VANKE PPT OVS

China Vanke Co., Ltd. and former board chairman Yu Liang have for the first time been placed under a consumption restriction order, issued by the Changsha Intermediate People's Court in Hunan Province on September 13, 2026. Case process information shows that on March 11 this year, Vanke was ordered to pay nearly 5 million yuan in connection with a related case. On March 12, the Changsha Intermediate People's Court filed the case for enforcement. Because Vanke failed to fulfil its payment obligations under the effective legal document within the period specified in the enforcement notice, the court imposed consumption restriction measures on Vanke, barring Vanke and its legal representative Yu Liang from high-spending activities and consumption not essential for daily life or work. Yu Liang is prohibited from taking flights, soft sleeper berths on trains, cabins above second class on ships, and first-class or higher seats on high-speed rail and bullet trains. He is also barred from high-spending at star-rated hotels, restaurants, golf courses and similar venues, and from purchasing real estate, vehicles not essential for business operations, and from travelling or taking holidays. Vanke was founded in May 1984. Its current legal representative and chairman is Xu Enli. On March 19 this year, Vanke underwent a business registration change, and Yu Liang stepped down as legal representative. Yu Liang joined Vanke in 1990. On January 27, 2025, he resigned as chairman of the board but continued to serve as a director. On January 8 this year, he resigned as a director and executive vice president of the company upon reaching retirement age, and has since ceased to hold any position at the company. Financial reports show that Vanke's operating revenue in the first half of 2026 was 70.169 billion yuan, down 33.38 percent year on year, while its net loss attributable to shareholders of the listed company widened to 14.951 billion yuan, compared with a loss of 11.947 billion yuan in the same period last year. Over the past two years, its largest shareholder, Shenzhen Metro Group, has repeatedly injected funds into Vanke, having previously provided more than 20 billion yuan in total. On June 13 this year, Vanke A announced that Shenzhen Metro Group would provide a loan of no more than 1.14 billion yuan. From the beginning of 2026 to the disclosure date of that announcement, Shenzhen Metro Group had provided a cumulative total of 2.728 billion yuan in loans to the company, excluding the loan covered by that announcement.

China Vanke Co., Ltd. released its 2026 semi-annual report. In the first half of the year, it achieved operating revenue of 70.17 billion yuan, down 33.38 percent year on year, while the net loss attributable to shareholders of the listed company was 14.95 billion yuan. The loss mainly stemmed from a decline in the settlement scale of property development projects, low gross margins, newly added asset impairment provisions, and losses in some operating businesses and financial investments. In the first half of the year, Vanke made total impairment provisions of 4.273 billion yuan, reducing net profit attributable to the parent company by about 3.164 billion yuan. The property development business achieved a sales area of 2.93 million square metres and sales value of 35.8 billion yuan, down 45.6 percent and 48.2 percent year on year respectively, but the overall sell-through rate for nine first-launch projects reached 60 percent, with projects such as Xuzhou Yanyuxi achieving a sell-through rate of more than 80 percent. The rental housing business achieved operating revenue of 1.464 billion yuan, with a Port Apartment occupancy rate of 94.3 percent. The commercial business achieved operating revenue of 4.05 billion yuan, with an occupancy rate of 92.8 percent. The logistics and warehousing business achieved operating revenue of 2.19 billion yuan, up 6.9 percent year on year. Onewo achieved operating revenue of 19.19 billion yuan, up 5.6 percent year on year. On the financing side, new financing and refinancing amounted to 4.08 billion yuan, the comprehensive financing cost of existing financing was 2.86 percent, and the major shareholder Shenzhen Metro Group provided cumulative shareholder loans of about 4.52 billion yuan. As of the end of the reporting period, the net debt ratio was 135.4 percent, total interest-bearing liabilities were 351.26 billion yuan, and cash and bank balances were 59.05 billion yuan.