Yantai Bairun Property and 9 other partners publicly reported Vanke for alleged tax evasion; Yantai Vanke denied the claims, stating it paid RMB 2.7 billion in taxes over the past 5 years.烟台百润置业等10家合作方实名举报万科涉嫌偷逃税；烟台万科否认，称近5年纳税27亿元。
2024-02-01Ten local companies including Yantai Bairun Real Estate filed a whistleblower report against Yantai Vanke, alleging tax evasion and refusal to provide accounts; Vanke denied tax evasion but did not address the account issue.包括烟台百润置业在内的10家当地公司举报烟台万科，指控其偷税漏税并拒绝提供账目；万科否认偷税漏税，但未回应账目问题。
2024-04-01Yantai BaiRun Property publishes open letter alleging Yu Liang manipulated Vanke for personal gain (tax evasion, embezzlement, usury, money laundering). Vanke responds that allegations are seriously false, dispute with Yantai partner is in judicial proceedings, and will take legal action.烟台百润置业发布公开信，指控郁亮操控万科谋取私利（偷税漏税、挪用资金、发放高利贷、洗钱）。万科回应称内容严重失实，与烟台合作方的纠纷已进入司法程序，将采取法律行动。
2024-04-14Vanke responds to Yantai tax audit: no refusal to provide accounts; tax authorities have not determined subjective intent to evade tax; Yantai police decided not to file a case after 3-month investigation into alleged fund embezzlement (Nov 2023).万科回应烟台税务稽查：不存在拒不交账情况；税务机关未认定偷逃税款主观故意；烟台警方经3个月调查后于2023年11月决定不予立案。
2024-04-14Vanke files civil lawsuit against Yantai partner in Yantai court (Feb 2024) over economic disputes; also files criminal complaint with police over April 2024 online defamation against the company and board chairman.万科就与合作方的经济纠纷于2024年2月在烟台法院提起民事诉讼；并就2024年4月合作方网络诽谤向法院提起民事诉讼并向公安机关刑事报案。
2024-11-26Shareholders and supervisors of Yantai Wanlian and Yantai Wanhong (Vanke project companies) file a public report accusing Vanke of false settlement, fund transfer, tax evasion, and infringement of partner interests totaling RMB 747.63M.烟台万联、烟台万宏两家万科项目公司的股东和监事实名举报万科虚假结算、转移资金、偷税漏税，涉及金额7.4763亿元。
Debt repayment & bond management债务偿还与债券管理
37 · 2024-01-18 → 2026-05-12
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Vanke's repayment of onshore and offshore public bonds, medium-term notes, and corporate bonds, including redemption and interest payments.万科偿还境内外公募债券、中期票据及公司债，包括赎回和付息。
2024-01-18Vanke's 2021 housing rental special corporate bond '21 Vanke 02' (RMB 1.1 billion, 3.98% coupon) will pay interest on January 22, 2024.万科2021年住房租赁专项公司债券“21万科02”（11亿元，票面利率3.98%）将于2024年1月22日付息。
2024-01-19Vanke's 2021 first-phase medium-term note '21 Vanke MTN001' (RMB 2 billion, 3.76% coupon) will be redeemed on January 29, 2024.万科2021年度第一期中期票据“21万科MTN001”（20亿元，利率3.76%）将于2024年1月29日兑付。
2024-01-23Vanke's 2022 first-phase medium-term note '22 Vanke MTN001' (RMB 3 billion, 2.95% coupon) will pay interest of RMB 88.5 million on January 27, 2024.万科2022年度第一期中期票据“22万科MTN001”（30亿元，利率2.95%）将于2024年1月27日付息，应付利息0.885亿元。
2024-02-18Vanke announced interest payment on its 2022 third-phase medium-term note (22 Vanke MTN003) of RMB 2 billion at 3% coupon, due February 25, 2024.万科公告2022年度第三期中期票据（22万科MTN003）20亿元于2024年2月25日付息，票面利率3%。
2024-03-01Vanke pays interest on bonds '22 Vanke 01' (coupon 3.14%) and '22 Vanke 02' (coupon 3.64%) for the period 2024-03-04.万科支付'22万科01'（票面利率3.14%）和'22万科02'（票面利率3.64%）自2023年3月4日至2024年3月3日期间的利息。
2024-03-08Vanke deposits USD 647 million (principal + interest) to fully repay its USD 630 million 5.35% note due March 11, 2024.万科已将合计6.47亿美元（本金加利息）存入代理行指定账户，以全额偿付其于2024年3月11日到期的6.3亿美元、票面利率5.35%的中期票据本息。
2024-03-14Vanke announces interest payment for bond '20 Vanke 02' (coupon 3.42%) on March 18, 2024, covering the period from March 16, 2023 to March 15, 2024.万科公告'20万科02'（票面利率3.42%）将于2024年3月18日付息，付息期间为2023年3月16日至2024年3月15日。
2024-04-01Vanke exercises issuer call option on '21 Vanke 03' bond, redeeming all 1 bln yuan of the bond (coupon 3.4%, 5-year tenor with 3+2 structure).万科行使“21万科03”公司债券发行人赎回选择权，对全部10亿元债券进行赎回（票息3.4%，期限5年，3+2结构）。
2024-05-07Vanke announced it will exercise the issuer's redemption option on the '21 Vanke 03' bond, redeeming all 10 million bonds (face value 1 billion yuan) at a price of 103.40 yuan per bond on May 20, 2024.万科公告行使“21万科03”公司债券发行人赎回选择权，以103.40元/张的价格赎回全部1000万张债券（面值10亿元），赎回资金到账日为2024年5月20日。
2024-06-05Vanke fully repaid the principal and interest of a USD 600 million 4.20% medium-term note due June 7, 2024, totaling USD 612.6 million, marking the last USD bond maturity in 2024.万科全额偿付2024年6月7日到期的6亿美元4.20%中期票据本息合计6.126亿美元，此为2024年最后一笔到期美元债。
2024-06-14Vanke exercised the issuer redemption option on '21 Vanke 05' corporate bond, redeeming all 23 million bonds at RMB 103.19 per bond (including interest), total RMB 2.3 billion, delisting from Shenzhen Stock Exchange on July 26, 2024.万科行使“21万科05”公司债券赎回选择权，以103.19元/张（含息）赎回全部2300万张债券，总金额23亿元，于2024年7月26日摘牌。
2024-07-09Vanke held an analyst meeting; management stated H1 completed all maturing public debt, no offshore bonds due for the rest of 2024, and only 2 domestic bonds (4.3 billion yuan) left for H2.万科召开分析师交流会，管理层称上半年已偿付全部到期公开市场债务，年内无境外债，下半年仅剩2笔境内债合计43亿元。
2024-08-30Vanke management stated at the interim results meeting that the company has sufficient cash to repay the 2 billion yuan domestic bond maturing on September 6.万科管理层在中期业绩会上表示，公司有足够现金兑付9月6日到期的20亿元境内债券。
2024-10-29Vanke announced interest payment for its 2.5 billion yuan corporate bond due 2022: coupon rate 3.45%, interest of 34.5 yuan per lot to be paid on October 31, 2024.万科公告2022年发行的25亿元公司债券付息：票面利率3.45%，每手派发利息34.5元，于2024年10月31日支付。
2024-10-30Vanke disclosed that it repaid all onshore and offshore public bonds due in 2024, repaid about 70 billion yuan of interest-bearing debt in Jan-Sep, and had no outstanding public bonds by year-end.万科披露已完成2024年全部境内外公开债兑付，1-9月偿还有息负债约700亿元，年内已无存续公开债。
2024-12-09Vanke announced interest payment for its 2022 4th tranche medium-term note (22万科MTN004), issue amount RMB 2 billion, 3-year tenor, coupon 3.00%, interest due Dec 15, 2024 of RMB 60 million.万科公告2022年度第四期中期票据（22万科MTN004）付息安排，发行金额20亿元，利率3.00%，2024年12月15日应付利息6000万元。
2025-01-24Vanke announced it will exercise the issuer's redemption option on the '20 Vanke 02' bond, redeeming all 1 billion yuan of the bond at a price of 103.42 yuan per share on March 14, 2025.万科公告将行使'20万科02'债券的发行人赎回选择权，以103.42元/张的价格赎回全部10亿元债券，赎回登记日为2025年3月14日。
2025-02-04Vanke fully redeemed the principal and interest of the '22 Vanke MTN001' medium-term note due on January 27, 2025.万科如期完成2025年1月27日到期的“22万科MTN001”中期票据本金及利息的全额兑付。
2025-02-04Vanke announced it will exercise the issuer's redemption option to redeem all of the '20 Vanke 02' corporate bond (RMB 1 billion) at par on March 16, 2025.万科公告将行使“20万科02”公司债券赎回选择权，于2025年3月16日对10亿元债券进行100%全额赎回。
2025-02-18Vanke announced it will repay the '22 Vanke MTN003' medium-term note (RMB 2 billion, coupon 3.0%) due on February 25, 2025, its third public bond repayment this year.万科公告将如期兑付2025年2月25日到期的“22万科MTN003”中期票据（20亿元，利率3.0%），为年内第三笔公开债偿还。
2025-02-28Vanke announced it will redeem and delist the '22 Vanke 01' corporate bond (RMB 890 million) on March 4, 2025, and pay interest on the '22 Vanke 02' bond.万科公告将于2025年3月4日兑付“22万科01”公司债券（8.9亿元）并摘牌，同时支付“22万科02”债券利息。
2025-03-13Vanke completed redemption of '20 Vanke 02' bond, redeeming 1 billion yuan principal plus 34.2 million yuan interest; the bond was delisted on March 17.万科完成'20万科02'债券赎回工作，赎回金额10亿元及利息3420万元；该债券于3月17日摘牌。
2025-03-31Vanke's 2024 annual report: 79 projects approved for 'white list' financing; all onshore bonds due in Q1 2025 have been repaid; full-year 2024 repaid 29.2 billion yuan of onshore and offshore public bonds and ABS.万科2024年年报：累计获批白名单项目79个；2025年一季度到期公开债均已完成兑付；2024年全年如期归还到期公开债292亿元。
2025-04-01Vanke 2024 annual report: all onshore and offshore public bonds due in 2024 repaid, totaling 9.3 billion yuan onshore and approx. 10.4 billion yuan equivalent offshore.万科2024年年报：2024年完成境内公开债93亿元、境外公开债约104亿元人民币的偿付。
2025-04-01Vanke exercises issuer call option on '20 Vanke 04' bond (15 billion yuan, coupon 3.45%), to redeem all outstanding on May 19, 2025.万科行使“20万科04”公司债券（15亿元，票面利率3.45%）发行人赎回选择权，将于2025年5月19日全额赎回。
2025-05-08Vanke announced it will exercise the issuer's redemption option for the '20 Vanke 06' corporate bond, with an outstanding balance of 1.2 billion yuan and a coupon rate of 3.90%.万科宣布行使“20万科06”公司债券发行人赎回选择权，债券余额12亿元，票面利率3.90%。
2025-05-12Vanke completed repayment of its only USD bond maturing in 2025, with an outstanding principal of 423 million USD and a coupon rate of 3.15%.万科完成2025年唯一一笔到期美元债的兑付，本金余额4.23亿美元，票面利率3.15%。
2025-05-15Vanke completed the full redemption of the '20 Vanke 04' corporate bond, with a redemption amount of 1.5 billion yuan and interest of 51.75 million yuan.万科完成“20万科04”公司债券全额赎回，赎回金额15亿元，兑付利息5175万元。
2025-05-22Vanke announced it will exercise the issuer's redemption option for the '22 Vanke 03' corporate bond, redeeming the full 350 million yuan at a price of 102.90 yuan per bond.万科宣布行使“22万科03”公司债券赎回选择权，全额赎回3.5亿元，赎回价格102.90元/张。
2025-06-10Vanke exercised the redemption option on its '22 Vanke 05' corporate bond (balance 2.9 billion yuan, coupon 3.21%), redeeming all bonds at 103.21 yuan per piece on July 8, 2025.万科行使“22万科05”公司债券赎回权，债券余额29亿元，票面利率3.21%，以每张103.21元全部赎回。
2025-06-17Vanke redeemed and delisted the '20 Vanke 06' corporate bond (balance 1.2 billion yuan, coupon 3.90%) at 103.90 yuan per piece, paying principal and interest in full.万科完成“20万科06”公司债券赎回及摘牌，债券余额12亿元，票面利率3.90%，以每张103.90元全额赎回。
2025-07-04Vanke completed the redemption and delisting of its '22 Vanke 05' corporate bond, with an issuance size of RMB 2.9 billion. The company exercised its call option, redeeming at RMB 103.21 per note (including interest), paying a total of RMB 2.993 billion.万科完成“22万科05”公司债券的赎回及摘牌工作，该债券发行规模29亿元，公司行使赎回选择权，按103.21元/张（含税）全额赎回，合计支付29.93亿元。
2025-10-13Vanke exercises issuer's call option to redeem all outstanding '20 Vanke 08' corporate bonds (code 149297, balance 1.6 billion yuan) at a redemption price of 104.11 yuan per bond (including interest of 4.11 yuan), with funds to be credited on November 13, 2025.万科行使发行人赎回选择权，对全部“20万科08”公司债券（代码149297，余额16亿元）进行赎回，赎回价格为每张104.11元（含当期利息4.11元），资金将于2025年11月13日到账。
2025-10-31Vanke completes full redemption of '22 Vanke 07' corporate bonds (balance 2.5 billion yuan, coupon 3.45%), paying principal of 2.5 billion yuan and interest of 86.25 million yuan, with bonds delisted on October 31, 2025.万科完成“22万科07”公司债券的全额赎回（余额25亿元，票面利率3.45%），支付本金25亿元及利息8625万元，债券于2025年10月31日摘牌。
2025-11-12Vanke completes redemption of '20 Vanke 08' corporate bond, repaying principal of 1.6 bln yuan and interest of 65.76 mln yuan; bond delisted on Nov 13.万科完成“20万科08”公司债券赎回，偿还本金16亿元及利息6576万元；债券于11月13日摘牌。
2025-12-05Vanke decided not to exercise the issuer's redemption option on '21 Vanke 02' (1.1 billion yuan, 3.98% coupon, 7-year bond), keeping it outstanding for the remaining 2 years.万科决定放弃行使“21万科02”（11亿元，票面利率3.98%，7年期）的发行人赎回选择权，债券继续存续后2年。
2026-05-12Vanke repaid principal and interest of 864.22 million yuan on the '23 Vanke MTN002' medium-term note due on May 12, 2026.万科于2026年5月12日兑付“23万科MTN002”中期票据本息8.6422亿元。
Other developments其他动态
7 · 2024-01-21 → 2026-03-03
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Assorted one-off developments.零散的一次性动态。
2024-01-21Vanke launched 'Zhen Cang Hui', a full-lifecycle high-end service system for its 'Zhen' series products, in Guangzhou.万科在广州发布全生命周期高定服务体系“瑧藏会”，针对“瑧”系高端产品。
2024-02-02Ouyang Pai (603208) disclosed cooperation with Vanke and Poly on fireproof doors for residential, hotel, hospital, and school applications.江山欧派披露与保利、万科合作，提供用于住宅、酒店、医院、学校等场景的防火门。
2024-05-16Vanke successfully issued a CMBS (Commercial Mortgage-Backed Security) on the Shenzhen Stock Exchange, with an issuance size of 1.435 billion yuan, AAA rating, coupon rate of 3.6%, and a term of up to 18 years.万科在深交所成功发行资产支持专项计划（CMBS），发行规模14.35亿元，优先级AAA评级，票面利率3.6%，期限不超过18年。
2024-08-30Vanke's board secretary Zhu Xu said at the interim results meeting that the company deeply regrets the net loss and will turn pressure into motivation, implementing the 'one-package plan' to overcome difficulties and return to healthy development.万科董事会秘书朱旭在业绩会上对净亏损深感愧疚，表示将化压力为动力，落实'一揽子方案'克服困难重回健康发展。
2024-08-30Vanke's chairman Yu Liang said at the results meeting that medium-to-long term potential housing demand remains huge in absolute terms; short-term, after three years of adjustment, new home cost-performance is improving, and policy support for diversified housing demand is increasing, accumulating energy for market recovery.万科董事会主席郁亮在业绩会上表示，中长期潜在住房需求绝对量仍巨大；短期看，经过三年调整新房性价比提升，政策支持增加，为市场复苏积蓄能量。
2025-02-05The Real Estate Financing Coordination Mechanism Task Force stated that Vanke delivered over 180,000 homes in 2024, fully completing the 'ensuring delivery' target, and its projects are progressing smoothly with 'white list' financing support.房地产融资协调机制工作专班表示，万科2024年交付住房超18万套，全面完成保交房目标，项目建设平稳有序，“白名单”制度将提供融资支持。
2026-03-03Vanke's RMB 15 billion private placement plan, first launched in 2005 and re-filed in 2023, was officially terminated (withdrawn) as per Shenzhen Stock Exchange records.万科150亿元定向增发计划（2005年启动、2023年重新申报）正式终止（撤回），深交所官网显示。
Liquidity & cash position updates流动性及现金状况更新
13 · 2024-01-22 → 2026-03-04
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Vanke's disclosures on cash holdings, financing resources, and liquidity management.万科关于现金持有量、融资资源及流动性管理的披露。
2024-01-22Vanke disclosed that as of Q3 2023, it had RMB 103.68 billion in cash on hand and positive operating cash flow for the first three quarters.万科披露截至2023年三季度末在手货币资金1036.8亿元，前三季度经营性现金流净额为正。
2024-01-26Vanke stated it has nearly RMB 110 billion in investment properties and RMB 20 billion in fixed assets, with potential financing resources from operating property loans (cost ~3%-3.3%).万科表示拥有近1100亿投资性物业和200亿固定资产，可通过经营性物业贷融资（成本约3%-3.3%）。
2024-02-01Vanke A responded to investor questions about cash position and 2025 USD bond volatility, stating it will manage funds prudently and communicate with bond investors.万科A回应投资者关于现金状况和2025年美元债波动的提问，表示将审慎管理资金并与债券投资者沟通。
2024-04-05Vanke discloses on investor platform: holds 99.81 bln yuan in cash as of end-2023; only 5.6 bln yuan in offshore bonds maturing in Q2 2024, with replacement and repayment preparations already initiated; Shenzhen SASAC coordinated multiple state-owned enterprises to help release over 10 bln yuan in liquidity through asset disposal, REIT subscription, project cooperation, etc.万科在互动平台披露：截至2023年底持有货币资金998.1亿元；2024年二季度仅56亿元境外债券到期，已启动置换和还款准备；深圳市国资委协调多家国企通过处置资产、认购REITs、项目合作等方式帮助释放百亿以上流动性。
2024-04-05Vanke discloses on investor platform: since 2024, has added 10.89 bln yuan in new operating property mortgage loans; will not pay cash dividend for 2023 to cope with industry adjustment uncertainty.万科在互动平台披露：2024年以来新增经营性物业抵押贷款108.9亿元；2023年度不进行现金分红以应对行业调整不确定性。
2024-04-15Media reports Vanke prepares asset package worth approx. 130 bln yuan as collateral to seek new bank loans; willing to sell or pledge other assets if terms suitable, but will not sell controlling stakes in core assets (Onewo property management and long-term rental apartments).媒体报道万科准备约1300亿元资产包作为抵押寻求银行新贷款；愿意在合适条款下出售或质押其他资产，但不会出售万物云和长租公寓两项核心资产的控股权。
2024-07-09Vanke disclosed that since Jan 2024, it raised over 60 billion yuan in new financing/refinancing, repaid over 50 billion yuan; in May obtained a 20 billion yuan syndicated loan led by China Merchants Bank.万科披露年初以来新增融资、再融资超600亿元，偿还超500亿元；5月获得招商银行牵头的200亿元银团贷款。
2024-09-01Vanke management states the company faces temporary operational difficulties and short-term liquidity pressure; as of end-July, total new financing and refinancing exceeded 67 billion yuan.万科管理层表示公司面临阶段性经营性困难，流动性短期承压；截至7月末，新增融资和再融资完成总量超过670亿元。
2024-09-02Vanke's executive VP and CFO Han Huihua says that as of end-July, total new financing and refinancing exceeded 67 billion yuan; the company has no outstanding offshore public bonds within the year.万科执行副总裁、财务负责人韩慧华表示，截至7月末新增融资和再融资超670亿元；年内已无境外公开债。
2025-01-09Vanke responded that it will go all out to raise funds from operations and financing to repay public debt maturing in 2025, including active sales, bulk asset sales, exiting non-core businesses, and securing financing resources.万科回应称，将全力以赴从经营端和融资端筹集资金，应对2025年到期的公开债务，包括积极销售回款、推进大宗交易、加快非主营业务退出和争取融资资源。
2025-06-27At the AGM, Vanke reported that in 2024 it obtained 94.8 billion yuan in new financing and refinancing at a comprehensive cost of 3.54%, and submitted 178 projects to the 'white list'.万科在股东会上披露，2024年新增融资和再融资948亿元，综合成本3.54%，已上报178个“白名单”项目。
2026-01-06Vanke reported new financing and refinancing of 26.5 billion yuan in the first three quarters of 2025, with a domestic new financing cost of 3.44%.万科2025年前三季度新增融资和再融资265亿元，境内新增融资综合成本3.44%。
2026-03-04Vanke responded on the investor platform that it is coordinating with financial institutions to optimize financing terms and reduce interest costs, with financing rates declining year by year, but did not confirm a specific 100-bp rate cut.万科在互动平台回应称正与金融机构协调优化融资条件、降低利息成本，融资利率逐年下降，但未确认具体下调100个基点的消息。
Pig farming (Huanshan Group)环山集团养猪业务
2 · 2024-01-31 → 2024-02-01
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Vanke's small-scale pig farming trial and subsequent exit through equity sale of Huanshan Group.万科小规模养猪试验及后续通过出售环山集团股权退出。
2024-01-31Vanke stated its pig farming business is a small-scale trial with negligible impact on assets, revenue, or profit.万科表示养猪业务作为围绕客户服务的尝试，目前对资产、收入或利润影响较小。
2024-02-01Vanke A stated on its interactive platform that its pig farming business is a small-scale trial around customer service, with negligible impact on assets, revenue, or profit.万科A在互动平台表示，养猪业务是围绕客户服务的小规模尝试，对资产、收入或利润影响极小。
Strategic cooperation MoUs战略合作备忘录
4 · 2024-02-05 → 2024-12-03
