China Vanke Co., Ltd. (“Vanke”) released its unaudited results for the three months ended 31 March 2026.

Revenue totaled 28.93 billion, a year-on-year decline of 23.86%. The contraction was driven mainly by the property development segment, whose revenue fell 36.10% to 14.57 billion. Operating and property services generated 12.48 billion, edging up 1.70%.

The Group recorded a net loss attributable to equity shareholders of 5.95 billion, an improvement of 4.71% from the 6.25 billion loss a year earlier. The overall gross profit margin reached 9.1%, up 3.0 percentage points year-on-year.

Operating cash outflow narrowed sharply: net cash used in operating activities was 2.16 billion versus 5.79 billion in the prior-year period. Cash and cash equivalents stood at 55.16 billion at quarter-end, while total interest-bearing liabilities were 356.05 billion, translating into an asset-liability ratio of 77.1%.

Balance-sheet metrics showed total assets of 997.41 billion, down 2.27% from end-2025, and equity attributable to shareholders of 110.54 billion, down 5.45%. The weighted average return on net assets was –5.23%, versus –3.13% a year earlier.

Segment and business highlights • Contracted sales reached 16.77 billion on 1.40 million sq m, down 53.8% and 42.2% respectively. • Rental housing contributed 724 million in revenue, with an occupancy rate of 93.7% across 251,000 units under management. • Retail property operations (SCPG) delivered 2.08 billion in revenue, up 7.30%, and maintained a 93.1% occupancy rate. • Logistics and warehousing services generated 1.09 billion, rising 9.80%; cold-chain revenue grew 28.0% to 640 million. • Onewo, the property-service arm, continued to roll out its “Lingshi” AI platform and secured new hospital and commercial mandates.

Capital and financing developments • Average cost of existing financing declined to 2.88%, with onshore funding at 2.62%. • Majority shareholder Shenzhen Metro Group (SZMC) extended 2.73 billion in additional shareholder loans during the period at a 2.34% cost and agreed to defer repayment of 274 million due in Q1. • Bondholders approved maturity extensions for three medium-term notes and one corporate bond.

Asset optimisation Vanke completed several asset sales, including the Guangzhou Yuncheng parking-lot portfolio for 87 million, and acquired new land in Qingdao via a joint venture, converting commercial land to residential use for future development.

Shareholder structure As of 31 March 2026 the company had 489,869 ordinary shareholders. SZMC remained the largest holder with a 27.18% stake, followed by HKSCC Nominees at 18.49%. Total share capital was unchanged at 11.93 billion shares (9.72 billion A-shares and 2.21 billion H-shares).

Looking ahead, management highlighted continued policy support for China’s real estate sector, ongoing cost-control measures, and further portfolio optimisation to stabilise cash flow and balance-sheet health.