Vanke's 2025 revenue reaches 233.4 billion yuan; in 2026, focus on "risk mitigation and development"

Real estate developers across the board have been releasing their annual reports one after another. On March 31, Vanke released its 2025 annual report. The company achieved operating revenue of RMB 233.4 billion. It delivered 117,000 housing units on schedule and with quality. It also generated sales of RMB 134.06 billion.

Despite strong support from all sides, Vanke’s operating performance remains under heavy pressure due to multiple factors. Its historical burdens are particularly severe, and the burdens and problems formed by the development model characterized by high leverage, rapid turnover, and high debt in the past still require time to resolve. Data show that in 2025 the company recorded a net loss of RMB 88.56 billion, with the year-on-year loss expanding by 78.98%. Performance is still constrained by a significant decline in the settlement scale of real estate development projects and a gross margin that remains at a low level. It was also weighed down by factors including additional provisions for credit impairment and asset impairment, as well as some off-balance-block large-asset and equity transaction prices falling below their book values.

It is reported that, in terms of resolving financial risks, Vanke has taken the reviving of existing resources and large-asset transactions as its key levers, continuously optimizing its structure of assets and liabilities. On the one hand, Vanke has continued to make breakthroughs, flexibly applying various policy tools, and innovatively advancing resource swaps. Throughout the year, it revived inventories with a value of RMB 33.85 billion, secured 23 new projects through the revival, and planned a gross floor area of 1.869 million square meters. On the other hand, Vanke completed 31 large-asset transactions for projects, with transaction value of RMB 11.3 billion, and advanced orderly the exit and settlement of its ice-and-snow business. In addition, Vanke has actively sought support from financial institutions and has continuously implemented financing optimization measures such as refinancing and extensions.

Worth noting is that, embracing the era of artificial intelligence (AI), Vanke has actively carried out technological innovation. Its self-initiated blueprint large model has become an industry-level application. Its Omni Cloud Intelligent Butler has become a representative AI scenario-based application in the property management industry. And Wanying Logistics, leveraging its resource advantages, has explored an innovative urban logistics model of “rail transit + robot delivery.”

Vanke previously said, in response to questions on an investor interaction platform, that the real estate industry is currently in an important period of transition from old to new models. The company’s sales continue to decline, and the overall operating situation remains extremely severe. With support from all sides, the company is currently doing everything to advance its reform-and-risk-resolution work. It is reported that after releasing the annual report, Vanke held an analyst meeting, where Chairman Huang Liping and others attended. At the meeting, Vanke candidly acknowledged that the public debt repayment pressure from April to July will be especially prominent. The company will actively seek long-term debt resolution solutions.

Regarding the Vanke debt issues that have attracted close market attention, Liu Shui, general manager of corporate research at the China Index Academy, believes that sufficient effective assets will be a key test for Vanke’s future bond extensions.

Looking ahead to 2026, Vanke said that during the critical stage of tackling difficulties and focusing all efforts on risk resolution, with strong support from all parties, it will provide solid backing for the company to dispose of risks prudently, stabilize the fundamentals of operations, and restore market confidence. In 2026, the company will focus on two major themes—risk resolution and development—while continuously pushing key work to implementation: firmly advancing city and business focus, continuously improving product and service capabilities, exploring innovation in business models, and strengthening technology enablement.