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Vanke signed strategic cooperation agreements with Zheshang Bank, met with Guizhou governor and Chongqing party secretary to deepen investment, and discussed digitalization with Shiji Group.万科与浙商银行签署战略合作协议，与贵州省长、重庆市委书记会面深化投资，并与石基集团讨论数字化合作。
2024-02-05Vanke Hotels & Resorts CEO Ding Changfeng met with Shiji Group senior VP Lai Deyuan, reaching consensus on digitalization and overseas expansion cooperation.万科酒店与度假村CEO丁长峰与石基集团高级副总裁赖德源会晤，就数字化建设和海外拓展合作达成共识。
2024-02-22China Zheshang Bank signed a strategic cooperation agreement with Vanke Group, covering comprehensive credit, corporate banking, retail finance, international business, and investment banking.浙商银行与万科集团签署战略合作协议，涵盖集团综合授信、公司业务、零售金融、国际业务、投行业务等领域。
2024-11-07Vanke Chairman Yu Liang meets Guizhou Governor Li Bingjun; Vanke expresses commitment to deepen investment in Guizhou market.万科董事会主席郁亮会见贵州省省长李炳军，表示将持续深耕贵州市场。
2024-12-03Chongqing Party Secretary Yuan Jiajun met Vanke Chairman Yu Liang; both sides agreed to deepen cooperation in new urbanization, real estate transformation, international consumption center, cold-chain logistics, fourth-generation housing, long-term rental apartments, and urban renewal.重庆市委书记袁家军会见万科董事会主席郁亮，双方同意深化在新型城镇化、房地产市场转型、国际消费中心、冷链物流、第四代住宅、长租公寓和城市更新等领域的合作。
Asset disposals & bulk sales资产处置与大宗出售
44 · 2024-02-09 → 2026-06-12
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Sale of stakes in shopping malls, office buildings, land plots, and other non-core assets to raise liquidity.出售购物中心、办公楼、地块及其他非核心资产以筹集流动性。
2024-02-09Vanke sold its remaining 50% stake in Shanghai Qibao Vanke Plaza to Link REIT for RMB 2.384 billion, a ~26.3% discount to the latest valuation of RMB 7.06 billion, exiting the asset completely.万科以23.84亿元将上海七宝万科广场剩余50%股权出售给领展，较最新估值70.6亿元折让约26.3%，完全退出该资产。
2024-02-20Vanke sold its stake in a subsidiary to a Shenzhen state-owned enterprise, following the Qibao mall sale, as part of asset disposals to ease liquidity pressure.万科在出售七宝广场后，又向深圳国企出售了子公司股权，作为缓解流动性压力的资产处置。
2024-03-01Vanke completes sale of remaining 50% stake in Shanghai Qibao Vanke Plaza to Link REIT at an estimated 30% discount, fully exiting the project.万科完成向领展出售上海七宝万科广场剩余50%权益，据估算折价约30%，万科完全退出该项目。
2024-03-01Vanke sells its 6.16% stake in Shenzhen High-tech Investment Group to Shenzhen Investment Holdings for an undisclosed amount.万科将其持有的深圳市高新投集团6.16%的股权出售给深圳市投资控股有限公司，金额未披露。
2024-05-08Vanke listed the land use rights of plot T208-0053 in Shenzhen Bay Super Headquarters Base for transfer at a starting price of 2.235 billion yuan, as part of its 'slim-down' plan to exit non-core assets.万科将位于深圳湾超级总部基地的T208-0053宗地使用权挂牌转让，起始价22.35亿元，作为其“瘦身”方案中退出非核心资产的一部分。
2024-05-27Vanke completed the transfer of the Shenzhen Bay Super Headquarters Base plot T208-0053 to a consortium of Shenzhen Metro Group and Shenzhen Baishuo Yinghai for 2.235 billion yuan, resulting in an estimated loss of 1.785 billion yuan on the transaction.万科完成深圳湾超级总部基地T208-0053宗地转让，由深铁集团和深圳百硕迎海公司以22.35亿元联合竞得，该交易预计产生约17.85亿元的亏损。
2024-06-05Vanke transferred its Shenzhen Bay Super Headquarters Base plot (T208-0053) to Shenzhen Metro Group and Shenzhen Baishou Yinghai for RMB 2.235 billion.万科将深圳湾超级总部基地T208-0053地块以22.35亿元转让给深铁集团和深圳百硕迎海公司。
2024-06-25Vanke fully exited Shanghai Qibao Vanke Plaza by transferring all shares to Link REIT; the mall was renamed 'Shanghai Qibao Link Plaza' and Vanke signage removed.万科全部出让上海七宝万科广场股份予领展，商场更名为“上海七宝领展广场”，万科标识已拆除。
2024-07-04Vanke's subsidiary Shenzhen Yinli sold 48% stake in Shanghai Nanxiang InCity MEGA to Singapore's GIC for an undisclosed sum, reducing its holding to 2%.万科印力将上海南翔印象城MEGA 48%股权出售给新加坡政府投资公司（GIC），持股降至2%。
2024-07-30Vanke's subsidiary Suzhou Fuheng agreed to sell its 50% stake in Suzhou Gaoxin Wanyang to Suzhou Gaoxin Real Estate; Vanke's unit Suzhou Vanke provides guarantee up to 960 million yuan.万科子公司苏州傅恒拟将所持苏州高新万阳50%股权转让给苏州高新地产，苏州万科提供不超过9.6亿元担保。
2024-08-16Vanke's subsidiary Yincheng Group sold its 48% stake in Shanghai Nanxiang Impression City MEGA to foreign shareholder GIC; the transaction size is reportedly around 2 billion yuan.万科旗下印力集团将上海南翔印象城MEGA 48%股份出售给外资股东GIC，交易规模据报约20亿元。
2024-08-21Vanke's wholly-owned subsidiaries Beijing Vanke and Beijing Vanke Huitong Real Estate transferred the equity and creditor's rights of Beijing Wanjin Real Estate Development to Jiaxing Dongfu Zhengqi Investment Partnership for 2 billion yuan.万科全资子公司北京万科、北京万科汇通置业将北京万金房地产开发有限公司股权及债权以20亿元转让给嘉兴东富正启投资合伙企业。
2024-09-06Vanke's subsidiary Yinni transfers 48% equity of Shanghai Songjiang Impression City to GIC (RECO YIYUAN PRIVATE LIMITED), reducing its stake to 2%; GIC becomes the owner.万科旗下印力将上海松江印象城48%股权转让给新加坡政府投资公司（GIC），持股降至2%，GIC成为业主方。
2024-11-01Vanke subsidiary Zhuhai Maode Cheng Tou sells 50% stake in Wuhan Xintang to Vanke's property arm Onewo for RMB 150M, using proceeds to repay intercompany debts.万科子公司珠海懋德诚投向万物云出售武汉新唐50%股权，代价1.5亿元，资金用于偿还关联方债务。
2025-01-27Vanke A transferred 49% of the future investment income rights of the Hongshuwan property development project to Shenzhen Metro Group for 1.292 billion yuan, and sold 49% equity in the project management company for 58.2472 million yuan.万科A以12.92亿元向深铁集团转让红树湾物业开发项目49%的未来投资收益权，并以5824.72万元转让项目管理经营公司49%股权。
2025-02-02Major shareholder Shenzhen Metro Group (深铁集团) acquired 49% investment income right of Vanke's Hongshuwan project, injecting liquidity into Vanke.大股东深铁集团受让万科所持有的红树湾项目49%投资收益权，为万科注入流动性。
2025-02-08Vanke exited the shareholder list of Shenzhen Metro Vanke Investment Development Co., Ltd., which was renamed Shenzhen Shenwan Huiyun Investment Development Co., Ltd., now wholly owned by Shenzhen Metro Group.万科退出深圳地铁万科投资发展有限公司股东行列，该公司更名为深圳市深湾汇云投资发展有限公司，由深铁集团全资持股。
2025-03-11Vanke's first commercial project in Wenzhou, 'Xijiangyue Yinxiangli', was sold and renamed 'Bolong Commercial Plaza'; the project (38,421 sqm GFA) was originally co-developed by Vanke, Country Garden, Poly, Greentown, and New Hope.万科温州首个印象系商业项目'西江月印象里'已易主并更名为'铂龙商业广场'；该项目（建筑面积38421平方米）原由万科、碧桂园、保利、绿城、新希望五家合作开发。
2025-04-01Vanke 2024 annual report: completed 54 bulk asset transactions with total contracted value of 25.9 billion yuan, resource revitalization proceeds of 10.4 billion yuan.万科2024年年报：完成54笔大宗资产交易，合计签约259亿元，资源盘活回款104亿元。
2025-04-29Vanke Q1 2025: completed 3.8 billion yuan in bulk asset transactions, 4.09 billion yuan in resource revitalization proceeds; new financing and refinancing of 13.9 billion yuan, weighted cost 3.39%.万科2025年一季度：大宗交易签约38亿元，盘活回款40.9亿元；新增融资和再融资139亿元，综合成本3.39%。
2025-05-22Hangzhou Anju Group completed the transfer of 75 units (4,152.3 sqm) from Vanke's Heyu Guangnian Mansion (河语光年府) as the city's first acquisition of existing commercial housing for affordable rental housing.杭州市安居集团完成万科河语光年府75套房源（4152.3平方米）的不动产权转移登记，为杭州首个收购存量商品房用作保障性住房项目。
2025-05-28Vanke's Beijing subsidiary offered 22 commercial properties in Fangshan District for sale at a reserve price of 40.83 million yuan (approx. 9,500 yuan/sqm), requiring full payment within six months.北京万科打包出售房山区金域缇香家园22套商业产品，底价4083万元（约0.95万元/平方米），要求六个月内付清全款。
2025-06-23Hangzhou Vanke plans to bulk-sell approx. 10,000 sqm of commercial assets at Vanke Zhigu (Vanke-Netease Yanxuan first collaboration project) in Gongshu District, Hangzhou.杭州万科拟整体出售万科智谷（万科与网易严选首个合作项目）约1万平方米商业资产，位于杭州拱墅区。
2025-06-27At the AGM, Vanke said it completed 54 bulk asset transactions in 2024 with total signed amount of 25.9 billion yuan, and established 3 Pre-REIT funds.万科在股东会上表示，2024年完成54个大宗资产交易，签约金额259亿元，已设立3支Pre-REIT基金。
2025-07-14Vanke disclosed that in H1 2025, it signed bulk asset transactions totaling RMB 6.43 billion, recovered RMB 5.75 billion through inventory revitalization, and added 3 new projects via revitalization mode. Since 2023, it has revitalized 64 projects with total saleable value of approximately RMB 78.5 billion.万科披露，上半年实现大宗交易签约金额64.3亿元，通过存量盘活回款57.5亿元，以盘活模式新增获取项目3个。2023年以来累计盘活项目64个，涉及可售货值约785亿元。
2025-07-25Vanke completed the sale of its Shanghai Jinqiao Wanchuang Center project to Kunshan Zhongliu Asset Management Co., Ltd. (a state-owned enterprise under Zhouzhuang Investment Development Group) for RMB 1.4 billion. The project has a total GFA of approximately 110,000 sqm.万科完成出售上海金桥万创中心项目，接盘方为昆山市众六资产管理有限公司（周庄投资发展集团全资子公司），成交总价14亿元。项目总建筑面积约11万平方米。
2025-08-12Beijing Vanke offered 10 commercial properties (Vanke Yunlu and Feicui Xihu projects) for sale at a total reserve price of 25.41 million yuan, requiring full payment within six months.北京万科拟出售万科云庐及翡翠西湖项目10套商业资产，底价合计2541万元，要求六个月内付清全款。
2025-08-21Beijing Vanke offered to sell 5 floors of office and 1 floor of basement storage at Cuihu International project in Zhongguancun for a total reserve price of about 121 million yuan.北京万科拟出售翠湖国际项目8号楼办公5层及地下仓储1层，底价合计约1.21亿元。
2025-08-26Vanke sold 75% equity of Jilin Songhua Lake International Resort Development Co., Ltd. and Beijing Wanbingxue Sports Co., Ltd. to Hong Kong China Travel Service, including the Songhua Lake ski resort and the Wanbingxue management platform.万科向香港中旅出售吉林松花湖国际度假区开发有限公司和北京万冰雪体育有限公司各75%股权，包含松花湖滑雪度假区和万冰雪管理平台。
2025-08-26Hong Kong China Travel Service (00308.HK) acquired 75% of Vanke's Songhua Lake resort and Wanbingxue sports company; the resort has 50 ski runs, 55km total length, daily capacity of 15,000 visitors, and annual visitors over 350,000.香港中旅收购万科松花湖度假区和万冰雪体育公司75%股权；度假区拥有50条雪道、总长55公里、日接待能力1.5万人次，年游客超35万人次。
2025-08-29China Travel International (中旅国际) acquired 75% equity in Vanke's Jilin Songhua Lake Resort and Beijing Wanbingxue Sports, marking Vanke's exit from the冰雪 (ice and snow) business.香港中旅国际收购万科旗下吉林松花湖度假区及北京万冰雪体育75%股权，万科剥离冰雪业务。
2025-10-09Vanke puts Guangzhou Wanxi properties from the 2017 'Century Deal' (55.1 billion yuan acquisition of Guangxin NPL asset package) up for sale: 1,723 sqm commercial office and 4,742 sqm office building in Yuexiu District, as part of asset monetization to repay debt (2025 debt reduction target of 50 billion yuan).万科将2017年“世纪交易”（551亿收购广信不良资产包）中的广州万溪越秀区1723㎡商办物业和4742㎡办公楼摆上货架，作为资产变现以偿还债务（2025年计划降债500亿元）的一部分。
2025-10-30Vanke signs agreement with China Tourism Group for its snow and ice (ski resort) business segment; transaction proceeds are part of Vanke's 7 billion yuan in bulk asset sales in 9M 2025.万科冰雪板块已与中旅集团完成签约；该交易是万科2025年前三季度近70亿元大宗交易的一部分。
2025-11-24Vanke confirms on interactive platform that it has fully sold all its holdings of Beike (贝壳) stock.万科在互动平台确认已全部出售所持有的贝壳股票。
2025-12-04Vanke reportedly offered to sell the 'Binjiang Vanke Center' in Shanghai Lujiazui for 2 billion yuan via equity transfer.市场消息称万科拟以20亿元出售上海陆家嘴“滨江万科中心”，交易方式为股权整体转让。
2025-12-18Vanke A stated in an investor interaction that it completed 19 bulk asset transactions in the first three quarters, with a signed amount of 6.86 billion yuan, covering commercial, office, hotel, and apartment assets.万科A在互动平台表示，前三季度完成19个大宗资产交易，签约金额68.6亿元，涵盖商业、办公、酒店、公寓等资产。
2025-12-22Vanke exited the joint venture Shanghai Wanshi Real Estate Co., Ltd., with its stake fully transferred to a GIC-affiliated entity; registered capital reduced from 1.64 billion to 1.48 billion yuan.万科退出合资公司上海万狮置业有限公司，股权全部转让给GIC关联方；注册资本由约16.4亿元减至约14.8亿元。
2026-03-12Vanke is in talks to dispose of some of its elderly care projects; the first batch includes about 5 projects in the northern region, with potential partner being New China Life Insurance and other major insurers; deal is still under negotiation.万科正洽谈处置部分养老项目，首批资产包包含北方区域约5个康养项目，意向合作方为新华保险等头部保险机构，交易仍处于洽谈阶段。
2026-03-24Vanke used residential units, shops, apartments, and parking spaces across multiple cities to settle debts with Diou Shuihua Group, totaling about RMB 68.88 million (over 100 units).万科以分布在全国多个城市的住宅、商铺、公寓及车位等资产向帝欧水华集团抵债，合计金额约6888.24万元，超过百套。
2026-04-29Vanke to publicly list 99.413% stake in Huanshan Group (pig breeding) for 3.27 billion yuan to optimize cash flow and exit non-core business.万科拟公开挂牌转让环山集团99.413%股权，底价32.7亿元，以优化现金流并退出非主业。
2026-04-29Vanke announced the挂牌 transfer of all equity in Huanshan Group (环山集团), a pig farming subsidiary, for a base price of 3.29 billion yuan, exiting the breeding business. The transaction is expected to reduce Vanke's net profit by approximately 948 million yuan.万科公告以32.9亿元底价挂牌转让养猪子公司环山集团全部股权，退出养殖业务，预计减少净利润约9.48亿元。
2026-05-29At the 2025 annual general meeting, Vanke disclosed that it had completed the exit of its snow and ice business in 2025, and in 2026 has initiated the exit or divestiture of its food (Huanshan) and education segments. It also completed 10 project revitalizations in 2026, expected to provide approximately 11 billion yuan in货值.在2025年度股东会上，万科披露2025年已完成冰雪业务退出，2026年已启动食品（环山）、教育等非主业退出或剥离，并已完成10个项目盘活，预计提供货值约110亿元。
2026-05-29At the 2025 AGM, Vanke management said the company will continue to push forward bulk asset transactions in 2026, with意向 transactions in several key cities making progress. It is also exploring diversified asset disposal paths including government-enterprise cooperation, converting存量 housing to rental housing, and multi-tier REITs.在2025年度股东会上，万科管理层表示2026年将继续大力推进大宗资产交易，多个重点城市意向交易已取得进展，并积极探索政企合作、存量房转保租房、多层次REITs等多元化资产处置路径。
2026-06-12Vanke's public listing to sell 99.413% equity in Huanshan Group at RMB 3.29 billion expired with no qualified bidders; the sale process terminated.万科公开挂牌转让环山集团约99.413%股权（挂牌价32.9亿元）到期，未征集到合格意向受让方，挂牌自行终结。
Hong Kong project pipeline香港项目开发
14 · 2024-02-22 → 2026-05-22
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Vanke Hong Kong's residential project launches, sales, and financing for Tai Po, Sha Tin, and Cheung Sha Wan projects.万科香港的大埔、沙田、长沙湾等住宅项目的推出、销售及融资。
2024-02-22Vanke Hong Kong director Zhou Mingxi said the company will focus on selling three projects in 2024, including the Tai Po Ma Wo Road project with over 1,500 units, launching in H2.万科香港董事周铭禧表示，2024年主力推售3个楼盘，其中大埔马窝路项目提供逾1500伙，最快下半年登场。
2024-07-19Vanke adjusted guarantee for its HK subsidiary Cairong's 5.24 billion HKD syndicated loan (1-year) for the Tai Po project; Vanke置业 (HK) now provides 100% guarantee (up from 95%), with partner providing 5% indemnity.万科调整香港子公司财荣52.4亿港元银团贷款（1年期）增信措施，万科置业（香港）提供100%担保，合作方提供5%赔偿保证。
2024-08-01Vanke Hong Kong plans to launch the Tai Po Ma Wo Road residential project by end of 2024 or early 2025.万科香港计划于2024年底或2025年初推出大埔马窝路住宅项目。
2024-11-12Vanke Hong Kong sells The Campton commercial portion (shopping mall and carpark) in Cheung Sha Wan for total HKD 188M to two local investors.万科香港以1.88亿港元出售长沙湾The Campton商场及停车场予两名本地投资者。
2024-11-28Vanke Hong Kong launches 38 new units at Cheung Sha Wan 'Linko II' project; 25 units to be sold on Nov 30, priced HKD 6.598M-19.139M.香港万科推出长沙湾连方II项目38个单位，其中25个将于11月30日发售，定价659.8万至1913.9万港元。
2024-12-11Vanke Hong Kong announced its Tai Po Ma Wo Road project will be the 2025 focus, offering 1,650 units mainly 1-2 bedroom; first two phases (1,080 units) expected to launch in H1 2025. Also plans to launch Sha Tin and Ngau Tau Kok projects.万科香港宣布大埔马窝路项目为2025年焦点，提供1650伙主打一房及两房单位，首两期1080伙预计2025年上半年上市。另计划推出沙田和牛头角项目。
2024-12-30Qingjian International (01240.HK) and Vanke entered into an indemnity deed; a bank provided a facility of up to HKD 587 million to a JV subsidiary (95% owned by Vanke, 5% by Qingjian) until Aug 1, 2027, with Vanke providing 100% guarantee and Qingjian indemnifying Vanke for 5%.青建国际与万科订立弥偿契据，银行向合营公司（万科持股95%、青建持股5%）附属公司提供最多5.87亿港元融资至2027年8月1日，万科提供100%担保，青建向万科提供5%弥偿。
2024-12-30Vanke's subsidiary Caorong Company applied for a bank guarantee of up to HKD 587 million from an offshore bank for the Tai Po Ma Wo Road project pre-sale permit; Vanke's units provided performance guarantees.万科子公司财荣公司为香港大埔马窝路项目预售证向境外银行申请最高5.87亿港元银行保函，万科子公司提供履约保证。
2025-03-13Some Hong Kong banks (Standard Chartered, Chong Hing Bank) rejected mortgage applications for Vanke Hong Kong's Le Mont project in Tai Po; Vanke HK said other banks including Bank of Communications and OCBC HK will provide mortgages.部分香港银行（渣打银行、创兴银行）拒绝为万科香港大埔Le Mont项目的潜在购房者提供按揭贷款；万科香港表示交通银行、华侨银行香港等将提供按揭。
2025-03-16Vanke Hong Kong's Tai Po 'Le Mont' Phase 1 first-round sales: 223 out of 228 units (98%) sold; second round of 118 units launched on March 19 with discounted prices from HK$3.37 million.万科香港大埔'上然'第1期首轮销售：223伙（占可售单位98%）已售出；次轮118伙于3月19日推出，折实价由337万港元起。
2025-05-08Vanke Hong Kong and Wing Tai Properties jointly named the Sha Tin Hin Wo Lane project 'UNI Residence', offering 240 residential units, with sales expected to start soon.万科香港与永泰地产合作的沙田显和里项目命名为UNI Residence，提供240套住宅单位，预计短期内启动销售。
2025-08-06Vanke Hong Kong launched Phase 3 of 'The Zenith' project in Tai Po, selling 113 units on a first-come-first-served basis, with prices ranging from HKD 2.99 million to 9.06 million.万科香港大埔上然第3期推售113个单位，折实售价299万至906万港元。
2025-12-16Vanke Hong Kong launched 'One Le Mont', the tower of its Tai Po project 'Le Mont Shangran', offering 173 units; total sales of all phases reached HKD 4.96 billion from 1,079 units.万科香港推出大埔项目“上然”第1座楼王“One Le Mont”，共173伙；项目三期合计售出1079伙，套现逾49.6亿港元。
2026-05-22Vanke extended a 3.38 billion HKD bank loan for its subsidiary Vanke Property (Hong Kong) by 0.5 years, maintaining existing guarantees including joint liability, equity pledge, and asset mortgage.万科为子公司万科置业（香港）的一笔33.8亿港元银行贷款展期0.5年，维持原有连带责任保证、股权质押及资产抵押等担保方式不变。
REITs & fund initiativesREITs与基金计划
15 · 2024-03-01 → 2026-05-07
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Vanke's multi-asset REIT filings, listings, and Pre-REIT fund establishments for logistics, rental housing, and commercial properties.万科在物流、租赁住房及商业地产领域的多资产REIT申报、上市及Pre-REIT基金设立。
2024-03-01Vanke's logistics unit, Wanwei Logistics, files for a public REIT (Hua Xia Wanwei Warehousing Logistics REIT) on the Shenzhen Stock Exchange, targeting ~1.159 billion yuan in initial proceeds from three parks in Foshan, Shaoxing, and Huzhou.万科旗下万纬物流申报的华夏万纬仓储物流封闭式基础设施REIT在深交所获受理，首次发售拟募集资金约11.59亿元，底层资产为佛山南海、绍兴诸暨、湖州德清三个物流园。
