The real estate sector is entering a new phase of development, where the dual-track approach of renting and purchasing is becoming the prevailing trend. As an early mover in the industry, China Vanke Co., Ltd. has achieved a breakthrough in the light-asset development model for its long-term rental business. On March 31, Vanke released its 2025 annual report, revealing that despite multiple significant challenges over the past year, the company overcame difficulties with strong support from its major shareholders and other stakeholders. It managed to maintain stable operations, achieving a revenue of 233.4 billion yuan. The company delivered 117,000 housing units on schedule and recorded sales of 134.06 billion yuan. Revenue from its operational services remained steady, with total comprehensive income reaching 58.01 billion yuan.
Among its businesses, Vanke's rental apartment brand, Po Apartment, maintained its leading position in scale, efficiency, and the number of units included in affordable housing programs. It currently operates and manages 270,000 long-term rental apartments, with an overall occupancy rate exceeding 95%. Notably, 105,000 of these units are managed under light-asset entrusted management agreements, making Vanke the first centralized long-term rental apartment enterprise in the industry to surpass 100,000 units under such a model.
In 2025, Po Apartment achieved breakthroughs in its light-asset development strategy through multiple approaches. By the end of December 2025, it operated 270,000 long-term rental apartments, with an overall occupancy rate above 95%. On one hand, Po Apartment actively responded to government policies by participating in the large-scale development of affordable rental housing. Of its managed rental units, 132,000 were incorporated into the affordable rental housing system. At the same time, it assisted governments and state-owned enterprises in revitalizing existing assets, efficiently increasing the supply of rental housing while securing stable entrusted management resources. In 2025, it revitalized 24 projects belonging to the group and state-owned enterprises, adding over 15,000 rooms.
On the other hand, Po Apartment served the real economy by providing employee housing solutions for leading enterprises. It has established light-asset partnerships with over 100 large companies. In 2025, it expanded collaborations with prominent firms such as China Postal Savings Bank, Ant Group, Inspur Digital, and FAW-Volkswagen. Corporate clients now account for 22.6% of its business. Additionally, Po Apartment transformed existing heavy-asset projects into light-asset models through the establishment of housing rental funds. By transferring full or majority equity to these funds while retaining long-term management rights, it unlocked the value of existing assets and introduced professional investors to support business growth. Currently, 105,000 units are managed under light-asset agreements.
Ensuring tenants not only have a place to live but also enjoy a high quality of life is a priority for Po Apartment. The brand focuses on customer-centric improvements across multiple dimensions, achieving a customer satisfaction rate of 96.6% for the year. In 2025, it launched the "Six Service Commitments" nationwide, emphasizing key rental guarantees such as authentic listings, transparent fees, 24/7 online support, and emergency maintenance. Its "Renewal Price Protection" policy, which safeguards the interests of existing tenants, received widespread recognition, leading to industry-leading customer satisfaction and renewal rates.
Po Apartment also introduced short-term rental services for corporate clients and tenants traveling or visiting family. Business-related short-term stays increased by 13% year-over-year. The combination of long-term and short-term rentals allows the business to adapt more flexibly to market cycles while meeting the diverse needs of different customer segments.
Industry experts noted that the housing rental market still holds vast potential, with the dual-track housing system undergoing rapid adjustments and improvements. The market no longer demands simple housing providers but integrated service providers capable of enhancing asset value and optimizing the rental experience. Through its light-asset strategy, Po Apartment has carved a more sustainable development path for itself while offering a reference model for industry transformation.
Beyond long-term rentals, Vanke's other operational services also demonstrated stability. In 2025, these businesses generated total comprehensive income of 58.01 billion yuan. Vanke's property services arm, Onewo, reported revenue of 37.36 billion yuan, leading the industry in scale and comprehensive service capabilities. Vanke's logistics division, VX Logistics, saw steady revenue growth, with cold chain revenue rising over 25% year-over-year. Its leasable warehouse space exceeded 10 million square meters, and occupancy rates for high-standard and cold chain warehouses remained stable or improved. Yinli Global, a commercial property platform, achieved an overall occupancy rate of 94.5% and established strong collaborations with over 12,700 brands. The China Merchants Yinli Consumption REIT performed steadily, with an annualized cash distribution rate of 4.18%.
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