CHINA VANKE (02202) has firmly responded to the dual-track policy of rental and purchase. On October 30, the company released its third-quarter report, revealing that despite numerous challenges and pressures, it achieved revenue of 161.39 billion yuan in the first three quarters, with sales revenue reaching 100.46 billion yuan. The company delivered over 74,000 high-quality housing units, while its property services business generated 43.57 billion yuan in revenue, maintaining its leading position in operational efficiency.
Notably, CHINA VANKE's long-term rental apartment business continues to lead the industry in scale, efficiency, and the number of units designated as affordable rental housing. The company manages over 280,000 units, with more than 200,000 already operational. Among these, over 133,000 units have been included in the government-subsidized rental housing program. More importantly, its rental brand, "PoYu," has pioneered an integrated "production, construction, and operation" development model in the industry.
An industry analyst noted that while the rental-and-purchase policy is gaining momentum, finding a sustainable business model remains a challenge. CHINA VANKE, an early entrant in the rental housing sector, has successfully explored a sustainable path through "activating existing assets + value-added services + capital recycling." By adopting innovative approaches such as converting unsold properties into rentals and repurposing non-residential spaces into affordable housing, the company has revitalized urban resources, improved operational efficiency through standardized services, and achieved breakthroughs in Pre-REIT funds, gradually establishing an exit channel for assets.
As the rental-and-purchase policy deepens, CHINA VANKE's long-term rental business is poised for further growth. The company not only leads in scale and efficiency but has also pioneered an integrated development model. For example, at the Foshan Golden Dream project, PoYu successfully transformed scattered unsold units into well-managed rental properties, earning recognition from both tenants and property owners. In cities like Hefei, Wuhan, and Suzhou, PoYu has deepened collaborations with local state-owned platforms, securing agreements for the operation of several mid-to-large-scale rental communities.
Beyond scale and efficiency, CHINA VANKE prioritizes customer-centric improvements in rental quality. In the first half of the year, PoYu launched its "Six Service Commitments" nationwide, focusing on genuine listings, transparent fees, 24/7 online support, and emergency repairs. Its "renewal price protection" policy, safeguarding tenants' rights, has been widely praised. Additionally, PoYu introduced short-term rental services for corporate clients and tenants traveling or visiting family, accumulating over 500,000 room-nights in bookings. This "hybrid rental model" maximizes occupancy rates through flexible leasing terms, allowing the company to navigate competitive markets effectively.
CHINA VANKE's long-term rental business has also gained recognition from major shareholders and third-party institutions. In Q2, PoYu signed a framework agreement with Shenzhen Metro (Shenzhen Metro Group) to deepen cooperation in rental housing operations. Under the agreement, Shenzhen Metro will leverage its extensive project assets, while PoYu will contribute its brand influence and operational expertise, jointly managing metro-adjacent properties suitable for long-term rentals. This collaboration supports asset circulation for Shenzhen Metro while boosting CHINA VANKE's rental business.
Furthermore, according to a third-party industry report, "2025 China Real Estate Brand Value Research," PoYu was named "2025 China Leading Rental Housing Brand" and "2025 China Leading Community Rental Brand."