Vanke A: 117k units delivered in 2025, with 84% of new project investments realized

Source: Feng Caixun

During the real estate company financial report season, the market is paying close attention to the completion status of guaranteed housing deliveries by major enterprises. On March 31, Vanke released its 2025 annual report, achieving revenue of 233.4 billion yuan. Facing multiple tough and demanding challenges over the past year, with strong support from its major shareholders and all parties, Vanke moved forward despite difficulties, doing everything possible to achieve the remarkably hard-won stability in production and operations, delivering 117,000 homes on schedule and with quality, with launch-to-sell (or sell-through) rates exceeding 80% across multiple locations, and unlocking production capacity of 33.85 billion yuan.

In 2025, with the continued implementation of the national policy “combination punch” for guaranteed housing and support from all sides, Vanke completed its delivery targets through a series of solid actions. Vanke makes comprehensive use of various innovative technologies, fully strengthens end-to-end engineering quality management, improves the level of fine-tuned project process management, and applies smart technologies such as 360 cameras and drone patrols on project sites so that homeowners can “monitor remotely.” It has carried out over 1,500 “See Home” activities; invited more than 28,000 customers to visit project sites offline to watch engineering progress in person; actively rolled out services of “delivery leads to immediate registration” to provide convenience to customers; and continuously strengthened community operations and supporting services to build a community ecosystem with warmth. With multiple measures in place, Vanke delivered 117,000 units on time and with quality, including 17,000 units delivered 30 days ahead of schedule, about 5,000 units delivered ahead across the year-end, completing about 70% of the delivery volume required over the past two years. The peak delivery period has passed, and the subsequent delivery pressure will significantly decrease. Projects in multiple places including Jinan, Zhengzhou, and Nanchang achieved 100% collection upon delivery.

While doing a good job on delivery, Vanke’s residential product lineup also remains competitive. By integrating its previous technical know-how, Vanke has promoted the rollout of the “good home” standard across multiple projects nationwide. The Shanghai Ideal Land near-zero carbon community was selected as one of the Ministry of Housing and Urban-Rural Development’s first batch of exemplary “good communities” cases. The investment realization rate for 18 projects throughout the year reached 84%, including projects such as Shanghai Gaofu Yun Jing, Chengdu Metro Jia Di, Harbin Lan Yue, and Wenzhou Pushi Yunzhou, whose initial launch-to-sell rates exceeded 80%.

In addition, Vanke adheres to an investment strategy led by revitalizing existing stock resources, with precise investments as a supplement, and actively mobilizes production capacity. With the help of various supportive policies, Vanke has formed a systematic playbook for activating stock resources. In 2025, Vanke obtained 23 new projects through stock-resource revitalization, with a total planned gross floor area of 1.869 million square meters, stock-resource revitalized production capacity of 33.85 billion yuan, optimizing its asset structure and replenishing development momentum.

A real estate industry professional believes that in 2025, Vanke faced multiple tough and demanding challenges, yet it was able—under support from major shareholders and all parties—to tackle difficulties head-on and complete house delivery tasks on time and with quality, which is truly not easy. Even more noteworthy is that the industry has entered a new stage of development. Customer needs are becoming increasingly diversified. They not only require good homes, but also good communities. Based on completing guaranteed housing deliveries, Vanke has still maintained product competitiveness. New projects have achieved hot sales in multiple places nationwide, laying capability groundwork to adapt to the industry’s new stage.

It is worth noting that Vanke’s operations and services business overall also performed steadily. In 2025, the operations and services business achieved total (all-corrected) revenue of 58.01 billion yuan. Vanke actively practices a rental-and-purchase approach (“rent-to-buy”), and its Podinn business maintains industry-leading performance in terms of scale, efficiency, and number of units under management, operating and managing 270,000 long-term rental apartments, with an overall occupancy rate exceeding 95%. Among them, units under light-asset entrusted management have reached 105,000 units, making it the first centralized long-term rental apartment company in the industry to break through the scale of 100,000 units in light-asset entrusted management; Wanyun achieved revenue of 37.36 billion yuan, with industry-leading scale and comprehensive service capabilities; Wanwei Logistics’ revenue grew steadily, with its cold-chain revenue up more than 25% year over year; its overall leasable warehouse area exceeds 10 million square meters, and occupancy rates of both high-standard and cold-chain warehouse categories are rising steadily; Yinli’s overall occupancy rate is 94.5%, and it has established good cooperation with more than 12,700 brands; the China Merchants Yinli Consumer REIT performed steadily, with an annualized cash flow distribution rate of 4.18%.

Source: Feng Caixun

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