2024-03-15Vanke's largest shareholder, Shenzhen Metro Group, signs agreement to strategically subscribe up to 30% of the CICC Inpower Consumer REIT, supporting Vanke's asset revitalization.万科第一大股东深铁集团签署协议，拟通过战略配售方式认购中金印力消费REIT不超过30%的基金份额，支持万科盘活存量商业资产。
2024-04-10CICC InTime Consumer REIT (under Vanke's InTime Group) public offering ends early due to oversubscription; Shenzhen Metro Group plans strategic subscription of up to 30% of fund shares (approx. 1 bln yuan).万科旗下印力集团的中金印力消费REIT公众发售部分因超额认购提前结束；大股东深铁集团拟战略配售不超过基金份额30%（约10亿元）。
2024-06-21Vanke plans to file a REITs issuance for its long-term rental apartment brand 'Boyo' (泊寓) with regulators, targeting a scale of approximately RMB 1 billion (USD 138 million).万科拟以旗下长租公寓品牌“泊寓”向监管部门申报REITs发行，规模约10亿元人民币（1.38亿美元）。
2024-08-13Vanke, together with CITIC Jinshi Fund Management, CITIC Securities Investment, and Taikang Life, established the 'CITIC Vanke Consumption Infrastructure Pre-REIT Fund' with a total size of 2.234 billion yuan, to acquire Beijing Jiugong Vanke Plaza and Shenzhen Longgang Vanke Plaza. Vanke's subsidiaries contributed 56.05%.万科与中信金石、中信证券投资、泰康人寿共同设立'中信万科消费基础设施Pre-REIT基金'，规模22.34亿元，收购北京旧宫万科广场和深圳龙岗万科广场。万科子公司出资占比56.05%。
2024-08-30Vanke's logistics REIT passed NDRC approval in March and received CSRC acceptance; apartment REIT is in the application stage with guidance received, underlying assets being rental housing in Beijing, Tianjin, and Hangzhou.万科物流REIT已于3月通过发改委审批并获证监会受理；公寓REIT在申报阶段，底层资产为北京、天津、杭州的保障性租赁住房。
2024-09-02Vanke's commercial REIT (Yinni REIT) listed in April with an issuance size of 3.26 billion yuan; its affordable rental housing REIT and logistics warehouse REIT have entered the application process.万科商业REIT（印力REIT）4月上市，发行规模32.6亿元；保障性租赁住房REIT和物流仓储REIT已进入申报进程。
2024-11-12Vanke transfers 30% subscribed shares in CITIC Vanke Consumer Infrastructure Fund to China Post Life Insurance; fund size RMB 2.234B, used for Beijing Jiugong Vanke Plaza and Shenzhen Longgang Vanke Plaza.万科将中信万科消费基础设施基金30%认缴份额转让给中邮人寿；基金规模22.34亿元，用于北京旧宫万科广场和深圳龙岗万科广场。
2025-02-07Vanke, together with New China Life Insurance and others, established the 'Wanxin Jinshi' housing rental equity investment partnership fund with a total contribution of RMB 1.6 billion.万科与新华人寿等共同设立“万新金石”住房租赁股权投资合伙企业，认缴总规模16亿元。
2025-02-18Vanke, together with CITIC金石, New China Life Insurance, and Dajia Insurance, established the 'Wanxin Jinshi' Pre-REIT fund (total size RMB 1.6 billion) to invest in Vanke's Xiamen Boyuyuan'er · Bay Community project.万科携手中信金石、新华保险、大家保险共同设立“万新金石”Pre-REIT基金（总规模16亿元），投资万科旗下厦门泊寓院儿·海湾社区项目。
2025-03-31Vanke achieved multi-track REITs and Pre-REITs breakthroughs in 2024, becoming one of the few developers to establish multi-asset, multi-tier real estate fund capabilities; co-established 'CITIC-Vanke Consumer Infrastructure Fund' with CITIC.万科2024年实现多赛道REITs和Pre-REITs突破，成为业内少数实现多业态、多层次不动产基金突破的企业；携手中信共同设立'中信万科消费基础设施基金'。
2025-04-29Vanke Q1 2025: established 'Wanxin Jinshi (Xiamen) Housing Rental Fund' to acquire Xiamen Boyu compound project; Pre-REIT fund received investment from CITIC and other institutions.万科一季度投资设立“万新金石（厦门）住房租赁基金”用于购买厦门泊寓项目；Pre-REIT基金获中信等知名机构投资。
2025-07-14Vanke announced that in H1 2025, it obtained new financing and refinancing of RMB 24.9 billion (excluding shareholder loans). It also established the Wanxin Jinshi (Xiamen) Housing Rental Fund with CITIC to acquire projects under its 'Boyu' rental brand, shifting the business from heavy to light.万科上半年合并报表范围内新增融资和再融资249亿元（不含股东借款）。与中信等机构携手成立了万新金石（厦门）住房租赁基金，收购泊寓旗下项目，推动业务由重变轻。
2026-01-23Vanke withdrew its application for the Huaxia Wanwei Warehousing Logistics REIT, citing market conditions, and will reapply when conditions are ripe.万科撤回华夏万纬仓储物流REIT的申报申请，称将待条件成熟时择机重新启动。
2026-05-07Vanke stated on the investor互动 platform that it has established asset exit channels including asset securitization, with the CICC InRev Consumer Infrastructure REIT performing well, and three PRE-REITs funds set up by end of 2025.万科在互动平台表示，已建立包括资产证券化在内的资产退出渠道，中金印力消费基础设施REIT表现良好，2025年底已设立三支PRE-REITs基金。
Rumors & clarifications传闻与澄清
4 · 2024-03-05 → 2025-10-22
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Vanke denied rumors about selling Boyu stake, management self-dealing, fake wealth products, and forced salary repayment.万科否认出售泊寓股权、管理层利益输送、虚假理财产品及强制退薪等传闻。
2024-03-05Vanke denies rumors of selling a stake in its long-term rental apartment brand 'Boyu', calling them untrue.万科否认计划出售旗下长租公寓品牌'泊寓'部分股权的传闻，称该消息不实。
2024-04-14Vanke denies management self-dealing: no personal interests in cooperative projects; no profit transfer to executives through co-investment mechanism; if violations found, will rectify; if illegal acts found, will not tolerate.万科否认管理层谋取私利：合作项目中不存在管理团队私人利益；不存在通过跟投制度向高管输送利益；发现违规将整改，发现违法绝不姑息。
2024-04-14Vanke reflects on causes of difficulties: maintained expansion inertia despite major macro/industry changes; investment was aggressive and erroneous in some key cities; insufficient understanding of financing model transformation trends.万科反思困难原因：在宏观和行业发生重大变化时仍维持扩张惯性；在部分重点城市出现投资冒进和失误；对融资模式趋势性变化认识不够全面透彻。
2025-10-22Vanke issues a statement clarifying that it has no relationship with fake wealth management products such as 'Vanke Wealth' and warns against impersonation.万科发布声明，澄清与“万科财富”等虚假理财产品无关，并警告假冒行为。
Credit rating actions信用评级行动
19 · 2024-03-11 → 2026-05-18
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Multiple downgrades by Moody's, S&P, and Fitch reflecting Vanke's weakening credit profile and liquidity pressure.穆迪、标普和惠誉多次下调评级，反映万科信用状况恶化和流动性压力。
2024-03-11Moody's downgrades Vanke's corporate family rating to 'Ba1' (junk) from 'Baa3', with a negative outlook, citing weakening credit metrics and sales.穆迪将万科的公司家族评级从'Baa3'下调至'Ba1'（垃圾级），展望负面，理由是指标减弱和销售下滑。
2024-04-02JP Morgan downgrades Vanke A/H shares to underweight; A-share target price set at 6 yuan.摩根大通将万科A/H股评级下调至低配，A股目标价6元。
2024-04-12S&P downgrades Vanke's long-term issuer credit rating from 'BBB+' to 'BB+' (junk grade), outlook negative; also downgrades Vanke Real Estate (Hong Kong) to 'BB'.标普将万科长期发行人信用评级从'BBB+'下调至'BB+'（垃圾级），展望负面；同时将万科地产（香港）评级下调至'BB'。
2024-05-24Fitch Ratings downgraded Vanke's Long-Term Foreign- and Local-Currency Issuer Default Ratings to 'BB-' from 'BB+', with a negative outlook, citing weaker-than-expected sales and reduced liquidity buffer.惠誉评级将万科的长期外币及本币发行人违约评级从“BB+”下调至“BB-”，展望负面，理由是销售表现弱于预期和流动性缓冲减少。
2024-06-11Lianhe Credit Rating maintained Vanke's long-term issuer credit rating at AAA with stable outlook, and affirmed AAA ratings on multiple bonds.联合资信维持万科主体长期信用等级AAA，评级展望稳定，并维持多只债券AAA等级。
2024-06-14S&P confirmed Vanke's long-term issuer credit rating at BB+ with negative outlook, citing active liquidity management but expected further sales decline.标普确认万科长期发行人信用评级BB+，展望负面，认为公司积极管理流动性但合同销售可能进一步下滑。
2024-08-14Moody's downgraded Vanke's corporate family rating from 'Ba3' to 'B1', with a negative outlook, citing increased uncertainty in liquidity and financing amid the prolonged property downturn.穆迪将万科公司家族评级从'Ba3'下调至'B1'，展望负面，理由是在长期楼市低迷下流动性和融资不确定性增加。
2024-09-06S&P downgrades Vanke's long-term issuer credit rating from BB+ to BB-, outlook negative.标普将万科长期发行人信用评级从BB+下调至BB-，展望负面。
2024-09-13Fitch downgrades Vanke's long-term foreign-currency issuer default rating from BB- to B+, outlook negative; Vanke HK subsidiary rating also cut from B+ to B.惠誉将万科长期外币发行人违约评级从BB-下调至B+，展望负面；万科香港子公司评级从B+下调至B。
2024-11-20S&P downgrades Vanke's credit rating to B+ with negative outlook, citing increased short-term debt and weakened liquidity.标普将万科评级下调至B+，展望负面，理由是一年内到期债务增加、流动性弱化。
2025-01-21S&P downgraded Vanke's long-term issuer credit rating from 'B' to 'B-', and placed all ratings on negative credit watch, citing increasing liquidity pressure.标普将万科长期发行人信用评级从'B'下调至'B-'，并将所有评级列入负面信用观察名单，理由为流动性压力增加。
2025-03-05S&P placed Vanke's 'B-' rating on CreditWatch with developing implications, citing management changes and liquidity pressure; noted that Shenzhen Metro's loans are timely but insufficient to fully resolve liquidity stress.标普将万科'B-'评级列入信用观察名单（发展中），理由为管理层变动及流动性压力；指出深铁集团贷款虽及时但不足以完全解决流动性压力。
2025-05-15Fitch downgraded Vanke's long-term foreign and local currency issuer default ratings from 'B-' to 'CCC+', citing weaker-than-expected Q1 sales and cash flow generation.惠誉将万科长期外币和本币发行人违约评级从“B-”下调至“CCC+”，理由是一季度销售和现金流生成弱于预期。
2025-10-21Moody's downgrades Vanke's corporate family rating to 'Caa2' and Vanke Hong Kong's to 'Caa2', with negative outlook, citing credit quality assessment.穆迪将万科企业家族评级下调至“Caa2”，万科香港评级下调至“Caa2”，展望负面，理由为信用状况评估。
2025-11-28S&P downgrades Vanke's long-term issuer credit rating from B+ to CCC- with negative outlook, citing weak liquidity and concentrated debt maturities.标普将万科长期主体信用评级从B+下调至CCC-，展望负面，指出流动性疲弱和债务集中到期。
2025-12-02Fitch downgraded Vanke's long-term foreign and local currency IDR to 'CCC-' and placed it on Rating Watch Negative; Vanke HK's senior unsecured rating cut to 'CC'.惠誉将万科长期外币及本币发行人违约评级下调至“CCC-”，列入负面观察；万科香港高级无担保评级下调至“CC”。
2025-12-05Vanke terminated its credit ratings with joint-credit rating agencies Lianhe Credit and Zhongcheng International, ceasing ratings for the company and multiple bonds.万科终止与联合资信和中诚信国际的信用评级合作，停止对公司主体及多只债券的评级。
2025-12-17Fitch downgraded Vanke's long-term foreign and local currency IDR from 'CCC-' to 'C', and Vanke HK's ratings were also downgraded, reflecting increased default risk.惠誉将万科长期外币及本币发行人违约评级从“CCC-”下调至“C”，万科香港评级同步下调，反映违约风险上升。
2026-05-18Fitch Ratings downgraded Vanke's long-term foreign and local currency issuer default rating from 'CC' to 'RD' (Restricted Default), following a distressed debt exchange on a 2 billion yuan bond.惠誉评级将万科长期外币及本币发行人主体评级由“CC”下调至“RD”（限制性违约），此前万科完成一笔20亿元债券的不良债务交换。
Annual & quarterly financial results年度及季度财务业绩
24 · 2024-04-01 → 2026-05-29
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Vanke's annual and quarterly revenue, net profit/loss, and dividend decisions.万科的年度及季度收入、净利润/亏损及分红决策。
2024-04-01Vanke 2023 annual report: revenue 465.74 bln yuan, -7.6% YoY; net profit 12.163 bln yuan, -46.4% YoY; first time no dividend since listing; management voluntarily forgoes 2023 bonuses, Chairman Yu Liang, President Zhu Jiusheng, Supervisory Board Chair Xie Dong voluntarily take pre-tax monthly salary of 10,000 yuan.万科2023年年报：营收4657.4亿元，同比下降7.6%；归母净利润121.63亿元，同比下降46.4%；上市以来首次不派息；管理层自愿放弃2023年度奖金，董事会主席郁亮、总裁祝九胜、监事会主席解冻自愿领取月薪税前1万元。
2024-05-01Vanke reported Q1 2024 revenue of 61.594 billion yuan, down 10.05% YoY; net loss attributable to shareholders was 362 million yuan, compared to a profit of 1.446 billion yuan in the same period last year.万科公布2024年一季度营收615.94亿元，同比下降10.05%；归母净利润亏损3.62亿元，上年同期为盈利14.46亿元。
2024-07-09Vanke guided H1 2024 net loss of 7-9 billion yuan (vs profit of 9.87 billion yuan a year ago), due to lower settlement margins, impairment, and asset disposal losses.万科预告2024年上半年净亏损70-90亿元（上年同期盈利98.7亿元），因结算毛利率下降、减值及资产处置亏损。
2024-08-30Vanke released 2024 interim results: revenue of 142.78 billion yuan, net loss of 9.85 billion yuan (attributable to parent). Second-quarter operating cash flow turned positive at 4.2 billion yuan. No outstanding offshore public bonds for the rest of the year. Multi-track REITs breakthrough: commercial REIT listed, logistics and rental housing REITs in application process.万科发布2024年中期业绩：营业收入1427.8亿元，归母净亏损98.5亿元。二季度经营性现金流净额转正至42亿元。年内已无境外公开债。多赛道REITs突破：商业REIT上市，物流和租赁住宅REITs在申报中。
2024-09-02Vanke's 2024 semi-annual report shows revenue of 142.78 billion yuan, down 28.9% YoY; net loss attributable to parent of 9.85 billion yuan, turning from profit to loss.万科2024年半年报显示营业收入1427.8亿元，同比下降28.9%；归母净利润亏损98.5亿元，同比盈转亏。
2024-10-30Vanke reported Q3 2024 revenue of 77.12 billion yuan (down 13.76% YoY) and net loss of 8.09 billion yuan; Jan-Sep revenue 219.89 billion yuan (down 24.25% YoY) and net loss of 17.94 billion yuan, citing lower settlement scale, margin decline, impairments, and investment losses.万科2024年第三季度营收771.2亿元（同比降13.76%），净亏损80.9亿元；前三季度营收2198.9亿元（同比降24.25%），净亏损179.4亿元，主因结算规模下滑、毛利率下降、减值及投资亏损。
2024-11-01Vanke reports Q3 2024 results: Jan-Sep revenue RMB 2198.9B, net loss RMB 179.4B; Jan-Sep contract sales RMB 1812.0B; net loss attributable to shareholders RMB 163.98B, turning from profit to loss YoY.万科公布2024年三季报：1-9月营收2198.9亿元，净亏损179.4亿元；1-9月合同销售金额1812.0亿元；归母净利润亏损163.98亿元，同比由盈转亏。
2025-01-27Vanke A announced an estimated net loss attributable to shareholders of approximately 45 billion yuan for 2024, a year-on-year decrease of 470%, due to significantly lower settlement scale and gross margins, impairment provisions, and losses on non-core investments.万科A公告预计2024年归属于上市公司股东的净利润亏损约450亿元，同比下降470%，主要因房地产开发项目结算规模和毛利率显著下降、计提减值及非主业投资亏损。
2025-02-01Vanke announced 2024 results: achieved industry No.1 in sales area, delivered over 180,000 units with high quality, over half of projects achieved 'delivery with certificate', and over 50 large-scale projects improved community facilities.万科公布2024年成果：实现销售面积全行业第一，高质量交付超18万套，超半数项目实现“交付即办证”，在超50个大盘项目完善社区配套。
2025-02-02Vanke expects a net loss attributable to shareholders of approximately RMB 45 billion for 2024, a decrease of 470% year-on-year.万科预计2024年归属于股东的净利润亏损约450亿元，同比下降470%。
2025-03-31Vanke released 2024 annual report: revenue 343.18 billion yuan, down 26.32% YoY; net loss attributable to shareholders 49.478 billion yuan, turning from profit to loss; mainly due to inventory impairment, receivables impairment, investment losses, and asset sales below book value.万科发布2024年年报：营业收入3431.8亿元，同比下降26.32%；归母净利润-494.78亿元，由盈转亏；主要因存货跌价准备、应收款减值、财务投资亏损及资产交易价格低于账面值。
2025-04-01Vanke 2024 annual report: revenue 343.18 billion yuan, net loss attributable to parent 49.48 billion yuan, first annual loss since listing.万科2024年年报：营收3431.8亿元，归母净亏损494.8亿元，上市以来首次年度亏损。
2025-04-29Vanke Q1 2025 report: revenue 37.995 billion yuan, net loss 6.246 billion yuan; sales 34.92 billion yuan, collection rate over 100%; delivered over 10,000 homes; all Q1 public bonds repaid.万科2025年一季报：营收379.95亿元，净亏损62.46亿元；销售金额349.2亿元，回款率超100%；交付超1万套房屋；一季度公开债全部兑付。
2025-05-12Vanke reported Q1 2025 revenue of 37.99 billion yuan, down 38.3% YoY, and a net loss attributable to shareholders of 6.25 billion yuan.万科2025年一季度实现营收379.9亿元，同比下降38.3%；归属于上市公司股东的净利润亏损62.5亿元。
2025-07-14Vanke released its 2025 semi-annual performance forecast, expecting a net loss attributable to shareholders of RMB 10-12 billion (vs. a loss of RMB 9.852 billion in H1 2024). Reasons: significantly lower settlement scale, low gross margins, new impairment provisions, and asset/equity transaction prices below book value.万科发布2025年半年度业绩预告，预计归属于上市公司股东的净利润亏损100-120亿元（上年同期亏损98.52亿元）。原因：房地产开发项目结算规模显著下降、毛利率低位、新增计提资产减值、部分大宗资产和股权交易价格低于账面值。
2025-08-22Vanke reported H1 2025 revenue of 105.323 billion yuan (down 26.23% YoY) and a net loss attributable to shareholders of 11.947 billion yuan, widening from a loss of 9.852 billion yuan a year earlier.万科2025年上半年营收1053.23亿元（同比降26.23%），归母净亏损119.47亿元，较上年同期亏损98.52亿元扩大。
2025-08-22Vanke H1 2025 full-caliber contracted sales were 69.11 billion yuan, down 45.7% YoY; net loss widened 21%; net debt ratio rose to 90%; total interest-bearing debt stood at 364.26 billion yuan; total liabilities 872.989 billion yuan, net assets 321.16 billion yuan.万科2025年上半年全口径销售金额691.1亿元，同比降45.7%；亏损扩大21%；净负债率升至90%；有息总负债3642.6亿元；总负债8729.89亿元，净资产3211.6亿元。
2025-10-30Vanke reports Q3 2025 results: Q3 revenue 56.065 billion yuan (down 27.30% YoY), net loss 16.069 billion yuan; 9M revenue 161.388 billion yuan (down 26.61% YoY), net loss 28.016 billion yuan; contract sales 100.46 billion yuan (down 44.6% YoY); delivered over 74,000 homes.万科发布2025年三季报：三季度营收560.65亿元（同比降27.30%），净亏损160.69亿元；前三季度营收1613.88亿元（同比降26.61%），净亏损280.16亿元；合同销售金额1004.6亿元（同比降44.6%）；交付超7.4万套。
2025-11-01Vanke Q3 2025 report: Jan-Sep revenue 161.39 bln yuan, net loss 28.02 bln yuan; contracted sales 100.46 bln yuan, down 44.6% YoY; asset impairment provisions 53.92 bln yuan.万科2025年三季报：前三季度营收1613.9亿元，归母净亏损280.2亿元；合同销售金额1004.6亿元，同比下降44.6%；资产减值准备余额539.2亿元。
2026-01-30Vanke announced a projected net loss of approximately 82 billion yuan for 2025, citing declining settlement scale, low margins, and impairment provisions.万科发布2025年度业绩预告，预计净利润亏损约820亿元，主因结算规模下降、毛利率低位及减值计提。
2026-04-01Vanke 2025 annual report: revenue 233.43 billion yuan, net loss 88.56 billion yuan; sales 134.06 billion yuan, delivered 117,000 homes.万科2025年年报：营收2334.3亿元，净亏损885.6亿元；销售额1340.6亿元，交付房屋11.7万套。
2026-04-29Vanke Q1 2026 results: revenue 28.93 billion yuan, down 23.86% YoY; net loss 5.95 billion yuan, narrowing 4.71% YoY.万科2026年一季度营收289.28亿元，同比下降23.86%；净亏损59.52亿元，同比减亏4.71%。
2026-04-29Vanke released its 2026 Q1 report: operating revenue 28.928 billion yuan, down 23.86% YoY; net loss attributable to parent 5.952 billion yuan, narrowing 4.71% YoY.万科发布2026年一季报：营业总收入289.28亿元，同比下降23.86%；归母净利润-59.52亿元，同比上升4.71%（亏损收窄）。
2026-05-29At the 2025 AGM, Vanke reported 2025 full-year results: operating revenue 233.43 billion yuan, net loss attributable to parent 88.556 billion yuan; completed 117,000 housing deliveries; achieved sales of 134.06 billion yuan; signed 11.3 billion yuan in bulk asset transactions; exited the snow and ice business.在2025年度股东会上，万科披露2025年全年业绩：营业收入2334.3亿元，归母净利润-885.56亿元；完成11.7万套房屋交付；实现销售1340.6亿元；大宗交易签约113亿元；完成冰雪业务退出。
Debt reduction & deleveraging plan降债与去杠杆计划
7 · 2024-04-01 → 2026-04-01
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Vanke's announced targets and progress in reducing interest-bearing debt and improving financial structure.万科宣布的降低有息债务及改善财务结构的目标与进展。
2024-04-01Vanke announces deleveraging target: reduce interest-bearing debt by over 100 bln yuan in the next two years, aiming for 2024 asset transaction proceeds of no less than 30 bln yuan.万科提出降杠杆目标：未来两年削减付息债务1000亿元以上，2024年实现交易回款不低于300亿元。
