Vanke: Significant Debt Repayment Pressure, Seeking Long-term Resolution Plan

Securities Times reporter Zhang Yifan

On March 31, Vanke A (000002) held an analyst meeting after disclosing its annual report, with Chairman Huang Liping and others attending. At the meeting, management of Vanke candidly acknowledged that publicly issued debt will mature in a concentrated manner from April to July, with particularly prominent repayment pressure, and the company will actively seek a long-term, sustainable solution to resolve its debt.

The financial report disclosed by Vanke shows that in 2025, Vanke recorded operating revenue of 233.43 billion yuan and a net loss of 88.56 billion yuan. The company’s performance is still being weighed down by factors including a significant decline in the settlement scale of real estate development projects and the gross profit margin still remaining at a low level, as well as additional provisions for credit impairment and asset impairment, and some large-amount asset transactions and equity transaction prices falling below their book values.

In its annual report, Vanke stated that in 2025 the company actively carried out “self-rescue,” and has completed the repayment of 33.21 billion yuan of publicly issued debt. Of these, starting from November 2025, the company has gradually completed the extension of two medium-term notes, “22 Vanke MTN004” and “22 Vanke MTN005,” as well as one corporate bond, “H1 Vanke 02.”

“However, affected by multiple internal and external factors, the company’s current operating situation remains extremely severe.” Vanke executives said at the earnings briefing.

By the end of the reporting period, Vanke’s net debt-to-asset ratio was 123.5%, and its asset-liability ratio was 76.9%. Among them, interest-bearing liabilities totaled 358.48 billion yuan, while interest-bearing liabilities due within one year were 160.56 billion yuan, accounting for 44.8%. In 2026, Vanke will still face publicly issued debt maturing in a total amount of 14.68 billion yuan, of which 11.27 billion yuan will mature in a concentrated manner from April to July, with repayment pressure particularly prominent.

“Next, we will uphold a candid and pragmatic attitude, maintain close communication and consultation with creditors, and, with the goal of safeguarding the long-term interests of all parties, actively seek a long-term and sustainable solution to resolve debt, taking into account the company’s actual operating situation. We also sincerely ask all parties to continue to provide understanding, support, and tolerance, move forward in the same direction as the company, and provide the company with time and space to resolve risks, so as to create a stable environment for the company to restore healthy operations at an early date.” Vanke executives said at the meeting.

In terms of the main development business, Vanke said the company will treat on-time delivery as the top priority, and in 2025 it will complete the delivery of 117,000 apartments on time and with quality.

Regarding the housing delivery tasks in 2026, Vanke executives emphasized that it will make on-time handover of homes its first priority, and will exert efforts across multiple dimensions, including whole-cycle progress control, supply chain and capital assurance, risk closed-loop management, and quality control throughout the entire process, to continuously improve delivery quality.

The financial report shows that in 2026, Vanke’s existing projects are planned to start new construction and resume construction, with a GFA of 3.061 million square meters on a capacity basis; and the expected GFA on completion will be 7.441 million square meters on a capacity basis. Both targets are roughly cut in half compared with the previous year. As of the end of 2025, within Vanke’s consolidated reporting scope, there are still 10.969 million square meters of sold resources that have not yet been settled.

For Vanke’s operating services business, Vanke executives introduced that the related business is already relatively mature. The various operating services businesses are relatively independent, and have already achieved a certain scale and brand advantages, with overall operations making steady progress. For example, Vanke Cloud is an independent listed company that has developed into a leading top-tier property services company with industry-scale and comprehensive service capabilities.

In addition, in response to personnel information rumors that have been circulating recently, Vanke said that talent mobility is a normal phenomenon in the market. Some existing colleagues have chosen new platforms based on their own career plans, and the company is also continuously attracting outstanding talent from all sides to join. There are also tens of thousands of people who strive, staying at Vanke and moving forward side by side with the company.

（责任编辑：刘畅 ）

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