There is no shortcut to risk mitigation for major real estate developers, and China Vanke Co.,Ltd. (ASX: 000002) is going all out to advance both risk mitigation and development. On October 29, Vanke released its third-quarter report for 2026. In the first three quarters, despite a severe operating environment, Vanke tackled difficulties head-on and achieved operating revenue of 105 billion yuan. Its development business delivered 34,000 homes on schedule and with quality assurance, while revitalizing and adding 19.5 billion yuan in production capacity. Its operating services business remained steady, with total revenue of 43.8 billion yuan.
Industry analysts noted that Vanke has been deeply engaged in the real estate industry for many years, and its accumulated experience is expected to provide capability support under the new development model of real estate. However, its operations remain under pressure, and the battle for risk mitigation has a long way to go, requiring more patience and time from all parties.
In the first three quarters, Vanke went all out and pushed forward with deliveries despite difficulties, continuously building product strength. From January to September, Vanke completed the delivery of 119 projects and 34,000 homes through multiple measures, with concentrated handover rates reaching 100% for projects in Changchun, Wuhan, and other locations. At the same time, it updated 405 product technical standards to strengthen its product system. The Sunan Langshi Yuhu project created a "Quality Manufacturing Workshop," publicly displaying construction techniques and quality control details at each stage of civil engineering and fine decoration, achieving clearance sales of the project's completed homes.
In terms of sales, first-launch projects all fulfilled their investment commitments, with an overall first-launch sell-through rate of nearly 60%. Among them, Ningbo Puyuan Yinxiu precisely targeted the improvement demand in the area with differentiated products, achieving a first-launch sell-through rate of 75%.
Meanwhile, Vanke's operating services business saw coordinated efforts across multiple business formats, with operations remaining steady. In the first three quarters, Onewo continued to deepen its "Butterfly City" strategy in the residential sector, steadily expanding existing projects, while also expanding several large-scale commercial and enterprise benchmark projects in Shanghai, Hangzhou, and other locations. Boyu had cumulatively operated and managed over 210,000 long-term rental apartments, with over 170,000 already opened and an occupancy rate of 92.5%. The overall occupancy rate of the commercial business was 93.1%. Vanke Logistics achieved year-on-year revenue growth, with cold chain revenue increasing 21.9% year-on-year and service revenue increasing 26% year-on-year.
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