Give it your all with "payment"! Vanke's 2025 revenue is 233.4 billion yuan, with 117k houses delivered on schedule.

Recently, various real estate companies have successively announced their annual reports. On March 31, Vanke released its 2025 annual report, achieving revenue of 233.4 billion yuan. Faced with multiple severe challenges over the past year, with strong support from major shareholders and all parties, Vanke faced difficulties head-on and did its utmost to maintain stable production and operations, delivering 117k houses on time and with quality, and achieving sales of 134.06 billion yuan. Revenue from operating and service businesses remained steady, with Vanke Boya’s scale, efficiency, and insurance volume ranking first in the industry; Vanke Cloud’s scale and comprehensive service capabilities leading the industry; Wanyun Logistics’ cold chain scale and rental rate ranking among the top tier in the industry; and Yinli’s overall rental rate reaching 94.5%. Despite strong support from all sides and full efforts by the company, Vanke’s operating performance remains highly pressured due to multiple factors, with a heavy historical burden. The burdens and issues resulting from the past high-debt, high-turnover, high-leverage development model still require time to resolve. Vanke stated that during this critical stage of overcoming difficulties and fully managing risks, it received strong support and dedicated assistance from all parties, providing solid backing for the company to prudently handle risks, stabilize its fundamental operations, and restore market confidence. In 2026, the company will focus on risk mitigation and development, continuously promoting key work implementation.

Industry insiders believe that although there are severe operational challenges currently, from a long-term perspective, Vanke’s brand and products still possess market competitiveness, and its operating and service businesses also have development advantages. In 2025, new comprehensive residential projects were recognized by homebuyers. As an early mover in industry transformation, Vanke’s various operating and service businesses maintained leading scale and efficiency, with the capacity to meet the diversified needs of residents in the new real estate phase. Meanwhile, Vanke responded to technological innovation trends, actively applying technology to improve product and service levels.

In 2025, Vanke overcame numerous challenges to deliver 117k houses on time and with quality, including 17k units delivered 30 days early within the year. Under the continued implementation of national policies to ensure housing delivery and with support from all parties, Vanke employed various innovative technologies over the past year to comprehensively strengthen engineering quality management throughout the project lifecycle, improve project process management, and incorporate smart technologies such as 360-degree cameras and drone patrols on construction sites, allowing homeowners to “monitor remotely.” Over 1,500 “See Home” activities were conducted, inviting more than 28k households to visit construction sites in person, actively providing convenient “delivery and immediate registration” services, and continuously strengthening community operations and amenities to create warm community ecosystems. Through these solid actions, Vanke achieved “zero waiting” for delivery in 73 batches and “immediate registration” in delivery throughout the year, with 37 projects becoming benchmarks for quality delivery, and 21 projects implementing the “Xing Delivery” model. Some benchmark projects formed a virtuous cycle of “promotion through delivery,” boosting sales velocity.

Meanwhile, Vanke actively revitalized existing resources and engaged in bulk asset transactions to optimize its debt structure and resolve financial risks. On one hand, Vanke continued to make efforts, flexibly using various policy tools, innovating resource swaps, and mobilizing a total of 33.85 billion yuan in asset value through asset revitalization, acquiring 23 new projects with a total planned construction area of 117k square meters. On the other hand, Vanke completed 31 bulk asset transactions worth 11.3 billion yuan, orderly advancing the exit and settlement of snow and ice business segments. Additionally, Vanke actively sought support from financial institutions, continuously implementing refinancing and extension measures to optimize financing.

In terms of operational capacity, Vanke’s various business segments achieved phased results. In 2025, Vanke’s development business signed contracts totaling 134.06 billion yuan, with 84% of 18 new projects invested and delivered; projects in Shanghai, Chengdu, Harbin, Wenzhou, and other cities had a first-phase absorption rate exceeding 80%, and the Shanghai Ideal Land’s near-zero carbon community was selected as a first batch of “Good Communities” by the Ministry of Housing and Urban-Rural Development. Wanyun Cloud achieved revenue of 37.36 billion yuan, with the number of process-reformed “Die City” projects increasing to 300; expanded to 52 energy management service projects, leading the industry in scale and comprehensive service capability. Vanke Boya’s scale, efficiency, and insurance volume remained industry-leading, managing over 270k long-term rental apartments with an overall occupancy rate exceeding 95%, including 105k units managed through light-asset entrusted management. Wanyun Logistics’ revenue steadily grew, with cold chain income increasing over 25% year-on-year; total leasable warehouse area exceeded 10 million square meters, with high-standard and cold chain warehouse occupancy rates steadily rising. Yinli’s overall occupancy rate reached 94.5%, establishing good cooperation with over 12,700 brands; China Merchants Yinli Consumer REIT performed steadily, with an annualized cash flow distribution rate of 4.18%.

Looking ahead to 2026, Vanke stated that during this critical stage of overcoming difficulties and fully managing risks, it received strong support and dedicated assistance from all parties, providing a solid foundation for the company to prudently handle risks, stabilize its fundamental operations, and restore market confidence. The company will focus on risk mitigation and development, continuously promoting key work implementation, steadfastly advancing urban and business focus, enhancing product and service capabilities, exploring business model innovation, and strengthening technological empowerment.