2024-04-14Vanke holds investor meeting: admits阶段性 operational difficulties and short-term liquidity pressure; sets target to reduce debt scale by 100 bln yuan over next two years; pledges all projects will be delivered on time with high quality; will rely on self-rescue and utilize policy financing tools.万科召开投资者交流会：承认遇到阶段性经营性困难、流动性短期承压；设定未来两年债务规模下降1000亿元目标；承诺所有项目按时高质量交付；将立足自救并用足政策性融资工具。
2024-05-01Vanke announced a 'slim-down and fitness' plan: exit non-core businesses, focus on three main businesses (integrated residential community development, property services, rental apartments), reduce debt by over 100 billion yuan in two years, and cut total interest-bearing debt by more than half in five years.万科宣布“瘦身健体”方案：退出非核心业务，聚焦三大主业（综合住区开发、物业服务、租赁公寓），未来两年削减付息债务1000亿元以上，未来五年付息负债总规模降一半以上。
2024-08-30Vanke announced that as of end-July, its consolidated interest-bearing debt plus supply chain financing had net decreased by 17.2 billion yuan from the start of the year, and asset transactions reached 20.4 billion yuan (including Yincheng asset transactions and REIT issuance).万科宣布截至7月底，合并报表有息负债加供应链融资较年初净下降172亿元，资产交易实现204亿元（含印力资产交易及REIT发行）。
2025-07-01Vanke disclosed that from January to May 2025, it obtained new financing and refinancing of RMB 34.1 billion, completed RMB 16.5 billion in public debt repayment, and has no offshore public debt due within the year. Shenzhen Metro Group has provided over RMB 14 billion in shareholder loans cumulatively in 2025.万科披露，2025年1-5月新增融资和再融资341亿元，已完成165亿元公开债务偿还，年内已无境外公开债到期。深铁集团2025年累计提供了超过140亿元的股东借款。
2025-08-22Vanke completed 24.39 billion yuan in public debt repayments in H1 2025, with no offshore public bonds due before 2027; total shareholder loans from Shenzhen Metro reached 23.88 billion yuan.万科上半年完成243.9亿元公开债务偿还，2027年前无境外公开债到期；深铁集团累计提供股东借款238.8亿元。
2026-04-01Vanke management warns of concentrated debt maturities from April to July 2026, with significant repayment pressure.万科管理层坦言4月至7月公开债务集中到期，兑付压力尤为突出。
Executive changes & investigations高管变动与调查
27 · 2024-04-10 → 2026-04-16
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Resignations, appointments, investigations, and legal actions involving Vanke's senior management and former executives.万科高管及前高管的辞职、任命、调查及法律行动。
2024-04-10Vanke Jinan general manager Xiao Jin taken away by Shandong police for investigation; Vanke states it is a personal matter, company operations normal, replaced by Jin Yabin as Jinan general manager.万科济南公司总经理肖劲被山东警方带走调查；万科称系个人原因，公司运营正常，由金亚斌接任济南公司总经理。
2024-04-14Vanke clarifies: Jinan GM Xiao Jin's case is personal, unrelated to Yantai举报; denies rumors that all VP-level and above executives are subject to exit bans; confirms overseas business trips proceed normally (President Zhu Jiusheng returned from HK, Co-President Zhu Baochuan flew to Japan).万科澄清：济南总经理肖劲案属个人案件，与烟台举报无关；否认所有副总裁及以上高管被边控的传闻；确认管理层境外公务出行正常（总裁祝九胜从香港返回，联席总裁朱保全飞往日本）。
2024-10-08Vanke corrected the qualification information of director candidate Zhu Jiusheng, disclosing that he had received criticism from the Shenzhen Stock Exchange for violations at Shenzhen Kangdaer (now Jingji Zhinong Times) in 2017 and 2018.万科更正董事候选人祝九胜的任职资格信息，披露其曾因在深圳市康达尔（现京基智农时代）的违规行为于2017年和2018年受到深交所通报批评。
2024-10-30Vanke appointed Sun Jia as General Manager of the Group Headquarters, Zhu Xu as Chief Partner of the Board Office, and Qiu Dan as Chief Partner of the Legal Department, while adding a Board Office and Legal Department to the headquarters structure.万科任命孙嘉为集团总部总经理，朱旭为董事会办公室首席合伙人，邱丹为法务部首席合伙人，总部增设董事会办公室和法务部。
2024-11-01Vanke appoints Sun Jia as General Manager of Group Headquarters, Zhu Xu as Chief Partner of Board Office, and Qiu Dan as Chief Partner of Legal Department.万科任命孙嘉为集团总部总经理，朱旭为董事会办公室首席合伙人，邱丹为法务部首席合伙人。
2024-12-02Vanke's logistics business unit head replaced: Wu Beiwen, former general manager of Vanke Jiaxing, promoted to lead the logistics division, marking a shift from development to operations.万科物流事业部一把手更换：前嘉兴城市总吴蓓雯升任物流事业部负责人，标志从开发板块转向经营板块。
2025-01-16Vanke's President and CEO Zhu Jiusheng was reportedly taken away by public security authorities on January 15, 2025.据报道，万科总裁、首席执行官祝九胜于2025年1月15日被公安机关带走。
2025-01-17Vanke President Zhu Jiusheng updated his WeChat Moments at around 1 am on January 17, posting about Vanke's long-term rental apartment brand Boyu, seemingly denying the detention rumor.万科总裁祝九胜于1月17日凌晨更新朋友圈，转发万科旗下长租公寓品牌泊寓信息，疑似辟谣被带走传闻。
2025-01-27Vanke A announced that Chairman Yu Liang resigned due to work adjustment, remaining as director and executive vice president; President and CEO Zhu Jiusheng resigned due to health reasons, leaving the company; Board Secretary Zhu Xu resigned but remains with the company.万科A公告，郁亮因工作调整辞去董事会主席职务，留任董事和执行副总裁；祝九胜因身体原因辞去总裁、首席执行官等职务，不再担任任何职务；朱旭辞去董事会秘书职务，仍在公司工作。
2025-02-01Yu Liang resigned as Chairman of the Board due to work adjustment, will remain as Director and Executive Vice President; Zhu Xu resigned as Board Secretary, will remain in the company in the long-term rental apartment business unit.郁亮因工作调整辞去董事会主席职务，将继续担任董事及执行副总裁；朱旭辞去董事会秘书职务，将继续在长租公寓事业部工作。
2025-03-31Vanke announced that Executive VP and COO Liu Xiao resigned due to job adjustment, but will remain at the company focusing on strategic investment business.万科公告执行副总裁、首席运营官刘肖因工作调整辞职，辞任后仍在公司工作，联系战略投资业务。
2025-04-01Vanke executive VP and COO Liu Xiao resigned from positions but remains at the company, focusing on strategic investment.万科执行副总裁、首席运营官刘肖辞任，仍在公司工作，联系战略投资业务。
2025-04-09Shenzhen Vanke Financial Advisory Co., Ltd. changed its legal representative and chairman from Zhu Jiusheng to Chi Yubin.深圳市万科财务顾问有限公司负责人和高管变更，祝九胜卸任董事长及法人代表，迟玉斌接任。
2025-07-07Qi Qi, head of asset management at Vanke's Development & Operations HQ, resigned. Her successor is Shao Xiaohua, former head of asset management for Vanke's East China region.万科开发经营部本部资管负责人祁祁离职，其岗位由前万科华东区域资管负责人邵小花接任。
2025-07-29Tang Jiyang returned to Vanke as a member of the Southern Regional EMT (Executive Management Team). Tang had previously worked at Vanke from 1997 to 2020, serving as GM of Foshan, Guangzhou, and Shenzhen Vanke, among other roles.唐激杨回归万科，出任万科集团南方区域EMT（经营管理团队）。唐激杨曾于1997-2020年在万科任职，担任过佛山万科、广州万科、深圳万科总经理等职务。
2025-08-27Vanke appointed Zhou Yiqun as general manager of Guangzhou-Foshan company, along with several other executive changes in the region.万科任命周轶群为广佛公司总经理，并调整多名班子成员。
2025-10-14Media reports that Vanke's former President and CEO Zhu Jiusheng has been placed under criminal compulsory measures.媒体报道万科原总裁、CEO祝九胜已被采取刑事强制措施。
2025-10-29Vanke's former Chief Marketing Officer Yan Yong resigns; he joined Vanke in 2013, became CMO in early 2025, was replaced in August due to organizational restructuring, and will join a Fujian state-owned enterprise as regional GM.万科原首席营销官严勇离职；其2013年加入万科，2025年初升任首席营销官，8月因组织架构调整让位，后将加盟闽系国企任储备区域总经理。
2026-01-08Yu Liang resigned as director and executive vice president of Vanke due to retirement, effective immediately, and will no longer hold any position.郁亮因到龄退休辞去万科董事、执行副总裁职务，辞职后不再担任公司任何职务。
2026-01-28Former Vanke chairman Yu Liang was reported to be out of contact for half a month, with rumors of investigation circulating internally.万科前董事长郁亮被报道失联半月，内部流传其被调查的消息。
2026-03-20Yan Bing, former Vanke Western Region marketing partner and Southwest Vanke marketing director, resigned and joined New Hope Real Estate as marketing general manager.原万科西部区域营销合伙人、西南万科营销总监闫冰离职，加盟新希望地产，出任地产板块营销总经理。
2026-03-20Yao Haibo, CEO of Vanke's Yinkou Group (commercial property arm), is reportedly in the process of leaving the company.万科印力集团首席执行总裁姚海波正在办理离职交接。
2026-03-26Former Vanke board secretary Zhu Xu was summoned for talks and asked to return her salary from the past four years.万科前董事会秘书朱旭被有关部门约谈，要求退还过去4年的薪酬。
2026-03-27Former Vanke Guiyang general manager Wu Zhongyou (WZY) was reportedly taken away for investigation, involving project cooperation issues over the past decade.前万科贵阳负责人吴忠友被带走接受调查，涉及10多年来的项目合作问题。
2026-03-28Wang Runchuan, former secretary to Vanke ex-chairman Yu Liang, was taken away for investigation.万科前董事长郁亮的秘书王润川被带走调查。
2026-04-14Vanke former executives Wu Zhongyou (former GM of Guiyang) and Wang Runchuan (former GM of Yunnan) reportedly taken for investigation.原贵阳万科总经理吴忠友、原云南万科总经理王润川被带走调查。
2026-04-16Vanke confirms president position is vacant; responsibilities shared by chairman and senior management team.万科确认总裁职位空缺，由董事长及高管团队分担相关职责。
Strategic partnerships & JVs战略合作与合资
11 · 2024-04-12 → 2026-06-02
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Vanke's joint ventures and strategic cooperation with GIC, Tokyo Tatemono, Hangzhou Metro, and other entities for project development.万科与GIC、东京建物、杭州地铁等实体的合资及战略合作进行项目开发。
2024-04-12Vanke Chairman Yu Liang attends 20th anniversary event with Singapore's GIC in Chengdu, highlighting long-term partnership spanning residential, commercial, office, logistics, and property services.万科董事会主席郁亮在成都出席与新加坡GIC合作20周年活动，强调双方在住宅、商业、办公、物流、物业服务等领域的长期合作。
2024-07-25Vanke signed an investment cooperation agreement with Tokyo Tatemono to jointly develop a Guiyang project; Tokyo Tatemono plans to invest 105 million yuan.万科与日本东京建物签署投资合作协议，共同开发贵阳项目，东京建物计划投资1.05亿元。
2024-08-02Tokyo Tatemono Co., Ltd. signed an investment cooperation agreement with Vanke to jointly develop a real estate project in Guiyang, with Tokyo Tatemono planning to invest 105 million yuan.日本东京建物与万科签署投资合作协议，共同开发贵阳一房地产项目，东京建物计划投资1.05亿元。
2024-09-20Vanke and Hangzhou Metro Group joint venture wins the Shuangqiao unit plot in Hangzhou Xihu district at reserve price of 1.45088 billion yuan, floor price 9,660 yuan/sqm, for residential-commercial use.万科与杭州地铁集团联合体以底价14.5088亿元竞得杭州西湖区双桥单元地块，楼面价9660元/平方米，住宅商业混合用地。
2025-04-28Shenzhen Metro Group (深铁集团), Vanke Group and Huawei signed 2025 strategic cooperation agreement covering digital transformation, metro, intercity, hub, real estate, commercial operations and logistics.深铁集团、万科集团与华为签署2025版战略合作协议，合作领域包括数字化转型、地铁、城际、枢纽、房地产、商业经营、物流等。
2025-06-13Shenzhen Metro Group, Suzhou Rail Transit Group, and Vanke signed a strategic cooperation agreement on TOD comprehensive development, asset management, and materials procurement.深铁集团、苏州轨道交通集团与万科签订战略合作协议，合作领域包括TOD综合开发、资产经营、物资管理等。
2025-08-29Shenzhen Metro, Vanke and KONE Elevator signed a strategic cooperation agreement to build a smart logistics center and supply chain system in the Greater Bay Area.深铁集团、万科与通力电梯签署战略合作协议，共建大湾区智慧物流中心。
2025-11-25Vanke and Hangzhou Anju Jiantou Jituan (杭州安居建投集团) win Hangzhou Shiqiao residential plot for 1.015 bln yuan (floor price 14,931 yuan/sqm).万科与杭州安居建投集团联合体以10.15亿元底价竞得杭州石桥单元宅地，楼面价14931元/平方米。
2025-11-25Vanke and Hubei Science & Technology Investment (湖北科投) JV wins Wuhan East Lake High-tech Zone residential plot for 393.5 mln yuan (floor price 6,400 yuan/sqm).万科与湖北科投合资公司以3.935亿元底价竞得武汉东湖高新区宅地，楼面价6400元/平方米。
2026-03-20A joint venture of Vanke, China Overseas Land, Yuzhou, Gemdale, and Qingdao City Investment won a land parcel in Licang District, Qingdao, for RMB 998 million (floor price RMB 9,010/sqm), converting commercial land to residential use.万科、中海、越秀、金地、青岛城投联合体以9.98亿元底价竞得青岛李沧区一商改住地块，楼面价9010元/平方米。
2026-06-02Vanke and Yanghang Asset joint venture acquired a residential land parcel in Baoshan District, Shanghai for RMB 1.93868 billion, with a floor area ratio of 2.5 and planned GFA of about 82,000 sqm.万科与杨行资产联合体以19.3868亿元竞得上海宝山区一宗住宅用地，容积率2.5，规划建筑面积约8.2万平方米。
Shareholder & government support股东与政府支持
38 · 2024-05-01 → 2026-06-12
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Support from major shareholder Shenzhen Metro Group and Shenzhen government, including shareholder loans, asset injections, and policy backing.大股东深铁集团及深圳政府的支持，包括股东贷款、资产注入和政策背书。
2024-05-01Major shareholder Shenzhen Metro Group (深铁集团) reiterated its unwavering support for Vanke's healthy development and stated that other cooperation projects are being actively promoted.大股东深铁集团重申会一如既往支持万科良性发展，并表示与万科的其他合作项目正在积极谋划和推进之中。
2025-01-16A Shenzhen government task force has fully intervened in Vanke, and the company may face takeover and restructuring.深圳相关工作专班已全面介入万科，万科公司或将面临接管改组。
2025-01-27Vanke A elected Xin Jie, chairman of major shareholder Shenzhen Metro Group, as the new board chairman; appointed Yu Liang, Li Feng, Hua Cui, and Li Gang as executive vice presidents, and Tian Jun as board secretary.万科A选举大股东深铁集团董事长辛杰为新任董事会主席；聘任郁亮、李锋、华翠和李刚为执行副总裁，田钧为董事会秘书。
2025-01-27Shenzhen SASAC stated it has sufficient 'bullets' to support Shenzhen Metro Group in taking all market-based and legal measures to promote Vanke's stable development, including direct capital injection and asset allocation.深圳市国资委表示有足够'子弹'支持深铁集团通过一切市场化、法治化手段推动万科稳健发展，包括直接注资和划拨资产。
2025-02-02Guangdong Province, Shenzhen City, relevant departments and financial institutions expressed full support for Vanke's stable development, pledging to maintain overall financing scale stability.广东省、深圳市及有关部门、金融机构表示全力支持万科稳健发展，保持融资规模总体稳定。
2025-02-02Xin Jie, Chairman of Shenzhen Metro Group, was elected as Chairman of the 20th Board of Directors of Vanke, replacing Yu Liang.深铁集团董事长辛杰当选万科第二十届董事会主席，接替郁亮。
2025-02-05Vanke announced a major internal reshuffle: state-owned capital managers from Shenzhen took over key positions including Strategy & Investment, Finance, Legal, and heads of Beijing and East China regions.万科宣布重大内部人事变动，来自深圳国资的经理人全面入驻战略投资、财务、法务及北京、华东区域等关键岗位。
2025-02-06Vanke released the division of responsibilities for the new management team: Xin Jie (Chairman) presides over overall work; Yu Liang (Executive VP) assists the Chairman, responsible for strategy and macro research.万科发布新管理团队职责分工：辛杰（董事会主席）主持全面工作；郁亮（执行副总裁）协助主席，负责战略和宏观研究。
2025-02-10Major shareholder Shenzhen Metro Group (深铁集团) agreed to provide Vanke with a shareholder loan of RMB 2.8 billion at an annual interest rate of 2.34% for 3 years to repay public bonds, secured by Vanke's Onewo shares valued at up to RMB 4 billion.大股东深铁集团拟向万科提供28亿元股东借款，年利率2.34%，期限3年，用于偿还公开债券，以价值不超过40亿元的万物云股票质押。
2025-02-21Major shareholder Shenzhen Metro Group (深铁集团) agreed to provide Vanke with a second shareholder loan of RMB 4.2 billion at 2.34% for 3 years to repay public bonds, bringing total shareholder loans to RMB 7 billion.大股东深铁集团拟向万科提供第二笔42亿元股东借款，利率2.34%，期限3年，用于偿还公开债券，至此合计提供70亿元股东借款。
2025-03-01Shenzhen Metro Group provided two shareholder loans to Vanke totaling 7 billion yuan on Feb 10 and Feb 21, 2025, specifically for repaying principal and interest of publicly issued bonds, with a 3-year term and 2.34% interest rate.深铁集团于2025年2月10日和2月21日向万科提供合计70亿元股东借款，专项用于偿还公开市场债券本息，期限3年，利率2.34%。
2025-04-29Major shareholder Shenzhen Metro Group (深铁集团) to provide Vanke with up to 3.3 billion yuan shareholder loan at 2.34% interest (1Y LPR minus 76 bps), 36-month term, for repaying public bonds.大股东深铁集团拟向万科提供不超过33亿元股东借款，利率2.34%（1年期LPR减76基点），期限36个月，用于偿还公开债。
2025-05-01Shenzhen Metro Group (深铁集团), Vanke's largest shareholder, reported a net loss of 33.461 billion yuan in 2024, mainly due to investment losses and impairment provisions on its equity investment in Vanke.万科第一大股东深铁集团2024年合并报表亏损334.61亿元，主要因对万科长期股权投资确认投资亏损并计提减值。
2025-05-01Shenzhen Metro Group (深铁集团) agreed to provide Vanke with a 3.3 billion yuan shareholder loan at 2.34% interest to repay public bond principal and interest.深铁集团拟向万科提供33亿元股东借款，利率2.34%，用于偿还公开市场债券本息。
2025-05-14Shenzhen Metro Group (深铁集团) agreed to provide Vanke with a fourth shareholder loan of up to 1.552 billion yuan at 2.34% interest for 36 months to repay public bonds.深铁集团第四次向万科提供不超过15.52亿元股东借款，利率2.34%，期限36个月，用于偿还公开市场债券。
2025-05-21Vanke signed a supplementary agreement with Shenzhen Metro Group (深铁集团) for a 4.2 billion yuan loan, agreeing to pledge up to 6 billion yuan in Onewo (万物云) shares as collateral with a 70% pledge rate.万科与深铁集团签署42亿元借款补充协议，约定以不超过60亿元万物云股票作为质押物，质押率70%。
2025-06-06Major shareholder Shenzhen Metro Group (Shenzhen Ditie) will provide Vanke a shareholder loan of up to 3 billion yuan at 2.34% interest for up to 36 months, to repay public bond principal and interest.第一大股东深铁集团拟向万科提供不超过30亿元股东借款，利率2.34%，期限不超36个月，用于偿还公开债本息。
2025-07-03Vanke announced that its largest shareholder, Shenzhen Metro Group, will provide an additional shareholder loan of up to RMB 6.249 billion to repay public bond principal and interest, with a term of up to 3 years at an interest rate of 1-year LPR minus 66 bps (currently 2.34%). Shenzhen Metro also agreed to extend an existing RMB 890 million loan to Dec 31, 2025, and Vanke will pledge Onewo shares as collateral for an existing RMB 1.551 billion loan.万科公告，第一大股东深铁集团再提供不超过62.49亿元股东借款，用于偿还公开债本息，期限不超3年，利率为1年期LPR减66个基点（目前2.34%）。深铁同意对已有的8.9亿元借款展期至2025年12月31日；万科需为15.51亿元已有借款提供万物云股权质押。
2025-07-30Vanke announced that its largest shareholder, Shenzhen Metro Group, will provide an additional shareholder loan of up to RMB 869 million to repay public bond principal and interest. The loan term runs to July 2, 2028, at an interest rate of 1-year LPR minus 66 bps (currently 2.34%). Vanke will pledge investment properties, fixed assets, and unlisted equity as collateral with a net book value not exceeding RMB 1.298 billion.万科公告，第一大股东深铁集团再提供不超过8.69亿元股东借款，用于偿还公开债本息，借款期限至2028年7月2日，利率为1年期LPR减66个基点（目前2.34%）。万科以账面净值不超过12.98亿元的投资性房地产、固定资产及非上市公司股权提供抵质押担保。
2025-08-01Major shareholder Shenzhen Metro Group (深铁集团) provided Vanke with up to 869 million yuan in shareholder loan at 2.34% interest, secured by assets valued at up to 1.298 billion yuan.大股东深铁集团向万科提供不超过8.69亿元股东借款，利率2.34%，以价值不超过12.98亿元资产作抵质押。
2025-08-05Shenzhen Metro Group provided Vanke with another shareholder loan of up to 1.681 billion yuan at 2.34% interest for 3 years, the 8th such loan in 2025, bringing total to 24.369 billion yuan.深铁集团再向万科提供不超过16.81亿元股东借款，利率2.34%，期限3年；2025年内累计第8笔，总额达243.69亿元。
