China Vanke released its unaudited results for the nine months ended 30 September 2026, highlighting a mixed picture of shrinking top-line, smaller losses and continued balance-sheet strain. All figures are in Renminbi and adhere to IFRS.
Key Nine-Month Metrics (YoY) • Revenue: RMB 104.99 billion, down 34.94%. • Net loss attributable to shareholders: RMB 23.94 billion, narrowing 14.53%. • Operating cash outflow: RMB 2.22 billion, a 62.26% improvement. • Basic/Diluted loss per share: RMB 2.01 vs. RMB 2.36. • Gross profit margin before tax: 2.9%; property development margin remained negative at –1.3%.
Third-Quarter Snapshot • Q3 revenue: RMB 34.83 billion. • Q3 net loss attributable: RMB 8.99 billion, driven by lower settlement volume and soft margins.
Sales & Delivery • Contract sales for Jan–Sep: 4.21 million m², RMB 52.01 billion (-48.2%). • Undelivered sold resources: 8.93 million m², contract value RMB 79.54 billion. • 34,000 units delivered on schedule across 119 projects in the first three quarters.
Segment Highlights (Jan–Sep) • Property development revenue: RMB 60.29 billion; settlement area 5.10 million m². • Operating services revenue: RMB 43.80 billion, up 0.5%. • Rental housing revenue: RMB 2.10 billion; 171,300 opened units with 92.5% occupancy. • Retail properties revenue: RMB 6.68 billion; portfolio occupancy 93.1%. • Logistics & warehousing revenue: RMB 3.36 billion (+5.6%); cold-chain revenue +21.9%.
Balance-Sheet Movements • Total assets: RMB 932.80 billion (-8.60% vs. end-2025). • Equity attributable to shareholders: RMB 93.09 billion (-20.37%). • Cash on hand: RMB 52.45 billion. • Interest-bearing liabilities: RMB 348.83 billion; asset-liability ratio rose to 78.0% (+1.1 ppts). • Net current assets declined to RMB 84.93 billion from RMB 132.18 billion.
Financing & Liquidity • Average financing cost eased to 2.86%, down 17 bps YTD. • Shenzhen Metro Group extended RMB 4.52 billion in shareholder loans on preferential terms. • Risk-mitigation actions completed on 10 public bonds involving RMB 18.07 billion principal.
Operational & Policy Context Intensive nationwide property-support measures began late August. Early signs of demand stabilization emerged during the National Day period, yet Vanke’s sales remained under pressure. Management continues to prioritize “risk resolution and development,” focusing on asset sales, project revitalization (RMB 19.50 billion capacity optimized YTD) and refinancing/extensions to address debt maturities.
Litigation and tax-related disputes remain a cost overhang, although provisions fell 48.93% to RMB 369 million.
Outlook Statement (from company) Vanke intends to monitor policy changes, streamline business focus and further improve capital structure to restore sustainable growth.
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