China Vanke (02202) announced its financial results for the first quarter of 2026. The group recorded revenue of RMB28.93 billion, representing a decrease of 23.86% compared to the same period last year. The net loss attributable to shareholders of the listed company was RMB5.95 billion, a reduction of 4.71% year-on-year. The basic loss per share was RMB0.4989. As of the end of the reporting period, the group held cash and cash equivalents of RMB60.49 billion. Total interest-bearing debt amounted to RMB356.05 billion, and the asset-liability ratio stood at 77.1%.

During the reporting period, the group achieved contracted sales area of 1.401 million square meters and contracted sales value of RMB16.77 billion, declining by 42.2% and 53.8% year-on-year, respectively. The area and value of properties settled were 1.353 million square meters and RMB14.57 billion, down 33.4% and 36.1% compared to the prior year period. By the end of the first quarter, the group had 10.533 million square meters of sold resources, with a contract value of RMB107.20 billion, that were yet to be completed and settled.

In the first quarter, the group commenced construction and resumed work on projects with a gross floor area of 692,000 square meters, achieving 22.6% of the full-year plan. Completed gross floor area totaled 983,000 square meters, representing 13.2% of the annual target. Housing delivery proceeded smoothly and in an orderly manner. A total of 7,600 homes across 30 projects were delivered on schedule during the quarter. Among these, 32.1% of the homes were delivered 30 days ahead of schedule, and 28.1% of the homes had their property certificates processed immediately upon delivery.

The group continues to focus on enhancing its product and service capabilities. It is deepening its product philosophy of "good houses, good services, good communities" and fostering product innovation based on local characteristics. The newly launched Sanya Jialandi project, featuring a "floating island" three-dimensional community design, rainforest-inspired natural aesthetics, and resort-style amenities, has been well-received by customers, achieving sales of RMB1.32 billion.

Efforts to revitalize existing resources continued. In the first quarter, the group acquired the Qingdao Licang District Shiniushan project through an invested project company, in which Vanke holds a 22.5% equity interest. Utilizing a model of "acquisition, planning adjustment, and re-tendering," a commercial plot was revitalized into residential land, with a total gross floor area of 111,000 square meters. The Shanghai Xinyao Zhongcheng project achieved asset efficiency improvements and capacity optimization valued at RMB240 million by compliantly promoting the relaxation of restrictions on self-held rental housing.

As of the end of the first quarter, the total gross floor area of projects under construction was approximately 26.45 million square meters, with the equity gross floor area being approximately 17.50 million square meters. The total gross floor area of planned projects was approximately 28.00 million square meters, with the equity portion being approximately 17.84 million square meters. Additionally, the group is participating in a number of urban renewal projects. Based on current planning conditions, the total gross floor area for these projects is approximately 3.386 million square meters.