2025-09-02Shenzhen Metro Group (深铁集团) reported H1 2025 revenue of 7.284 billion yuan, down 21.7% YoY; net loss of 3.268 billion yuan; investment income from associates and JVs was -3.203 billion yuan, heavily impacted by Vanke.深铁集团2025年上半年营收72.84亿元，同比降21.7%；净亏损32.68亿元；对联营企业和合营企业投资收益-32.03亿元，受万科影响严重。
2025-09-02Shenzhen Metro Group and Baishuo Yinghai (Dashahe Jiantou) jointly won the former Vanke Shenzhen Bay headquarters plot; Shenzhen Metro obtained the north tower plot (T208-0072), planning a 247.7m, 53-floor office tower.深铁集团与百硕迎海（大沙河建投）联合竞得原万科深圳湾总部地块；深铁获得北塔地块（T208-0072），规划建设247.7米53层办公塔楼。
2025-10-11Media reports that Xin Jie, Chairman of Vanke and also Chairman of major shareholder Shenzhen Metro Group, has been missing since being taken away at a meeting on September 18, 2025.媒体报道万科董事长、大股东深铁集团董事长辛杰自2025年9月18日在一次会议上被带走后失联。
2025-10-13Vanke announces Chairman Xin Jie resigns due to personal reasons, effective immediately; Board elects Huang Liping (Shenzhen Metro Group Deputy Party Secretary, Director, GM) as new Chairman.万科公告董事长辛杰因个人原因辞职，立即生效；董事会选举黄力平（深铁集团党委副书记、董事、总经理）为新任董事长。
2025-10-30Vanke's major shareholder Shenzhen Metro Group provides a new loan of up to 2.2 billion yuan (3-year term, rate 1Y LPR minus 66 bps, currently 2.34%) to repay public bonds; cumulative loans from Shenzhen Metro in 2025 reach 29.13 billion yuan.万科第一大股东深铁集团提供不超过22亿元新借款（期限3年，利率1年期LPR减66个基点，目前2.34%），用于偿还公开债券；2025年深铁累计借款达291.3亿元。
2025-11-02Vanke signs framework agreement with major shareholder Shenzhen Metro Group (深铁集团) for up to 22 bln yuan in shareholder loans, secured by assets, to repay public bonds; total principal and interest capped at 23.69 bln yuan.万科与第一大股东深铁集团签署框架协议，获得不超过220亿元股东借款额度，以资产抵质押担保，用于偿还公开市场债券；本息总额预计不超过236.91亿元。
2025-11-11Shenzhen Metro Group provides Vanke with an additional loan of up to 1.666 bln yuan at 2.34% interest (1Y LPR minus 66 bps), for repaying public bonds.深铁集团向万科提供不超过16.66亿元新增借款，利率2.34%（1年期LPR减66个基点），用于偿还公开市场债券本息。
2025-11-20Vanke's 2025 first extraordinary general meeting approves framework agreement for up to 22 bln yuan in shareholder loans from Shenzhen Metro Group, with asset pledge/ mortgage guarantees.万科2025年第一次临时股东会审议通过深铁集团提供不超过220亿元股东借款框架协议，并要求提供资产抵质押担保。
2025-11-20Vanke chairman Huang Liping (黄力平) states at EGM that Shenzhen Metro Group will help Vanke resolve risks; Vanke will focus on strategy, standardize operations, and leverage technology.万科董事长黄力平在临时股东会上表示，深铁集团将帮助万科化解风险；万科将坚持战略聚焦、规范运作和科技赋能。
2025-12-09CICC is assisting Shenzhen government and Shenzhen Metro Group in formulating a comprehensive rescue plan for Vanke, including debt restructuring, asset sales, and policy funding.中金公司协助深圳市政府及深铁集团制定万科综合纾困方案，包括债务重组、资产出售及引入政策性资金。
2026-01-27Major shareholder Shenzhen Metro Group provided Vanke with a loan of up to 2.36 billion yuan at 2.34% interest for 36 months to repay bond principal and interest.第一大股东深铁集团向万科提供不超过23.6亿元借款，利率2.34%，期限36个月，用于偿还债券本息。
2026-03-23Vanke completed industrial and commercial registration change: Yu Liang stepped down as legal representative, replaced by Huang Liping (also chairman, from Shenzhen Metro Group).万科完成工商变更：郁亮卸任法定代表人，由黄力平（深铁集团背景、现任董事长）接任。
2026-04-29Shenzhen Metro Group (major shareholder) reports 2025 net loss of 37.2 billion yuan, mainly due to Vanke's losses and impairment on its investment.大股东深铁集团2025年净亏损371.97亿元，主要因万科亏损及对其投资计提减值。
2026-05-12Vanke signed a framework agreement with major shareholder Shenzhen Metro Group (深铁集团) for a new shareholder loan of up to 2.5 billion yuan in 2026 (23.59 billion yuan already drawn), and a supplementary agreement for the existing 22 billion yuan loan, expanding collateral scope and adjusting loan-to-value ratios to 50%-100%.万科与大股东深铁集团签署框架协议，2026年获新增不超过25亿元股东借款（已提款23.59亿元），并就原220亿元借款签署补充协议，扩大担保物范围，抵质押率调整为50%-100%。
2026-05-29At the 2025 AGM, Vanke stated that in 2025 it added or refinanced 28 billion yuan (excluding shareholder loans), and the comprehensive cost of existing financing dropped to 3.02%, down 85 basis points YoY. As of end-March 2026, major shareholder Shenzhen Metro had provided a total of 33.52 billion yuan in shareholder loans.在2025年度股东会上，万科称2025年新增和再融资280亿元（不含股东借款），存量融资综合成本降至3.02%，同比下降85个基点。截至2026年3月末，大股东深铁集团累计提供股东借款335.2亿元。
2026-05-29At the 2025 AGM, all 12 proposals were approved, including the compensation system, the 22 billion yuan shareholder loan supplementary agreement, and the 2.5 billion yuan new shareholder loan framework agreement with Shenzhen Metro. Approval rates exceeded 92%.在2025年度股东会上，全部12项议案获通过，包括薪酬制度、220亿元股东借款补充协议、深铁集团25亿元新借款框架协议等，同意比例均超92%。
2026-06-12Vanke's largest shareholder Shenzhen Metro Group (Shenzhen Metro) agreed to provide up to RMB 1.14 billion in shareholder loans at 2.29% interest for up to 3 years to repay public bond principal and interest.万科第一大股东深铁集团同意提供不超过11.4亿元股东借款，利率2.29%，期限最长3年，用于偿还公开市场债券本息。
Founder Wang Shi statements & rumors创始人王石声明与传闻
5 · 2024-05-01 → 2026-04-14
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Founder Wang Shi made public statements about helping Vanke's transition, denied arrest rumors, and reportedly faced exit restrictions; he also voluntarily gave up his pension.创始人王石公开发声帮助万科过渡，否认被捕传闻，据报被限制出境，并自愿放弃养老金。
2024-05-01Founder Wang Shi voluntarily gave up his annual pension of over 10 million yuan for 2023 to support Vanke during its cash flow tightness.创始人王石在2023年自动放弃千万退休金，以支持万科度过现金流紧张时期。
2025-05-27Vanke founder Wang Shi (王石) stated on social media that he is trying to establish communication with Vanke's decision-making layer to help the company through a smooth transition.万科创始人王石在社交媒体表示，正尝试与万科决策层建立畅通联系，为万科平稳过渡尽所能。
2025-06-10Vanke founder Wang Shi stated at SNEC PV+ conference that despite management issues, Vanke leads in green and low-carbon practices; he believes major shareholder intervention and board reshuffle are timely and necessary.万科创始人王石在SNEC光伏大会上表示，尽管万科经营出问题，但在绿色低碳方面领先；认为大股东介入和董事会改组及时必要。
2026-03-30Vanke founder Wang Shi was reportedly subject to exit restrictions (border control), though the company denied rumors of forced salary repayment and Yu Liang selling property.万科创始人王石被传限制出境，公司否认退薪、郁亮卖房等传闻。
2026-04-14Vanke founder Wang Shi denies arrest rumors via lawyer; says he stepped down in 2017 and is not involved in management.万科创始人王石通过律师辟谣被抓传闻，称2017年已卸任不参与经营。
Bank financing & syndicated loans银行贷款与银团贷款
61 · 2024-05-10 → 2026-06-12
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Vanke's new bank loans, syndicated loans, and credit lines secured by asset mortgages and equity pledges.万科以资产抵押和股权质押获得的新银行贷款、银团贷款及授信额度。
2024-05-10Vanke obtained a 1.3 billion yuan, 3-year bank loan from Postal Savings Bank of China (PSBC) Shenzhen Luohu Sub-branch, secured by land from subsidiaries Wuhan Vanke Huanzihu and Suqian Wanteng.万科获得中国邮政储蓄银行深圳罗湖区支行13亿元、期限3年的银行贷款，由子公司武汉万科鲩子湖和宿迁万腾持有的项目土地提供抵押担保。
2024-05-14Vanke obtained multiple bank loans: 690 million yuan from Bank of China Shenzhen Branch (3yr), 2.2 billion yuan from Agricultural Bank of China Shenzhen Branch (3yr), and 4.449 billion yuan credit from Beijing Bank Shenzhen Branch (10yr), secured by subsidiaries' assets.万科获得多笔银行贷款：中国银行深圳分行6.9亿元（3年）、农业银行深圳分行22亿元（3年）、北京银行深圳分行44.49亿元授信（10年），均由子公司资产提供担保。
2024-05-20Vanke obtained a 1.2 billion yuan loan from Bank of China Shenzhen Branch for a Changzhou project, secured by a 100% equity pledge of subsidiary Changzhou Shengxin.万科获得中国银行深圳分行12亿元贷款用于常州项目，由子公司常州圣鑫100%股权提供质押担保。
2024-05-23Vanke signed an agreement for a 20 billion yuan syndicated loan led by China Merchants Bank, secured by equity in its logistics subsidiary Wanwei Logistics. 10 billion yuan had been disbursed as of the report date.万科与招商银行等头部金融机构签订协议，获得200亿元银团贷款，抵押物为旗下万纬物流股权，截至报告日已到账100亿元。
2024-05-23Vanke pledged approximately 27 billion yuan of equity in its logistics subsidiary Vanke Logistics Development Co., Ltd. to China Merchants Bank Shenzhen Branch as collateral for the syndicated loan.万科将旗下万科物流发展有限公司约270亿元的股权出质给招商银行深圳分行，作为银团贷款的抵押物。
2024-05-23Vanke's wholly-owned subsidiaries provided guarantees for two new bank loans totaling 8.784 billion yuan (7.784 billion yuan for 42 months and 1 billion yuan), secured by asset mortgages and equity pledges.万科全资子公司为两笔新增银行贷款共计87.84亿元（77.84亿元/42个月和10亿元）提供担保，以资产抵押和股权质押作为增信措施。
2024-05-31Vanke's wholly-owned subsidiary Dingtaihe obtained a 600 million yuan loan from Bank of Communications Shenzhen Branch (up to 15-year term), secured by a 100% equity pledge from Xiamen Vanke and a corporate guarantee from Vanke.万科全资子公司鼎泰和公司获得交通银行深圳分行6亿元贷款（期限不超过15年），由厦门万科提供100%股权质押，万科提供连带责任保证担保。
2024-06-03Vanke obtained a RMB 20 billion syndicated loan from China Merchants Bank and other financial institutions, secured by all equity of its logistics subsidiary Wanwei Logistics; as of May 23, RMB 10 billion had been disbursed.万科获得招商银行等金融机构200亿元银团贷款，以旗下万纬物流全部股权质押；截至5月23日已到账100亿元。
2024-06-03Vanke's subsidiary Chongqing Bocui provided land mortgage guarantee for an RMB 1.1 billion, 4-year loan from Bank of Communications Shenzhen Branch.万科控股子公司重庆博翠置业以项目土地为交通银行深圳分行11亿元、4年期贷款提供抵押担保。
2024-06-07Vanke's subsidiary Zhongshan Wanyang provided 100% equity pledge of Zhongshan City Light Real Estate for a RMB 1.2 billion, 3-year loan from Bank of Communications Shenzhen Branch.万科控股子公司中山市万阳房地产以中山市城市之光房地产100%股权为交通银行深圳分行12亿元、3年期贷款提供质押担保。
2024-06-14Vanke applied for RMB 4.1 billion in loans from Postal Savings Bank of China Shenzhen Branch (two tranches: RMB 1.6 billion and RMB 2.5 billion, both 3-year), secured by project land and construction-in-progress from subsidiaries Xuzhou Wanzhe and Xi'an Wangao.万科向邮储银行深圳分行申请合计41亿元贷款（16亿元和25亿元两笔，均3年期），由子公司徐州万喆和西安万高以项目地块和在建工程抵押担保。
2024-06-20Vanke's subsidiary Chongqing Yunke applied for a RMB 263 million, 4-year loan from China Merchants Bank, secured by 51% and 49% equity pledges from Chongqing Vanke and Chongqing Kepan.万科控股子公司重庆云科向招商银行申请2.63亿元、4年期贷款，由重庆万科和重庆科畔分别以51%和49%股权质押担保。
2024-06-20Vanke applied for a RMB 1.694 billion, 2.5-year loan from Industrial and Commercial Bank of China, secured by 99% equity pledges of Hubei Wanyue and Yichang Hongzhan Cheng from subsidiaries Wuhan Gecheng Junling and Wuhan Hongcheng Wanli.万科向工商银行申请16.94亿元、2.5年期贷款，由武汉葛城郡岭和武汉宏程万励分别以湖北万悦99%股权和宜昌宏展程99%股权质押担保。
2024-06-24Vanke drew down RMB 1.5 billion from a 10-year loan with Bank of Communications Shenzhen Branch, secured by 100% equity of Shenzhen Senmao Land from subsidiary Shenzhen Vanke Development.万科从交通银行深圳分行提取15亿元、10年期贷款，由全资子公司深圳万科以深圳森懋置地100%股权质押担保。
2024-07-02Vanke obtained 5.736 billion yuan credit line from Bank of Communications Shenzhen Branch (15-year term) and a separate 945 million yuan loan, secured by 20 project companies.万科获得交通银行深圳分行57.36亿元授信额度（期限15年）及9.45亿元贷款，由20家项目公司提供担保。
2024-07-11Vanke and its subsidiary Vanke Logistics drew down 2.741 billion yuan in bank loans, secured by equity pledges and asset mortgages; 1.042 billion yuan from Agricultural Bank (3-year) and 1.699 billion yuan from Bank of Beijing (10-year).万科及万科物流发展向银行提款27.41亿元贷款，以股权质押和资产抵押担保；其中农行10.42亿元（3年）、北京银行16.99亿元（10年）。
2024-07-18Vanke's wholly-owned subsidiaries Shenzhen Jiuzhou and Chongqing Xipan mortgaged land to banks for 14.728 billion yuan in financing, with 4-year maturity.万科全资子公司深圳九州、重庆溪畔以土地抵押向银行融资合计147.28亿元，期限4年。
2024-07-19Vanke's subsidiary Guangdong Xinghua obtained a 1 billion yuan loan from Bank of Communications (15-year); Vanke drew 2.79 billion yuan from Bank of China (7-year), secured by project assets.万科子公司广东兴华获交通银行10亿元贷款（15年）；万科向中国银行提款27.9亿元（7年），以项目资产抵押。
2024-08-07Vanke announced that its controlling subsidiaries provided guarantees for bank loans: 400 million yuan from Shanghai Bank and 3.56 billion yuan from Postal Savings Bank. As of July 31, total guarantee balance was 80.467 billion yuan, 32.09% of net assets.万科公告控股子公司为银行贷款提供担保：上海银行4亿元，邮储银行35.6亿元。截至7月31日，担保余额804.67亿元，占净资产32.09%。
2024-08-15Vanke announced that its subsidiaries provided mortgage guarantees for a 1.3 billion yuan loan from Bank of Communications Shenzhen Branch, with a 3-year term.万科公告子公司为交通银行深圳分行13亿元贷款提供抵押担保，期限3年。
2024-09-04Vanke obtains loans totaling 11.48 billion yuan from Ping An Bank (3.5 billion yuan, 3-year term) and a syndicate led by Bank of Communications (7.98 billion yuan, 5-year term), secured by subsidiaries.万科获得平安银行35亿元（3年期）和交通银行牵头的银团79.8亿元（5年期）贷款，合计114.8亿元，由控股子公司提供担保。
2024-09-09Vanke obtains a 4.8 billion yuan loan from ICBC (Shenzhen Luohu sub-branch), 3-year term, with 2.6 billion yuan drawn; subsidiary Shenzhen Fifth Garden provides guarantee.万科向工商银行深圳罗湖支行申请贷款48亿元，期限3年，已提款26亿元；子公司深圳第五园提供担保。
2024-09-09Vanke, as principal debtor, and its subsidiary Beijing Zhonglian Mingzhu, as co-borrower, obtain a total of 5.736 billion yuan in loans from Bank of Communications, 15-year term, secured by project company equity/assets.万科作为主债务人、子公司北京中联明珠作为共同借款人，从交通银行获得合计57.36亿元贷款，期限15年，以项目公司股权/资产抵押担保。
2024-09-13Vanke obtains a 0.6 billion yuan loan from Huashang Bank (Shenzhen branch), 5-year term, balance 0.595 billion; secured by equity pledges from subsidiaries Zhongshan Wanxing and Shenzhen Huicheng Jufeng.万科从华商银行深圳分行获得贷款6亿元，期限5年，余额5.95亿元；由子公司中山万星和深圳汇成巨丰提供股权质押担保。
2024-09-18Vanke provides guarantee for subsidiary Shenyang Vanke Chenbei's 0.16 billion yuan loan from Bank of Communications (15-year term) and for its own 1.2 billion yuan loan from Agricultural Bank (balance 0.58 billion, 5-year term).万科为子公司沈阳万科宸北置业向交通银行的1.6亿元贷款（15年期）及自身向农业银行的12亿元贷款（余额5.8亿元，5年期）提供担保。
2024-09-25Vanke obtains a 1 billion yuan loan from Guangdong Huaxing Bank (1-year term, fully drawn) and an 0.82 billion yuan loan from China Everbright Bank (3-year term, balance 0.817 billion), secured by subsidiaries.万科从广东华兴银行获得贷款10亿元（1年期，已全部提款），从光大银行获得贷款8.2亿元（3年期，余额8.17亿元），由子公司提供担保。
2024-10-10Vanke provided guarantees for bank loans: subsidiary Shenzhen Boyu received a 400 million yuan loan from Huaxia Bank, and Vanke itself received an 830 million yuan loan from Huaxia Bank, both secured by asset mortgages.万科为银行贷款提供担保：子公司深圳泊寓获华夏银行4亿元贷款，万科自身获华夏银行8.3亿元贷款，均以资产抵押担保。
2024-10-16Vanke provided new guarantees totaling 3.3 billion yuan: subsidiary Xi'an Yijia 600 million yuan loan, and Vanke itself loans from Ping An Bank (1.6 billion yuan), SPD Bank (500 million yuan), and Bank of China (600 million yuan).万科新增担保总额33亿元：子公司西安宜伽6亿元贷款，万科自身向平安银行（16亿元）、浦发银行（5亿元）、中国银行（6亿元）贷款。
2024-10-18Vanke provided additional guarantees of 3.05 billion yuan for bank loans: Qingdao Wanchuangheping guaranteed 1.7 billion yuan, and Guangdong Xinghua guaranteed 1.35 billion yuan, both via asset mortgages.万科为银行贷款新增担保30.5亿元：青岛万创合平担保17亿元，广东兴华实业担保13.5亿元，均以资产抵押。
2024-10-25Vanke provided a 682 million yuan credit guarantee for a 1 billion yuan loan from ICBC, with subsidiary Tangshan Wanzheng as the guarantor.万科为工商银行10亿元贷款提供6.82亿元信用保证担保，子公司唐山万正作为担保方。
2024-10-29Vanke provided a mortgage guarantee for a 1 billion yuan loan from Bank of Communications, with subsidiary Xiamen Dingtaihe as the guarantor, loan balance 835 million yuan.万科为交通银行10亿元贷款提供抵押担保，子公司厦门鼎泰和为担保方，贷款余额8.35亿元。
2024-10-31Vanke provided a mortgage guarantee for an 8.03 billion yuan credit facility from Bank of Communications (total authorized 15 billion yuan), with subsidiaries Shanghai Wankai and Guangzhou Wanhe as guarantors.万科为交通银行80.3亿元融资额度提供抵押担保（总授信150亿元），子公司上海万锴和广州万合为担保方。
2024-11-06Vanke provides guarantee for subsidiary Beijing Greentown Yinshi's RMB 2.28B loan from Shanghai Bank, with 15-year term, via equity pledge and joint liability.万科为控股子公司北京绿城银石向上海银行申请的22.8亿元贷款（期限15年）提供股权质押和连带责任担保。
2024-11-19Vanke obtains RMB 2.2B loan from Ping An Bank (5-year term) and RMB 1.8B credit facility from Shenzhen Rural Commercial Bank; subsidiaries provide asset mortgages.万科向平安银行申请22亿元贷款（期限5年），并从深圳农商银行获得18亿元授信；子公司以资产抵押提供担保。
2024-11-29Vanke provides guarantee for RMB 2.4B loan from Bank of China Shenzhen Branch (3-year term); outstanding balance RMB 1.718B.万科为向中国银行深圳市分行申请的24亿元贷款（期限3年）提供担保，贷款余额17.18亿元。
2024-12-06Vanke provided guarantee for an RMB 800 million bank loan from Bank of Communications via its subsidiary Hangzhou Wanqing, using 100% equity of Shaoxing Jinchen as pledge. Total guarantees after this reached RMB 117.623 billion, 46.90% of 2023 net assets.万科为交通银行8亿元贷款提供担保，子公司杭州万庆以绍兴锦晨100%股权质押。担保后对外担保总额1176.23亿元，占2023年末净资产46.90%。
2024-12-10Vanke applied for a loan of RMB 1.05 billion from Postal Savings Bank of China Shenzhen Luohu sub-branch, secured by subsidiaries' assets and equity pledges. Total guarantees after this reached RMB 118.673 billion, 47.32% of 2023 net assets.万科向邮储银行深圳罗湖支行申请贷款10.5亿元，由子公司提供抵押和质押担保。担保后对外担保总额1186.73亿元，占2023年末净资产47.32%。
2024-12-26Vanke provided guarantees for a RMB 2.17 billion loan from ICBC Shenzhen Luohu sub-branch, with 3-year term, secured by subsidiaries. Total guarantees after this stood at RMB 118.673 billion.万科为工商银行深圳罗湖支行21.7亿元贷款提供担保，贷款期限3年，由子公司提供连带责任保证。担保后对外担保总额1186.73亿元。
2025-01-09Vanke's subsidiary Shenzhen Bolan obtained a 1.08 billion yuan bank loan from Shanghai Pudong Development Bank Shenzhen Branch with a 30-year term.万科控股子公司深圳泊澜向浦发银行深圳分行申请银行贷款10.8亿元，期限30年。
2025-01-15Vanke's subsidiary Wanwei Logistics Investment obtained an 808 million yuan bank loan from China Merchants Bank with a 10-year term, secured by equity pledge, operating income pledge and asset mortgage.万科控股子公司万纬物流投资向招商银行申请银行贷款8.08亿元，期限10年，以股权质押、经营收入质押及资产抵押提供担保。
2025-01-22Vanke's subsidiary Dongguan Wanhong Real Estate applied for a 421 million yuan bank loan from Shanghai Pudong Development Bank Shenzhen Branch with a 15-year term, with Vanke as co-borrower.万科控股子公司东莞万虹房地产向浦发银行深圳分行申请银行贷款4.21亿元，期限15年，万科作为共同借款人。
2025-01-24Vanke's subsidiary Zhuhai Wancai obtained a 135 million yuan bank loan from Bank of Communications Shenzhen Branch with a 15-year term; Vanke also extended a 1.1 billion yuan financing from New China Asset for subsidiary Yunnan Vanke by one year to May 12, 2026.万科控股子公司珠海万彩向交通银行深圳分行申请银行贷款1.35亿元，期限15年；同时，云南万科向新华资产的11亿元融资展期1年至2026年5月12日。
2025-02-07Vanke provided a guarantee of RMB 750 million for its subsidiary Foshan Shunde Wanbin's insurance creditor's rights investment plan from Taikang Asset Management.万科为子公司佛山市顺德区万彬向泰康资产的保险资金债权投资计划提供7.5亿元担保。
2025-03-13Vanke announced guarantee for four logistics (Wanwei Logistics) loans totaling 896 million yuan, with terms of 3-10 years, secured by property mortgages and 100% equity pledges.万科公告为四项万纬物流贷款提供担保，担保总额8.96亿元，期限3-10年，担保方式包括物业抵押和100%股权质押。
2025-03-28Vanke disclosed guarantee for subsidiary Zhengzhou Rongwang's insurance debt investment plan from Taiping Asset Management; outstanding balance 1.12 billion yuan, with full irrevocable joint liability guarantee and 99% equity pledge.万科披露为子公司郑州荣望向太平资产的保险债权投资计划提供担保；融资余额11.2亿元，提供本息全额无条件不可撤销连带责任保证担保及99%股权质押。
2025-04-01Vanke board proposes to authorize subsidiary guarantees up to 150 billion yuan total, including 130 billion for subsidiaries with debt ratio over 70%.万科董事会提请股东大会授权对外担保总额不超过1500亿元，其中为资产负债率超70%子公司提供新增担保不超过1300亿元。
2025-04-14Vanke's subsidiary Xi'an Junbang increased its bank loan from China Merchants Bank Shenzhen Branch from 850 million to 950 million yuan, with guarantee from SCPG and equity pledge from Shenzhen SCPG Management.万科控股子公司西安君邦置业向招商银行深圳分行贷款从8.5亿元增至9.5亿元，由印力集团提供担保、深圳印力提供股权质押。
2025-05-14Vanke provided a joint liability guarantee of 2.6 billion yuan for its subsidiary Yunnan Zhewan Real Estate's financing from Xinhua Asset Management, with the investment plan extended by one year to May 2026.万科为控股子公司云南浙万置业向新华资产管理融资26亿元提供连带责任担保，投资计划延长1年至2026年5月。
2025-06-04Vanke subsidiary Ningbo Runjing provides joint liability guarantee and asset mortgage for a 510 million yuan loan from Industrial Bank to Vanke subsidiary Print Changsha (Yinli Shangyong).万科子公司宁波润璟为印力商置向兴业银行的5.1亿元贷款提供连带责任担保及资产抵押。
2025-06-24Vanke extended a 1.217 billion yuan loan from Ping An Bank Shenzhen Branch by 2 years, with subsidiaries providing equity pledge and asset mortgage guarantees.万科将平安银行深圳分行17亿元贷款（余额12.17亿元）展期2年，由子公司提供股权质押及资产抵押担保。
2025-07-04Vanke announced that its subsidiaries obtained one-year extensions on two loans from United Overseas Bank (China) and United Overseas Bank Singapore, totaling approximately RMB 447 million. Guarantees and asset mortgages (Jiangyin Impression Hui, Ma'anshan Impression Hui) remain unchanged.万科公告，控股子公司向大华银行（中国）及大华银行新加坡申请的两笔贷款（余额合计约4.47亿元）获延期一年，担保方式不变，以江阴印象汇、马鞍山印象汇项目资产抵押。
2025-07-30Vanke announced that its subsidiary Xin Shuang Leng (Qingdao) Logistics Co., Ltd. applied for a RMB 300 million loan from Bank of Qingdao with a 10-year term. Another subsidiary, Wanwei Logistics Development Co., Ltd., provided a joint liability guarantee of RMB 195 million (65% equity proportion).万科公告，控股子公司新双冷（青岛）物流有限公司向青岛银行申请3亿元贷款，期限10年。另一控股子公司万纬物流发展有限公司按65%股权比例提供1.95亿元连带责任担保。
2025-08-15Vanke's subsidiary Dongguan Wanwei Supply Chain applied for a 95.5 million yuan, 15-year loan from Dongguan Rural Commercial Bank, guaranteed by a 100% equity pledge from Shanghai Wanwei Yueguan Supply Chain.万科控股子公司东莞万纬供应链向东莞农商行申请9550万元、15年期贷款，由上海万纬粤莞以100%股权质押担保。
2025-12-11Vanke announced its subsidiaries provided guarantees for loans totaling 28.2 billion yuan, including a 28 billion yuan loan from Dynasty Holding and a 0.2 billion yuan loan from Shanghai Zhupu.万科公告控股子公司为贷款提供担保，涉及Dynasty Holding的28亿元贷款和上海筑浦的0.2亿元贷款。
2025-12-15Vanke's subsidiary Intense Sunshine Limited extended a HKD 1.05 billion loan from United Overseas Bank for one year, with guarantees including credit, equity pledge, and asset mortgage.万科子公司烈阳有限公司向大华银行申请的10.5亿港元贷款展期1年，担保方式包括信用保证、股权质押及资产抵押。
2025-12-22Vanke's subsidiaries obtained a one-year extension on two insurance capital debt investment plans from Taiping Asset, involving a total balance of 2.62 billion yuan.万科子公司获得太平资产两笔保险资金不动产债权投资计划展期1年，涉及融资余额合计26.2亿元。
2026-01-16Vanke's board approved providing mortgage guarantees of 38.06 million yuan for joint venture Nanjing Yueyi, and a pledge guarantee of up to 254 million yuan for subsidiary Hangzhou Wanfeng.万科董事会批准为合营公司南京悦颐提供3806万元抵押担保，并为子公司杭州万峰提供不超过2.54亿元质押担保。
2026-03-02Vanke subsidiaries Xi'an Yajian and Trade Route Investments obtained a 1-year extension on loans totaling RMB 322.77 million from UOB China and UOB Singapore, with original maturity in Feb 2026.万科子公司西安亚建和业程投资获得大华银行（中国）和大华银行（新加坡）合计3.2277亿元贷款的1年展期，原贷款于2026年2月到期。
2026-03-20Vanke's subsidiary SCPG Holdings (Yinkou Group) obtained a 1-year extension on a RMB 1.8 billion loan from Industrial Bank Hong Kong; current balance is RMB 1.654 billion; guarantee amount capped at RMB 1.66 billion.万科控股子公司印力集团（SCPG Holdings）获得兴业银行香港分行18亿元贷款的1年展期，当前余额16.54亿元，担保金额不超过16.6亿元。
2026-04-02Vanke provides guarantee for 1.527 billion yuan loan renewal from China Minsheng Bank; SCPG added as new guarantor.万科为民生银行15.27亿元贷款续期提供担保，印力集团新增为担保方。
2026-06-12Vanke's subsidiary Shanghai Naimuke Electronics obtained a RMB 115 million bank loan from Bank of Nanjing, secured by its parent Shanghai Taishixing's 100% equity pledge and property/cold-chain equipment mortgage.万科子公司上海耐姆克电子向南京银行申请1.15亿元银行贷款，由上海泰士星100%股权质押及名下物业冷链设备抵押担保。
Minority investments & stakes少数股权投资与持股
11 · 2024-05-13 → 2025-10-29
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Vanke established or dissolved subsidiaries and joint ventures, including a JV with BYD's Denza that was dissolved, and a new subsidiary with a foreign partner for commercial development.万科设立或解散子公司及合资企业，包括与比亚迪腾势的合资公司解散，以及与外资合作设立商业开发子公司。
2024-05-13Shenzhen Vanke Yundi Industrial Co., Ltd., a joint venture between Vanke (28%) and BYD's Shenzhen Denza Auto (72%), was dissolved and cancelled.由万科（持股28%）与比亚迪旗下深圳腾势汽车（持股72%）合资的深圳市万科云地实业有限公司注销。
2024-05-22Vanke established a wholly-owned subsidiary, Hainan Wanjuyingtong Enterprise Management Co., Ltd., with a registered capital of 10 million yuan, for asset management and property management services.万科全资成立海南万聚盈通企业管理有限公司，注册资本1000万元，用于资产管理服务和物业管理。
2024-09-04Vanke establishes Nanjing Wanxin Jinshi Commercial Operation Management Co., Ltd., with a registered capital of 0.1 million yuan, wholly owned by Vanke's subsidiary.万科成立南京万信金石商业运营管理有限公司，注册资本10万元，由万科全资子公司持股。
2024-10-14Vanke established Chongqing Shoujinhui Real Estate Management Co., Ltd. with registered capital of 500,000 yuan, wholly owned indirectly, for commercial complex management and marketing planning.万科成立重庆首锦汇不动产管理有限公司，注册资本50万元，由万科间接全资持股，经营范围包括商业综合体管理服务和市场营销策划。
2024-11-29Vanke establishes Shanghai Wanhui Mei Hao Enterprise Management Co., Ltd. with registered capital RMB 5M, wholly owned via Shanghai Vanke Investment Management.万科成立上海万汇美好企业管理有限公司，注册资本500万元，由上海万科投资管理有限公司全资持股。
2025-01-02Vanke A established Tianjin Vanke Real Estate Co., Ltd. with a registered capital of 390 million yuan, wholly owned indirectly by Vanke A.万科A成立天津万科置业有限公司，注册资本3.9亿元，由万科A间接全资持股。
2025-04-01Vanke's wholly-owned subsidiary Wkland Limited to acquire 50% stake in Wkland Investments II from CIG, obtaining full interest in Shanghai Jinqiao project; Vanke HK provides ~500 million yuan performance guarantee.万科全资子公司Wkland Limited收购中银集团投资持有的Wkland Investments II Limited 50%股权，获得上海金桥项目100%权益；万科置业香港提供约5亿元履约担保。
2025-04-02Vanke (Chongqing) Enterprise Management Co., Ltd. established, registered capital 1 million yuan, jointly held by Vanke, covering real estate development and construction labor subcontracting.万科（重庆）企业管理有限公司成立，注册资本100万元，由万科等共同持股，经营范围包括房地产开发经营和建筑劳务分包。
2025-04-15Beijing Xinwan Commercial Operation Management Co., Ltd. established, wholly owned by Vanke, registered capital 1 million yuan, covering commercial complex management and property services.北京欣万商业运营管理有限公司成立，由万科全资持股，注册资本100万元，经营范围包括商业综合体管理服务和物业管理等。
2025-10-13Vanke establishes Shenzhen Wanchang Commercial Development Co., Ltd., legal representative Xu Peigen, registered capital approx. 53.59 million yuan, owned by Vanke subsidiary and RECO VETIVER PRIVATE LIMITED, engaged in real estate brokerage and marketing planning.万科成立深圳市万畅商业发展有限公司，法定代表人徐培根，注册资本约5359万元，由万科子公司与RECO VETIVER PRIVATE LIMITED共同持股，经营范围包括房地产经纪和市场营销策划。
2025-10-29Vanke establishes Ningbo Yuxin Real Estate Information Consulting Co., Ltd., legal representative Zhang Min, registered capital approx. 500 million yuan, wholly owned indirectly by Vanke, engaged in real estate consulting.万科成立宁波禹信房地产信息咨询有限公司，法定代表人张敏，注册资本约5亿元，由万科间接全资持股，经营范围包括房地产咨询。
Quality & regulatory issues质量与监管问题
7 · 2024-06-25 → 2025-09-08
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Quality complaints, land idle investigations, tax arrears, and regulatory scrutiny faced by Vanke.万科面临的质量投诉、土地闲置调查、欠税及监管审查。
2024-06-25Foshan Chancheng District authorities reported that Vanke Financial Center Tower A experienced slight shaking on June 24; preliminary inspection found no structural damage or cracks, with further expert investigation underway.佛山禅城区通报万科金融中心A座6月24日出现轻微晃动，初步排查未发现主体结构受损或开裂，将组建省级专家组进一步排查。
2024-08-10Kunming Housing and Urban-Rural Development Bureau responded to complaints about quality issues at Vanke City Phase 6, stating it will urge the developer to speed up rectification.昆明市住建局回应万科城六期质量投诉，称将督促开发公司加快整改。
2024-08-26Fuzhou High-tech Zone issued a 'Notice of Investigation into Idle Land' for Vanke's 'Wanhui Yungu' project (Vanke Science Park) in Minhou County, which has been idle for 11 years since land acquisition in 2013.福州高新区对万科'万汇云谷'（万科科技园）项目下达《闲置土地调查通知书》，该项目自2013年拿地后闲置11年。
2024-11-13Tianjin Vanke Real Estate receives 7 tax arrears notices totaling over RMB 340M for land VAT, property tax, and urban land use tax.天津万科房地产有限公司新增7条欠税公告，欠税余额合计3.4亿余元，涉及土地增值税、房产税、城镇土地使用税。
2025-02-21Tianjin Vanke Real Estate Co., Ltd. was restricted from high consumption due to failure to fulfill payment obligations in a contract dispute with Foshan Shunde Yi'ai Pu Electric Appliance Co., Ltd.天津万科房地产有限公司因未履行与佛山市顺德区意艾蒲电器有限公司买卖合同纠纷案的给付义务，被限制高消费。
2025-07-25Beijing Vanke Enterprise Co., Ltd. was publicly listed for tax arrears of RMB 160 million in land value-added tax.北京万科企业有限公司新增一则欠税公告，欠税金额1.6亿余元，欠税税种为土地增值税。
2025-09-08Fuzhou High-tech Zone confirmed it signed a land acquisition agreement with Vanke to reclaim a 150-mu (10-hectare) plot in Fuzhou, which Vanke acquired in January 2013 and left undeveloped for 12 years.福州高新区确认已与万科签订收储协议，收回万科于2013年1月摘得的福州150亩地块，该地块闲置12年未开发。
Boyu rental apartment brand泊寓租赁公寓品牌
18 · 2024-06-28 → 2026-04-29
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Vanke's long-term rental apartment brand Boyu, including scale expansion, REIT plans, franchising, and operational metrics.万科长租公寓品牌泊寓，包括规模扩张、REIT计划、加盟及运营指标。
2024-06-28Vanke's rental apartment brand 'Boyo' opened a new community 'Aizhu Four Seasons' in Shanghai Baoshan on June 30, adding to its 11 existing stores in Shanghai with 3,697 units.万科旗下长租公寓品牌泊寓在上海宝山的“爱住·四季”租赁社区于6月30日开业，此前在上海已有11家门店、3697间房源。
2024-08-22Vanke's high-end rental apartment brand 'Furuis' has opened 3 stores (Shenzhen Futian, Nanshan, Chengdu) and will open more in Jinan, Suzhou, and Shenzhen Taizi Bay.万科旗下高端长租公寓品牌'富瑞斯'已开业3家门店（深圳福田、南山、成都），即将在济南、苏州、深圳太子湾等地开业。
2024-08-30Vanke's rental housing business (Poyu) achieved revenue of 1.73 billion yuan in H1 2024, up 5.3% YoY. Managed scale reached 241,000 units, with 183,000 units in operation, maintaining the No.1 position in centralized apartments nationally. Occupancy rate was 95.2%.万科租赁住宅业务（泊寓）2024年上半年实现营收17.3亿元，同比增长5.3%。管理规模24.1万间，开业18.3万间，保持集中式公寓规模全国第一，出租率95.2%。
2024-08-30Vanke's president Zhu Jiusheng stated that the company firmly believes in the long-term prospects of the rental apartment business, and the first batch of 5 projects prepared for REIT issuance and 5 projects in the Jianwan fund have met financial targets.万科总裁祝九胜表示坚定看好长租公寓业务，第一批准备发REITs的5个项目及建万基金的5个项目财务已达标。
2024-09-24Vanke establishes Shenzhen Boyu Housing Rental Management Co., Ltd., registered capital 10 million yuan, wholly owned by Vanke Apartment Management Co., Ltd. (a Vanke A subsidiary).万科成立深圳市泊寓住房租赁管理有限公司，注册资本1000万元，由万科公寓管理有限公司（万科A全资子公司）全资持股。
2024-10-30Vanke's long-term rental apartment business achieved revenue exceeding 2.6 billion yuan in Jan-Sep, operating about 250,000 units with occupancy rate over 95%, including about 120,000 units included in government-subsidized rental housing (ranked first).万科长租公寓业务1-9月营收突破26亿元，运营管理约25万间，出租率超95%，其中约12万间纳入保障性租赁住房（纳保数量排名第一）。
2025-03-28Vanke's long-term rental apartment brand 'Boyu' opened franchising for the first time, targeting owners with suitable properties for flexible cooperation in team building, marketing, and operations.万科旗下长租公寓品牌'泊寓'首次开放加盟，合作对象为有合适物业的业主，可在团队建设、营销渠道、运营管理等方面进行灵活定制服务。
2025-03-31Vanke's 2024 annual report: long-term rental business (Boyu) achieved industry No.1 in scale, efficiency, and inclusion in government-subsidized rental housing; cumulative management scale ~260,000 units, over 120,000 units included in subsidized housing; occupancy rate >95%, GOP margin 90%.万科2024年年报：长租公寓（泊寓）规模、效率、纳保量三项行业第一；累计管理约26万间，纳保房源超12万间；出租率超95%，前台GOP利润率90%。
2025-04-01Vanke 2024 annual report: long-term rental brand Boyu operated 262,400 apartments, 191,200 opened, 125,700 included in government-subsidized rental housing, occupancy rate over 95%.万科2024年年报：长租品牌泊寓运营管理26.24万间，开业19.12万间，12.57万间纳入保障性租赁住房，出租率超95%。
2025-04-29Vanke's rental brand Boyu signed framework agreement with Shenzhen Metro Property Group (深铁置业) for cooperative operation of rental housing projects suitable for long-term rental.万科旗下泊寓与深圳地铁置业集团签署深铁项目租赁运营合作框架协议，对适配长租公寓业务的深铁项目开展合作运营。
2025-05-14Vanke's long-term rental apartment brand 'PoYu' (泊寓) signed a framework agreement with Shenzhen Metro Property Group (深铁置业) to cooperate on leasing operations of metro-related projects.万科旗下长租公寓品牌泊寓与深圳地铁置业集团签署深铁项目租赁运营合作框架协议，深化住房租赁领域融合发展。
2025-06-06In April 2025, Vanke subsidiary Boyu (Po Yu) signed a framework agreement with Shenzhen Metro Real Estate to cooperate on rental housing operations for Shenzhen Metro projects.2025年4月，万科泊寓与深圳地铁置业集团签署框架协议，合作运营深铁项目的长租公寓业务。
2025-06-06Vanke's first TOD rental community in Qingdao, 'Qingdao Metro Boyu Park Lane', opened with 587 rental units, developed with Qingdao Metro Real Estate.万科在青岛的首个TOD租赁社区“青铁美寓|泊寓·公园里店”开业，提供587间租赁住房，与青铁置业合作。
2025-06-27At the AGM, Vanke reported that its rental housing unit manages 262,000 units (126,000 in government-subsidized rental housing), with occupancy rate of 95.6% and front-end GOP margin near 90%.万科在股东会上披露，租赁住宅管理规模26.2万间（含保障性租赁住房12.6万间），出租率95.6%，前台GOP利润率近90%。
2025-08-22Vanke's long-term rental apartment brand Boyu managed over 270,000 units, with over 130,000 units included in government-subsidized rental housing, and signed a cooperation framework agreement with Shenzhen Metro for rental operations.万科泊寓运营管理超27万间，超13万间纳入保障性租赁住房，与深铁签署租赁运营合作框架协议。
2025-10-30Vanke's 'Boyu' long-term rental apartment business: operates over 280,000 units, over 200,000 opened, over 133,000 units included in government-subsidized rental housing; revenue 2.74 billion yuan in 9M 2025, up 4.4% YoY.万科泊寓长租公寓业务运营管理超28万间，开业突破20万间，超13.3万间纳入保障性租赁住房；2025年前三季度营业收入27.4亿元，同比增长4.4%。
2026-04-01Vanke's rental brand Boyu manages over 270,000 units with 95% occupancy; light-asset entrusted management reaches 105,000 units, industry first.万科泊寓管理长租公寓超27万间，出租率超95%，轻资产委托管理房源达10.5万间，行业第一。
2026-04-29Vanke's rental brand Boyu operates over 250,000 units in Q1 2026; occupancy 94%; average lease term extends to 366 days.万科泊寓一季度运营管理超25万间，出租率94%，平均租期延长至366天。
Sales promotions & partnerships销售促销与合作
3 · 2024-07-05 → 2024-08-01
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Vanke's sales initiatives including 'buy one get one free' promotions and cooperation with Beike for trade-in programs.万科的销售举措，包括“买一送一”促销及与贝壳合作开展以旧换新。
2024-07-05Vanke and Beike Hefei launched a 'sell old, buy new' cooperation for two Vanke projects (Langshi Senyu and Weixing Vanke Xingyu Guangnian), offering 18,000 yuan subsidies per homebuyer.万科与贝壳合肥站启动“卖旧买新”合作，涉及朗拾森屿、伟星万科星遇光年两个项目，每套购房补贴1.8万元。
2024-07-31Vanke's Dongguan project Vanke Zhongtian Century Waterfront launched a 'buy one, get one free' promotion for units over 140 sqm, giving away a Huizhou Vanke Shuangyue Bay apartment (approx. 40 sqm, worth over 200,000 yuan).万科东莞中天世纪水岸项目推出“买一套送一套”促销，购买140平米以上户型赠送惠州万科双月湾公寓（约40平米，价值20多万元）。
2024-08-01Vanke Dongguan project 'Zhongtian Century Waterfront' launched a 'buy one get one free' promotion for units over 140 sqm, offering a Vanke Shuangyue Bay apartment in Huizhou; Vanke responded that the promotion has ended and there was no forced bundling.万科东莞项目'中天世纪水岸'针对140平米以上户型推出'买一送一'活动，赠送惠州万科双月湾公寓；万科回应称活动已结束，无强制捆绑销售。
Share buyback & treasury shares股份回购与库存股
7 · 2024-07-09 → 2025-07-05
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Vanke's management and staff share buyback plan and subsequent sale of treasury shares.万科管理层及员工股份回购计划及后续库存股出售。
2024-07-09Vanke's 1,862 key management and staff planned to self-fund 200 million yuan to buy Vanke A-shares over 6 months, with a 2-year lock-up; management contributed at least one-third.万科1862名骨干管理人员计划6个月内自筹2亿元增持公司A股，锁定期两年，管理团队出资不低于三分之一。
2024-07-15Vanke's 1,862 key management completed the 200 million yuan A-share buyback plan in just 4 trading days, purchasing 29.56 million shares (0.25% of total shares), with a 2-year lock-up.万科1862名骨干管理人员在4个交易日内完成2亿元A股增持计划，买入2956.41万股（占总股本0.25%），锁定期两年。
2025-04-29Vanke board approved sale of 72.956 million treasury shares (0.61% of total) via centralized竞价 trading to supplement liquidity, to be completed by July 2, 2025.万科董事会审议通过出售7295.6万股A股库存股（占总股本0.61%），用于补充流动资金，实施期限至2025年7月2日。
2025-06-04Vanke A-share (000002.SZ) announced that as of May 31, 2025, it has not yet sold 72.96 million A-share treasury shares, accounting for 0.61% of total share capital.万科A公告，截至2025年5月31日，尚未出售7296万股A股库存股，占总股本0.61%。
2025-06-10Vanke sold 22 million A-share treasury shares via centralized竞价 on June 10, raising 146 million yuan at an average price of 6.63 yuan/share.万科于6月10日通过集中竞价首次出售2200万股A股库存股，所得资金1.46亿元，均价6.63元/股。
2025-06-12Vanke completed sale of all 72.96 million A-share treasury shares (0.61% of total share capital) from June 10-12, raising total 479 million yuan at average 6.57 yuan/share.万科于6月10日至12日完成全部7296万股A股库存股出售，所得资金总额4.79亿元，均价6.57元/股。
2025-07-05Vanke completed the sale of all its A-share treasury shares through on-market transactions in June 2025, totaling 72,955,992 shares at an average price of RMB 6.50-6.6295 per share. All shares were subsequently cancelled, reducing treasury shares to zero.万科于6月通过场内交易完成全部A股库存股（72,955,992股）的出售，交易均价6.50-6.6295元/股，相关股份已全部注销，库存股数量归零。
Asset disposals & project revitalization资产处置与项目盘活
9 · 2024-07-09 → 2026-05-29
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Vanke executed bulk asset transactions, revitalized projects through commercial-to-residential conversion, and divested non-core assets to improve cash flow.万科执行大宗资产交易，通过商改住等方式盘活项目，并剥离非核心资产以改善现金流。
2024-07-09Vanke reported H1 2024 contracted sales of 127.33 billion yuan, delivered 74,000 homes, completed 9.34 billion yuan in asset disposals, and issued a 3.26 billion yuan commercial REIT via Yinli.万科披露上半年合同销售1273.3亿元，交付7.4万套房子，大宗交易回款93.4亿元，印力发行商业REIT 32.6亿元。
2024-08-30Vanke's executive vice president Liu Xiao stated that as of end-July, Vanke's bulk asset transactions cumulatively signed 20 billion yuan, covering 31 projects (office, commercial, hotel, apartment), and can achieve the 2024 asset transaction target under the 'one-package plan'. 19 projects are under negotiation.万科执行副总裁刘肖表示，截至7月底大宗交易累计签约200亿元，涵盖31个项目，能完成'一揽子方案'年度目标，19个项目在谈判中。
2024-09-02Vanke's executive VP and COO Liu Xiao says that in the first seven months of the year, bulk asset transactions signed totaled 20.4 billion yuan, covering 31 projects including office, commercial, hotel, and apartment.万科执行副总裁、首席运营官刘肖称，今年前7月大宗交易累计签约204亿元，涵盖办公、商业、酒店、公寓等31个项目。
2025-03-31Vanke's 2024 annual report: completed delivery of over 180,000 homes; sales amount 246.02 billion yuan, sales area ranked first in the industry; 54 bulk asset transactions signed totaling 25.9 billion yuan; inventory revitalization recovered over 10 billion yuan cash.万科2024年年报：完成超18万套房屋交付；销售金额2460.2亿元，销售面积行业第一；完成54个大宗交易签约259亿元；盘活存量回收现金超百亿。
2025-03-31Vanke management stated at analyst meeting that since 2023, the company has revitalized and optimized 56 projects through policy support (commercial-to-residential conversion, resource swaps), involving approximately 68.9 billion yuan of saleable value, with cumulative sales of 16 billion yuan.万科管理层在分析师会议上表示，2023年以来已借助政府支持性政策盘活和优化项目56个，涉及可售货值约689亿元，累计已销售160亿元。
2025-06-27At the AGM, Vanke said it has revitalized 61 projects since 2023 with saleable value of about 73.3 billion yuan, and 15 projects have been included in municipal lists for special bond acquisition of land and housing.万科在股东会上表示，自2023年以来已盘活61个项目，可售货值约733亿元，15个项目纳入市级专项债收购存量土地和商品房清单。
2025-11-20Vanke management says at EGM it will further divest non-core businesses and assets via capital operations to improve cash flow and debt structure.万科管理层在股东会上表示，后续将通过资本运作剥离部分与战略关联度不高的业务和资产，改善现金流和资债结构。
2026-04-01Vanke activated 33.85 billion yuan of存量 assets in 2025, acquiring 23 new projects with 1.869 million sqm planned GFA.2025年万科存量盘活货值338.5亿元，获取新项目23个，总规划计容建筑面积186.9万平方米。
2026-05-29At the 2025 AGM, Vanke management stated that in 2025, the company completed 23 project revitalizations with a货值 of approximately 33.8 billion yuan. In 2026, it has completed 10 project revitalizations, expected to provide about 11 billion yuan in货值.在2025年度股东会上，万科管理层称2025年完成23个项目盘活，货值约338亿元；2026年已完成10个项目盘活，预计提供货值约110亿元。
Bond market & trading halts债券市场与停牌
3 · 2024-08-12 → 2025-12-04
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Vanke bonds experienced sharp price drops triggering trading halts, and BlackRock reduced its long position in Vanke H-shares.万科债券价格大幅下跌触发停牌，贝莱德减持万科H股好仓。
2024-08-12BlackRock reduced its long position in Vanke H-shares from 5.41% to 4.46% on August 7.贝莱德于8月7日将万科H股多头头寸从5.41%降至4.46%。
2025-12-01Vanke bonds '22 Vanke 02' and '21 Vanke 04' fell over 30% intraday, triggering a temporary trading halt on the Shenzhen Stock Exchange.万科债券“22万科02”、“21万科04”盘中跌超30%，触发深交所临时停牌。
2025-12-04BlackRock reduced its long position in Vanke H-shares from 5.49% to 4.61% on November 28.贝莱德于11月28日将其持有的万科H股多头头寸从5.49%减持至4.61%。
Onewo property services万物云物业服务
18 · 2024-08-30 → 2026-05-29
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Vanke's property management subsidiary Onewo, including revenue growth, acquisitions, related-party deals, and debt settlements.万科物业子公司万物云，包括收入增长、收购、关联交易及债务清偿。
2024-08-30Vanke's property service subsidiary Onewo (万物云) reported H1 2024 revenue of 17.63 billion yuan, up 9.5% YoY. It won two of China's largest facility management outsourcing contracts: Tencent Penguin Island and Huawei Qingpu Lianqiu Lake, with total contract value exceeding 500 million yuan.万科物业子公司万物云2024年上半年营收176.3亿元，同比增长9.5%。中标腾讯企鹅岛和华为青浦练秋湖两个中国最大设施管理外包项目，合同金额超5亿元。
2024-11-29Onewo (Vanke's property arm) acquires 45% stake in Shanghai Xiangda from Shanghai Vanke Investment for initial consideration RMB 712M; RMB 590M of the consideration offsets intercompany debts.万物云以初始代价7.12亿元收购上海祥大45%股权，其中5.9亿元用于抵偿万科关联方债务。
2024-12-04Vanke's property arm Onewo (万物云) agreed to acquire 45% equity in Shanghai Xiangda Real Estate from Shanghai Vanke Investment for an initial consideration of about RMB 712 million, with RMB 590 million used to offset Vanke's outstanding receivables.万物云与上海万科投资签署协议，以约7.12亿元收购上海祥大房地产45%股权，其中5.9亿元用于抵偿万科到期应收账款。
2024-12-13Onewo announced a temporary general meeting on Dec 31, 2024 to approve new framework agreements with Vanke for property services, value-added services, and agency services for 2025-2027, with annual caps of RMB 1.216 billion, 1.227 billion, and 1.249 billion respectively.万物云公告将于2024年12月31日举行临时股东大会，审议与万科的新物业服务、增值服务和物业代理服务框架协议，2025-2027年度上限分别为12.16亿、12.27亿和12.49亿元。
2024-12-26Onewo's subsidiary Beijing Vanke Property Services signed an equity transfer agreement to acquire 100% of Wanyi Commercial Management from Lianwanxiang Construction Technology, as part of debt recovery from Vanke.万物云全资附属公司北京万科物业与联万享建筑科技签订股权转让协议，收购万驿商业管理100%股权，用于收回万科所欠债务。
2024-12-30Onewo acquired 75% equity in Fuke Industry from Vanke Industrial Development for an initial consideration of RMB 142 million, with the amount used to offset Vanke's outstanding receivables.万物云以初始代价1.42亿元收购万科产业发展持有的福科产业75%股权，该金额用于抵偿万科到期应收账款。
2024-12-30Onewo's subsidiary Shenyang Puyu acquired the Rotterdam Vanke Life Plaza in Shenyang (31,551 sqm) from Yong'an Land for RMB 150 million, with RMB 63 million used to offset Vanke's outstanding receivables.万物云全资子公司沈阳朴寓以1.5亿元收购永安置地持有的沈阳鹿特丹万科生活广场（建筑面积31551.01平方米），其中0.63亿元用于抵偿万科到期应收账款。
2024-12-31Onewo entered into debt settlement agreements with Vanke and its affiliates, with total consideration of RMB 703 million, by transferring properties or parking spaces to Onewo's subsidiaries to settle outstanding payables.万物云与万科及其关联方达成债务清偿协议，通过向万物云附属公司转让物业或车位的方式结清应付账款，总代价7.03亿元。
2025-03-31Vanke's 2024 annual report: property service subsidiary Onewo (Wanwuyun) achieved revenue over 36 billion yuan, newly acquired over 400 residential service projects, added saturated revenue over 2 billion yuan; commercial business revenue nearly 9 billion yuan, GFA over 10 million sqm, occupancy 95%.万科2024年年报：物业服务子公司万物云营收超360亿元，新获取住宅服务项目超400个，新增饱和收入超20亿元；商业业务营收近90亿元，建筑面积超1000万平方米，出租率95%。
2025-03-31Onewo (Vanke's property arm) acquired remaining 55% equity in Shanghai Xiangda from Shanghai Vanke Investment for 590 million yuan via debt offset, gaining full control of the asset.万物云收购上海万科投资持有的上海祥大55%股权，交易对价5.90亿元以债务抵偿方式支付，完成后将持有上海祥大100%股权。
2025-04-14Vanke's subsidiary Onewo (万物云) acquired 55% equity of Shanghai Xiangda from Shanghai Vanke Investment for 870 million yuan, now holding 100% of the 54,000 sqm mixed-use project.万物云以8.7亿元收购上海万科投资持有的上海祥大55%股权，完成后持有100%股权，该项目为5.4万平方米综合体。
2025-06-27At the AGM, Vanke reported that its property management unit (Onewo) achieved revenue of 36.38 billion yuan in 2024, up 8.9% YoY, serving 74 Fortune 500 companies.万科在股东会上披露，物业板块（万物云）2024年实现营收363.8亿元，同比增长8.9%，服务74家世界500强企业。
2025-07-30Onewo (02602.HK) announced a debt settlement agreement with Vanke and related parties. Vanke will transfer properties (commercial housing, shops, parking spaces) worth approximately RMB 257 million to settle RMB 253 million in overdue payables to Onewo.万物云公告与万科及相关方订立债务清偿协议，万科拟通过转让物业（商品房、商铺、车位等）作价约2.57亿元，抵偿欠付万物云的到期应付款项约2.53亿元。
2025-07-30Onewo (02602.HK) announced it will acquire 100% equity of two Vanke Hangzhou companies (Hangzhou Wanyu and Hangzhou Yuanguang) for a total valuation of RMB 99 million, settled by offsetting trade receivables.万物云宣布收购万科杭州两家公司（杭州万瑜、杭州元广）100%股权，估值合计9900万元，以贸易应收款项抵偿方式支付。
2025-08-01Vanke's property management subsidiary Onewo acquired two companies (Wanyu Zhiye and Hangzhou Yuanguang) from Vanke for 98.24 million yuan, settling trade receivables via asset-for-debt swap.万物云以9824万元收购万瑜置业与杭州元广，以经营性资产抵偿万科贸易应收款。
2025-10-30Vanke's property management arm Onewo adds 1.68 billion yuan in annualized saturated revenue in 9M 2025; commercial business revenue 6.21 billion yuan; logistics business stable occupancy rate, cold-chain transport service revenue up 43% YoY.万科物业万物云前三季度新增年化饱和收入16.8亿元；商业业务营收62.1亿元；物流业务出租率保持领先，冷链运输服务收入同比增长43%。
2026-04-01Vanke's property arm Onewo (Wanwuyun) achieves 37.36 billion yuan revenue in 2025; 300 'Butterfly Cities' completed process transformation.万物云2025年营收373.6亿元，完成流程改造的蝶城增至300个。
2026-05-29At the 2025 AGM, Vanke disclosed that its operating service businesses achieved total revenue of 58.01 billion yuan in 2025. Onewo (万物云) revenue was 37.36 billion yuan; Boyu (泊寓) managed over 270,000 rental apartments with an occupancy rate above 95%; logistics cold chain scale and occupancy ranked among the top in the industry.在2025年度股东会上，万科披露经营服务业务2025年全口径收入580.1亿元。万物云收入373.6亿元；泊寓管理规模超27万间，出租率超95%；万纬物流冷链规模及出租率居行业第一梯队。
Financial results & performance财务业绩与表现
11 · 2024-09-01 → 2026-05-29
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Vanke reported declining sales, net losses, and impairment provisions, but highlighted delivery volumes and sales ranking; analyst ratings and profit distribution plans were also disclosed.万科报告销售额下降、净亏损及减值准备，但强调交付量和销售排名；同时披露了分析师评级和利润分配计划。
2024-09-01Vanke A receives neutral rating from Guojin Securities; research report forecasts net profit attributable to parent of -7.92 billion yuan in 2024, 0.44 billion in 2025, and 2.40 billion in 2026.万科A获国金证券中性评级；研报预计2024-2026年归母净利润分别为-79.2亿元、4.4亿元和24.0亿元。
2024-09-02Vanke's 2024 H1 development business settlement revenue was 111.68 billion yuan, down 34.6% YoY; gross margin on development business settlement fell 13.5 ppts to 6.8%.万科2024年上半年开发业务结算收入1116.8亿元，同比下降34.6%；开发业务结算毛利率下降13.5个百分点至6.8%。
2024-09-02Vanke's 2024 H1 contract sales area was 9.395 million sqm, down 27.6% YoY; contract sales amount was 127.33 billion yuan, down 37.6% YoY; sales ranking remained top 3 by CRIC.万科2024年上半年合同销售面积939.5万平方米，同比下降27.6%；销售金额1273.3亿元，同比下降37.6%；克而瑞销售排名保持前三。
2025-04-01Vanke 2024 annual report: completed 18.2 million sqm of sales area (industry first), sales amount 246.02 billion yuan, down 34.6% YoY; delivered over 180,000 homes.万科2024年年报：销售面积1810.7万平方米（行业第一），销售金额2460.2亿元，同比下降34.6%；交付超18万套房屋。
2025-04-01Vanke 2024 annual report: 79 projects approved for the 'white list' (financing coordination mechanism); Q1 2025 public bonds all repaid.万科2024年年报：累计获批白名单项目79个；2025年一季度到期公开债均已完成兑付。
2025-06-27At the AGM, Vanke disclosed 2024 results: revenue over 340 billion yuan, delivered over 180,000 homes, and repaid about 19.7 billion yuan in onshore/offshore public bonds in 2024 and over 16 billion yuan in 2025 YTD.万科在股东会上披露2024年业绩：营收超3400亿元，交付超18万套房屋，2024年偿还约197亿元境内外公开债，2025年以来已偿付超160亿元。
2025-07-14Vanke reported H1 2025 operating highlights: sales revenue of RMB 69.1 billion, delivery of over 45,000 units, sales collection rate exceeding 100%, and public debt repayment of RMB 16.49 billion completed with no offshore public debt due before 2027.万科披露上半年经营亮点：实现销售收入691亿元，交付超4.5万套，销售回款率超100%，完成164.9亿元公开债务偿还，2027年前已无境外公开债到期。
2025-10-30Vanke's Board approves impairment provisions of 9.368 billion yuan for Q3 2025 (mainly 9.192 billion yuan inventory write-downs), reducing net profit attributable to parent by 8.309 billion yuan.万科董事会审议通过2025年第三季度计提减值准备93.68亿元（主要为存货跌价准备91.92亿元），减少归母净利润约83.09亿元。
2026-04-29Vanke Q1 2026: delivered 7,600 homes (32% early by 30 days); sales 16.8 billion yuan; new starts 692,000 sqm GFA.万科一季度交付房屋7600套（32%提前30天），销售金额168亿元，新开工及复工69.2万平方米。
2026-05-29At the 2025 AGM, Vanke's 2025 annual profit distribution plan (no dividend, no bonus shares, no capital increase) was approved. The company also proposed not to distribute dividends for 2025 due to accumulated losses.在2025年度股东会上，万科2025年度利润分配方案获通过：不派发股息，不送红股，不转增股本。
2026-05-29At the 2025 AGM, Vanke management said the company has formulated a market value management system and a 'Valuation Enhancement Plan' in 2025, and will continue to divest non-core, low-efficiency businesses and assets to optimize cash flow and asset-liability structure.在2025年度股东会上，万科管理层表示2025年已出台市值管理制度及《估值提升计划》，未来将继续剥离非主业、低效业务与资产，优化现金流和资产负债结构。
Land acquisitions & project additions土地收购与项目新增
14 · 2024-09-02 → 2025-10-22
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Vanke's acquisition of new development plots and project additions across multiple cities in 2024-2026.万科2024-2026年在多个城市收购新开发地块及新增项目。
2024-09-02Vanke's subsidiary Nanjing Yurong Zhìyè wins the entrusted development management service project for plot G138 in Jiangning, Nanjing, with a winning bid of 24.88 million yuan.万科子公司南京裕融置业中标南京江宁G138地块委托开发管理服务项目，中标价2488.325万元。
2024-09-06Vanke wins auction for 45% equity of Guangzhou Qiyou Real Estate Development Co., Ltd. (from Yihe Real Estate) at 30.015 million yuan, gaining 100% control of the Panyu Dashi old renovation project.万科以3001.5万元竞得广州启佑房地产开发有限公司45%股权（原属颐和地产），实现对番禺大石旧改项目的100%控股。
2024-10-11Vanke (via joint venture Qingdao Wanzhu) won a land parcel in Qingdao West Coast New Area for 37.92 million yuan (floor price 3,047 yuan/sqm), as follow-up land for the Vanke City Wangyunqi project.万科（通过合资公司青岛万珠）以3792万元竞得青岛西海岸一地块（楼面价3047元/平方米），作为万科城望云起项目后续用地。
2024-11-11Vanke subsidiary Chengdu Vanke Rongbei acquires a residential plot in Xindu District, Chengdu at reserve price for RMB 339M (floor price RMB 4950/sqm).万科旗下成都万科蓉北置业以底价3.39亿元摘得成都新都区一宗住宅用地，楼面价4950元/平方米。
2024-12-17Vanke won 3 residential plots in Guangzhou South Railway Station business district at a total reserve price of RMB 2.88 billion, with total GFA of about 250,000 sqm and floor prices of RMB 11,409-13,614/sqm. This is Vanke's first land acquisition in Guangzhou in 4 years, as part of a low-efficiency land revitalization pilot with the government.万科以底价28.8亿元竞得广州南站商务区3宗宅地，总计容建面约25万平方米，楼面价11409-13614元/平方米。这是万科时隔4年在广州拿地，系与政府合作的低效存量用地盘活试点。
2025-01-03Vanke added 4 new development projects in Tianjin, Tangshan, Guangzhou and Guiyang, with total land area 213,000 sqm, GFA 496,000 sqm, Vanke's equity GFA 355,000 sqm, and equity land cost 2.366 billion yuan.万科新增4个开发项目，分别位于天津、唐山、广州和贵阳，合计占地面积21.3万平方米，计容积率建筑面积49.6万平方米，万科权益建筑面积35.5万平方米，需支付权益地价23.66亿元。
2025-05-28A Vanke consortium won a bid for a 5.28 billion yuan urban village redevelopment residential plot in Zhengzhou's Zhongyuan District, with a floor area ratio of 5.0 and a floor price of 3,934 yuan/sqm.万科联合体以5.28亿元底价竞得郑州中原区一宗城中村改造住宅用地，容积率5.0，楼面价3934元/平方米。
2025-06-10Vanke joint venture Wuhan Changwan Real Estate won a residential plot in Wuhan Economic & Technological Development Zone for 469 million yuan (floor price 6,966 yuan/sqm).万科合资公司武汉长万置业以4.69亿元底价竞得武汉经开区一宗住宅地块，楼面价6966元/平方米。
2025-06-25Vanke subsidiary Foshan Nanhai Vanke Wanming Real Estate was granted a 40,249 sqm 'three-old' redevelopment plot in Guicheng, Nanhai, Foshan for 486.3 million yuan, for Phase 1 resettlement housing.万科子公司佛山南海万科万鸣房地产获协议出让桂城夏北洲表村4.02万平方米旧改地块，出让价款4.86亿元，用于首期回迁房。
2025-07-02Vanke's associate company Shijiazhuang Vanke Runde Jingcui Real Estate Development Co., Ltd. won 3 residential land parcels in Shijiazhuang for a total of RMB 894 million.万科参股的石家庄万科润德璟翠房地产开发有限公司以8.94亿元摘得石家庄3宗住宅用地。
2025-08-04Vanke won the bid for plot P(2024)166 in Wuhan East Lake High-tech Zone, a mixed-use site with commercial, office and residential用地, planning total GFA of about 199,100 sqm.万科中标武汉东湖高新区P(2024)166号地块（原国际医院地块），规划计容总建筑面积约19.91万平方米，含商业、办公及住宅。
2025-08-22Vanke acquired 6 new projects in H1 2025 with total planned GFA of 558,000 sqm and equity land cost of about 1.34 billion yuan; average land price was 4,528 yuan/sqm.万科上半年累计获取6个新项目，总规划计容建筑面积55.8万平方米，权益地价约13.4亿元，平均地价4528元/平方米。
2025-10-22Vanke (with Chengdu Runhong Investment) acquires two residential-commercial plots in Pidu District, Chengdu, for a total of 316 million yuan (plot 13: 51.3 mu, floor price 4,550 yuan/sqm; plot 14: 18 mu, floor price 4,570 yuan/sqm), both at reserve price.万科与成都润弘投资联合体以底价3.16亿元竞得成都郫都区两宗涉宅用地（地块13：51.3亩，楼面价4550元/㎡；地块14：18亩，楼面价4570元/㎡）。
2025-10-22Vanke subsidiary Xuzhou Mingke Enterprise Management Co., Ltd. acquires a residential plot in Tongshan District, Xuzhou (XT2025-13) at reserve price of 213.25 million yuan, floor price 4,000 yuan/sqm, land area 35,540 sqm.万科旗下徐州茗科企业管理有限公司以底价2.1325亿元摘得徐州铜山区XT2025-13地块，楼面价4000元/㎡，土地面积35540㎡。
Project sales & delivery milestones项目销售与交付里程碑
6 · 2024-10-08 → 2026-06-09
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Vanke achieved strong sales during National Day holiday, sold out ultra-luxury units in Shanghai, and completed large-scale home deliveries including resettlement housing.万科国庆期间销售强劲，上海超豪华单元售罄，并完成大规模住宅交付，包括安置房。
2024-10-08During the National Day holiday, Vanke's southern region sold 1,098 new homes for a total of 3.12 billion yuan, exceeding September's full-month sales and completing over 200% of October's target.国庆假期期间，万科南方区域共成交1098套新房，销售金额31.2亿元，超过9月全月销售额，并提前完成10月份任务，完成率超200%。
2025-10-18Vanke's Shanghai 'Gaofu Yunjing' luxury project (co-developed with Huazhou Real Estate) opens; 25 units priced 130-170 million yuan each (600 sqm penthouses, avg. 210,000 yuan/sqm) sell out on first day, setting a record for single-day sales of ultra-luxury homes in Shanghai.万科与华洲地产合作的上海“高福云境”豪宅项目开盘，25套总价1.3-1.7亿元（600平方米大平层，均价21万元/平方米）房源首日售罄，创上海顶豪单日销售纪录。
2025-12-29Vanke announced it delivered approximately 117,000 homes on schedule and with quality in 2025, including 16,000 delivered 30 days early; about 70% of the delivery volume for the past two years has been completed.万科宣布2025年全年按期保质交付约11.7万套房屋，其中1.6万套提前30天交付；已完成近两年需交付量的约70%。
2026-01-05Vanke stated it completed the delivery of 74,000 homes in the first three quarters of 2025, prioritizing project completion.万科表示2025年前三季度按期保质完成7.4万套房交付，将保交房作为首要任务。
2026-01-30Vanke delivered 117,000 homes in 2025, with 70% of the delivery task for the past two years completed, and the peak delivery period has passed.万科2025年保质交付房屋11.7万套，已完成近两年需交付量的70%，交付高峰期已过。
2026-06-09Vanke delivered 1,264 units of Phase 1 resettlement housing at Zhoubiao Huafu in Foshan's Qian Denghu area, part of a RMB 14.3 billion village renovation project.万科在佛山千灯湖片区交付洲表华府首期1264套回迁房，该项目总投资约143亿元。
Technology & AI integration技术与AI集成
5 · 2025-02-18 → 2026-05-29
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Vanke's adoption of AI, BIM, and digital tools for design review, construction, and property management.万科采用AI、BIM及数字化工具进行审图、施工及物业管理。
2025-02-18Vanke's subsidiary WanYi Technology announced its AI products have fully integrated the DeepSeek large model to accelerate intelligent application scenarios.万科旗下万翼科技宣布其AI产品已全线接入DeepSeek大模型，加速智能化应用场景落地。
2025-03-31Vanke pioneered an industry-first 'drawing large model' for full-process data integration across design-construction-operation, applied in multiple business scenarios to support quality housing construction.万科在业内首创'图纸大模型'，实现'设计-施工-运营'全流程数据贯通，已在多个业务场景应用，助力'好房子'建设。
2025-08-22Vanke's 'Tuyun' AI drawing review product served nearly 100 industry partners; the National Archives approved a project to co-develop a 'building drawing large language model' with Vanke.万科“图云”AI审图产品服务近百家行业伙伴；国家档案馆与万科合作的“建筑图纸大语言模型”完成立项。
2026-01-06Vanke disclosed its AI and technology applications, including smart BIM, AI drawing review, and the 'Lingshi+' product for property services.万科披露其科技应用，包括智能BIM平台、AI审图以及物业服务领域的“灵石+”产品。
2026-05-29At the 2025 AGM, Vanke introduced its technology applications: 'AI审图' (AI drawing review) has been scaled, serving nearly 100 industry partners; '图云' (Drawing Cloud) served over 190 new projects in 2025; 'AI智工' (AI intelligent worker) coverage rose from 50% to 97%; self-developed '斗拱BIM' (Dougong BIM) software output 108 asset visualization sandboxes.在2025年度股东会上，万科介绍科技应用进展：“AI审图”规模化落地，服务近百家行业伙伴；“图云”2025年新增服务超190个项目；“AI智工”覆盖率从50%升至97%；自研“斗拱BIM”输出108个资产可视化沙盘。
Executive & governance高管与治理
8 · 2025-03-03 → 2026-06-17
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Vanke underwent a top management reshuffle, changed auditors, amended articles of association, and introduced a new compensation system with clawback mechanisms.万科经历高层人事调整，更换审计机构，修改公司章程，并引入含追回机制的新薪酬体系。
2025-03-03Vanke announced top management reshuffle: Chairman Yu Liang resigned and became Executive VP; Zhu Jiusheng resigned all posts for health reasons; Zhu Xu resigned as Board Secretary. Shenzhen Metro Group Chairman Xin Jie was elected as new Board Chairman; Li Feng, Hua Cui, and Li Gang appointed as Executive VPs; Tian Jun as Board Secretary.万科公告管理层重大调整：郁亮辞任董事会主席转任执行副总裁；祝九胜因身体原因辞去所有职务；朱旭辞任董秘。深铁集团董事长辛杰当选新董事会主席；聘任李锋、华翠、李刚为执行副总裁，田钧为董事会秘书。
2025-03-18Vanke A announced that the board of directors will meet on March 31, 2025 to review the 2024 annual report and financial statements.万科A公告将于2025年3月31日召开董事会会议，审议2024年度报告及财务报表。
2025-04-29Vanke board proposes to change 2025 auditor from KPMG to Deloitte (Deloitte Touche Tohmatsu Certified Public Accountants LLP and Deloitte Touche Tohmatsu), audit fee 13.88 million yuan.万科董事会拟变更2025年度会计师事务所，由毕马威更换为德勤，审计报酬1388万元。
2025-05-12Vanke announced a plan to change its auditor from KPMG to Deloitte (德勤) for the 2025 fiscal year to enhance audit independence.万科拟将2025年度会计师事务所由毕马威变更为德勤，以提升审计独立性和客观性。
2025-06-27Vanke held 2024 annual general meeting; approved 12 proposals including profit distribution, H-share issuance mandate, and charter amendments abolishing the supervisory board and establishing an audit committee.万科召开2024年度股东大会，审议通过利润分配、H股发行授权、修订公司章程取消监事会设立审计委员会等12项议案。
2025-07-01Vanke held its 2024 annual general meeting on June 27; the new management team led by Chairman Xin Jie (also Chairman of Shenzhen Metro Group) and Executive VP Yu Liang made its first public appearance. The meeting approved amendments to the Articles of Association and board/shareholder meeting rules, removing the board's power to formulate annual financial budgets and performance evaluation reward plans.万科于6月27日召开2024年度股东大会，以董事长辛杰（兼深铁集团董事长）和执行副总裁郁亮为首的新管理层班底首次公开亮相。会议审议通过了《公司章程》及《股东会议事规则》、《董事会议事规则》修订案，删除了董事会制定年度财务预算方案和绩效评估奖励计划的职权。
2026-05-08Vanke's board approved a new compensation system for directors and senior management: performance-based pay must account for at least 50% of the sum of base and performance pay; a clawback and stop-payment mechanism was introduced for losses or misconduct.万科董事会通过新版董事及高管薪酬制度：绩效薪酬占比不低于基本薪酬与绩效薪酬总额的50%，并新增亏损或违规时的止付与追索机制。
2026-06-17Vanke appointed Jin Yabin, an 18-year veteran internally promoted manager, as general manager of Vanke Beijing, replacing Li Gang who came from Shenzhen Metro system.万科任命内部培养18年的职业经理人金亚斌为北京万科总经理，接替来自深铁体系的李刚。
Legal disputes & enforcement法律纠纷与执行
13 · 2025-04-11 → 2026-06-08
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Lawsuits, equity freezes, arbitration awards, and enforcement actions involving Vanke and its subsidiaries.涉及万科及其子公司的诉讼、股权冻结、仲裁裁决及执行行动。
2025-04-11Vanke's 150 million yuan equity in Nanjing Vanke was frozen by Shanghai First Intermediate People's Court from April 8, 2025 to April 7, 2028.万科所持南京万科企业有限公司1.5亿元股权被上海市第一中级人民法院冻结，期限自2025年4月8日至2028年4月7日。
2025-04-14Vanke's subsidiary Nanyang Dijing received an arbitration award from Beijing Arbitration Commission, required to bear 75% joint liability for a 605 million yuan loan guarantee dispute inherited from a 2019 acquisition.万科控股子公司南阳帝景公司收到北京仲裁委员会裁决书，需就收购前遗留的6.05亿元借款担保按75%承担连带保证责任。
2025-06-20A 100 million yuan equity stake in Vanke subsidiary Vanke Construction Technology Development (Shenzhen) was frozen by Shenyang Intermediate People's Court from June 18, 2025 to June 17, 2028.万科全资子公司万科建筑技术发展（深圳）有限公司1亿元股权被辽宁省沈阳市中级人民法院冻结，期限2025年6月18日至2028年6月17日。
2025-10-16Vanke subsidiary Hainan Wanjun Management Services Co., Ltd. sues Dalian Wanda Group and Wanda Real Estate for contract dispute; case to be heard at Shanghai Second Intermediate People's Court on November 3, 2025.万科子公司海南万骏管理服务有限公司起诉大连万达集团及万达地产集团合同纠纷案，将于2025年11月3日在上海市第二中级人民法院开庭审理。
2025-12-01Vanke A (000002.SZ) subsidiary Shenzhen Vanke Development Co., Ltd. had 570 million yuan of equity frozen by the Guangdong Dongguan Intermediate People's Court for 3 years.万科A（000002.SZ）子公司深圳市万科发展有限公司被广东省东莞市中级人民法院冻结5.7亿元股权，冻结期限3年。
2026-01-19Vanke and its subsidiary Changsha Vanke were added as enforcement targets with an execution标的 of approximately 1.09 billion yuan by Changsha Intermediate People's Court.万科及子公司长沙市万科企业有限公司被湖南省长沙市中级人民法院列为被执行人，执行标的约10.9亿元。
2026-01-22Vanke confirmed in its lawsuit against Wanda that Wanda Group's equity assets have been frozen, but变现 through auction is uncertain.万科确认起诉万达案中已依法查封冻结万达集团股权资产，但能否法拍变现存在不确定性。
2026-02-13Vanke A (000002) added a new court lawsuit: case (2026) Min 0104 Min Chu No. 1775, Fuzhou Cangshan District People's Court, cause of action: sales contract dispute, plaintiff Fujian Jin Kaijie Information Technology Co., Ltd., defendants Vanke Enterprise Co., Ltd. and Fuzhou Wan Kun Real Estate Co., Ltd.万科A（000002）新增1件法院诉讼：案号（2026）闽0104民初1775号，福州市仓山区人民法院，案由买卖合同纠纷，原告福建金凯捷信息科技有限公司，被告万科企业股份有限公司、福州市万坤房地产有限公司
2026-03-11Vanke added an equity freeze on its wholly-owned subsidiary Suzhou Vanke Enterprise Co., Ltd., with a frozen amount of RMB 35.71 million, effective from 2026-03-10 to 2029-03-09, enforced by Shenyang Shenhe District People's Court.万科新增对全资子公司苏州万科企业有限公司的股权冻结，冻结金额3571万余元，期限2026年3月10日至2029年3月9日，执行法院为沈阳市沈河区人民法院。
2026-04-07Vanke faces lawsuit from Guangzhou Langsiwei Environmental Technology over contract dispute; hearing set for April 29, 2026.万科被广州朗思威环境科技起诉合同纠纷，2026年4月29日开庭。
2026-04-07Vanke faces construction contract dispute lawsuit from Guangdong Yinxiang Landscape Construction; hearing set for May 20, 2026.万科被广东印象园林建设起诉建设工程施工合同纠纷，2026年5月20日开庭。
2026-05-11Vanke is involved in an arbitration case with Shenzhen Huafa A (深华发A) over a real estate development contract dispute, with the claimed amount reaching approximately 2.199 billion yuan. Shenzhen Huafa A's controlling shareholder's shares were frozen.万科卷入与深华发A的房地产开发经营合同纠纷仲裁案，涉案金额约21.99亿元，深华发A控股股东股份被司法轮候冻结。
2026-06-08Vanke was named as defendant in a service contract lawsuit filed by Xi'an Weixing Advertising Printing Co., Ltd., scheduled for hearing on July 27, 2026 at Zhuhai Xiangzhou District People's Court.万科因服务合同纠纷被西安维星广告印刷有限公司起诉，案件将于2026年7月27日在珠海市香洲区人民法院开庭审理。
Yinli commercial business印力商业业务
4 · 2025-04-29 → 2026-04-01
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Vanke's commercial platform Yinli (SCPG), including REIT listing, asset management for institutional owners, and operational metrics.万科商业平台印力（SCPG），包括REIT上市、为机构业主提供资产管理及运营指标。
2025-04-29Vanke's renovated Shenzhen iN City Square opened with 97% occupancy rate; Vanke provides light-asset operation services for institutional owners including GIC and Blackstone.万科存量改造的深圳iN城市广场开业，出租率97%；万科已为GIC、黑石等知名机构业主提供商业轻资产运营服务。
2025-06-27At the AGM, Vanke said its commercial unit (Yinli) has over 10 million sqm of GFA in operation, occupancy rate over 95%, and the CICC Yinli Consumer REIT achieved an annualized cash distribution rate of 5.24%.万科在股东会上表示，商业板块（印力）开业建筑面积超1000万平方米，出租率超95%，中金印力消费REIT年化现金流分派率5.24%。
2025-08-22Vanke's commercial business achieved revenue of 4.1 billion yuan in H1 2025, with overall occupancy rate of 93%; it provided asset management services to Blackstone and GIC, with over 1 million sqm under management in Shanghai alone.万科商业业务上半年营收41亿元，整体出租率93%；为黑石、GIC等提供运营服务，上海输出管理规模超百万平方米。
2026-04-01Vanke's commercial platform SCPG (Yinli) maintains 94.5% occupancy; CICC SCPG Consumer REIT annualized cash flow distribution rate 4.18%.印力整体出租率94.5%，中金印力消费REIT年化现金流分派率4.18%。
Wanwei logistics business万纬物流业务
10 · 2025-06-27 → 2026-04-29
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Vanke's logistics subsidiary Wanwei, including REIT filing, syndicated loan collateral, cold chain growth, and robot delivery pilot.万科物流子公司万纬，包括REIT申报、银团贷款抵押、冷链增长及机器人配送试点。
2025-06-27At the AGM, Vanke reported that its logistics unit (Wanwei Logistics) had high-standard warehouse occupancy of 87% and cold chain occupancy of 78%.万科在股东会上披露，物流业务（万纬物流）高标仓出租率87%，冷链出租率78%。
2025-07-02Shenzhen Metro Group, Vanke Group, and KONE Group signed a tripartite agreement to establish the KONE Greater Bay Area Smart Logistics Center, located in a Shenzhen metro depot. Vanke's logistics arm, Wanwei Logistics, will provide warehousing and operations services for KONE elevators.深铁集团、万科集团与通力集团三方签约，计划设立通力电梯大湾区智慧物流中心，选址深圳地铁车辆段内。万科旗下万纬物流将为通力电梯提供仓储运营服务。
2025-07-14Shenzhen Metro Group and Vanke's Wanwei Logistics launched the world's first pilot of 'robot autonomous subway delivery' at Shenzhen Metro Line 2 Wanxia Station. Robots use AI scheduling to ride the subway during off-peak hours and deliver goods to 7-Eleven stores in stations.深铁集团与万科旗下万纬物流合作的全球首例“机器人自主搭乘地铁配送货”在深圳地铁2号线湾厦站启动试点，机器人利用地铁空闲时段自主搭乘地铁为站内7-Eleven门店配送货。
2025-08-22Vanke's logistics business (Wanwei Logistics) achieved revenue of 2.07 billion yuan in H1 2025, up 6.7% YoY; cold chain revenue was 1.07 billion yuan, up 23.0% YoY.万纬物流上半年营收20.7亿元，同比增长6.7%；冷链收入10.7亿元，同比增长23.0%。
2025-08-22Vanke and Shenzhen Metro launched the world's first pilot of robots autonomously taking the subway to deliver goods to 7-Eleven stores, developed by Wanwei Logistics.万科与深铁合作上线全球首例机器人自主搭乘地铁为7-Eleven门店配送货试点。
2025-09-02Shenzhen Metro, Vanke and KONE announced the establishment of KONE Elevator Greater Bay Area Smart Logistics Center, including product assembly and solution display centers, with Vanke providing customized warehousing services.深铁、万科与通力宣布设立通力电梯大湾区智慧物流中心，配套产品装配与展示中心，万科提供定制化仓储运营服务。
2025-10-30Vanke and Shenzhen Metro's global first 'robot autonomously takes subway for merchant delivery' pilot completes phase 2 testing and hardware upgrades; mass production and delivery scheduled for Q4 2025.万科与深铁合作的全球首例“机器人自主搭乘地铁为商家配送货”试点完成二阶段试跑测试与硬件升级，将于2025年四季度逐批量产交付上线。
2026-01-04Vanke's 250 million yuan equity in Wanwei Logistics Development Co., Ltd. was frozen by the Xuzhou Intermediate People's Court for 3 years.万科持有的万纬物流发展有限公司2.5亿元股权被江苏省徐州市中级人民法院冻结，期限3年。
2026-04-01Vanke Logistics (Wanwei) revenue grew steadily; cold chain revenue up over 25% YoY; total leasable warehouse area exceeds 10 million sqm.万纬物流营收稳步增长，冷链收入同比上升超25%，可租赁仓储面积超1000万平方米。
2026-04-29Vanke Q1 2026: cold chain logistics revenue exceeds 600 million yuan, up 28% YoY; Onewo wins mega projects like Guangzhou TCM Hospital.万科一季度冷链物流营收超6亿元，同比增长28%；万物云中标广州中医药大学等超大型项目。
Employee co-investment & delivery disputes员工跟投与交付纠纷
2 · 2025-10-05 → 2026-01-04
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Former employees demanded return of co-investment principal, and a project's employee co-investment funds were not returned due to liquidity pressure.前员工要求返还跟投本金，某项目员工跟投资金因流动性压力未能返还。
2025-10-05Vanke's Changsha Forest Park project employee co-investment funds not returned, 27 employees involved, some raised funds via Vanke's 'Pengjin Suo' loans; project cash flow positive but repayment搁置 due to Vanke's liquidity pressure (short-term debt of 157.8 billion yuan as of H1 2025).长沙万科森林公园项目员工跟投本金未返还，涉及27名员工，部分通过万科旗下“鹏金所”贷款筹资；项目现金流已回正但还款被搁置，因万科面临流动性压力（2025年上半年短期债务1578亿元）。
2026-01-04About 2,000 former Vanke employees formed groups to demand the return of approximately 3.7 billion yuan in co-investment principal.约2000名万科离职员工组建维权群，追讨约37亿元跟投本金。
Debt & financing restructuring债务与融资重组
12 · 2025-11-26 → 2026-04-11
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Vanke extended bond maturities, sought bondholder approval for deferrals, obtained bank interest deferrals, and considered a Shenzhen-led restructuring package with up to 80 billion yuan support.万科延长债券到期日，寻求债券持有人批准延期，获得银行利息延期，并考虑深圳牵头的重组方案，支持资金高达800亿元。
2025-11-26Vanke announces it will hold a bondholders' meeting on Dec 10 to discuss extension of '22 Vanke MTN004' (20 bln yuan, 3% coupon, due Dec 15, 2025).万科公告将于12月10日召开持有人会议，审议“22万科MTN004”中期票据（余额20亿元，利率3%，2025年12月15日到期）展期事项。
2025-12-01Vanke's '22 Vanke MTN004' (20 billion yuan, 3% coupon, due 2025-12-15) initial extension proposal: defer principal and interest by 12 months to 2026-12-15, no interest paid during extension.万科“22万科MTN004”（20亿元，票面利率3%，2025年12月15日到期）初步展期方案：本金及利息展期12个月至2026年12月15日，展期期间不付息。
2025-12-03At least three investors in Vanke's December-due bond opposed the one-year extension plan for '22 Vanke MTN004'.至少三位万科本月到期债券的投资者反对“22万科MTN004”的一年展期计划。
2025-12-05Vanke announced a second bond '22 Vanke MTN005' (3.7 billion yuan, 3% coupon, due 2025-12-28) will also seek extension; a bondholder meeting was called for December 22.万科公告第二笔债券“22万科MTN005”（37亿元，票面利率3%，2025年12月28日到期）也将寻求展期，定于12月22日召开持有人会议。
2025-12-05Vanke released final proposals for '22 Vanke MTN004' extension: three options including adding guarantees (e.g., Shenzhen Metro Group full irrevocable joint liability guarantee) and paying interest on time.万科公布“22万科MTN004”展期最终议案：三个选项，包括追加增信措施（如深铁集团全额不可撤销连带责任担保）及按期付息等。
2025-12-10Vanke told bondholders at the '22 Vanke MTN004' meeting that if they do not approve the extension, the company will use the 5-day grace period to continue negotiations.万科在“22万科MTN004”持有人会议上告知，若展期方案未通过，公司将利用5天宽限期继续谈判。
2025-12-31Vanke applied to suspend trading of '21 Vanke 02' (1.1 billion yuan, 3.98% coupon) from Jan 5, 2026, ahead of a bondholder meeting to adjust repayment arrangements for the put portion.万科申请“21万科02”（11亿元，票面利率3.98%）自2026年1月5日起停牌，拟召开持有人会议调整回售部分债券本息兑付安排。
2026-01-07Vanke obtained bank approval to defer loan interest payments to September 2026, changing from quarterly to annual payments.万科获得银行批准，将贷款利息支付方式由季度改为年度，并延期至2026年9月支付。
2026-01-09Vanke is accelerating its restructuring process under regulatory guidance, seeking creditor consent for debt impairment or延期付款.万科正在相关部门要求下加快重组进程，寻求债权人同意债务减值或延期付款。
2026-01-14Vanke announced a bondholder meeting for '21 Vanke 02' to审议 adjustments to principal and interest repayment arrangements.万科公告将召开“21万科02”债券持有人会议，审议本息兑付安排调整事项。
2026-03-24Vanke is considering extending its onshore debt maturities by up to 10 years as part of a Shenzhen-led restructuring package, which may include RMB 80 billion in new funding support.万科正考虑将境内债务展期最长10年，作为深圳主导的一揽子重组方案的一部分，可能配套800亿元新增资金支持。
2026-04-11Vanke proposes to seek shareholder approval for up to 100 billion yuan in new external guarantee quotas to support business.万科拟提请股东会授权新增不超过1000亿元对外担保额度。
