Goldland Group’s 2025 revenue was 35.858 billion yuan, ushering in a new pattern of balanced development.

As the real estate industry shifts from rapid expansion to a new stage of stock optimization and quality improvement, China Vanke Group is delivering a cycle-proof, sustainable development report card with steady operational capabilities and clear strategic focus.

On April 4, 2026, China Vanke Group released its 2025 annual report. During the reporting period, the company achieved operating revenue of 35.86B yuan, with a steady increase in non-residential income and continuous optimization of the business structure. Additionally, the company’s interest-bearing debt scale was orderly reduced, debt structure further optimized, and the weighted average cost of debt financing was 3.92%, down 13 basis points compared to the end of 2024.

After deep industry adjustments, Vanke has maintained its operational safety bottom line and resilience through the “storm,” building a sustainable development model suited for the new cycle with a strategy of “focusing on core businesses and balancing heavy and light assets,” making its development path increasingly clear.

Stock inventory, incremental growth, and solidifying a stable development foundation

In recent years, cash flow safety has always been the core foundation for real estate companies to navigate cycles. Facing profound changes in industry logic, Vanke in 2025 adopted a cash flow-centered operational strategy, focusing on “optimizing incremental sales and revitalizing stock,” fully promoting sales digestion, and achieving operating revenue of 35.86B yuan for the year, thus building a solid barrier for cash flow safety.

Revitalizing stock assets is the key to the company’s 2025 operational quality improvement. Vanke launched a “one plan, one policy” approach, utilizing multiple channels such as land exchanges, commercial-to-residential conversions, stock property acquisitions, and self-held to sale conversions. Throughout the year, 22 stock projects’ assets were revitalized, effectively improving asset operation efficiency and potential. Notably, after the Wuhan stock apartment project was exchanged for high-quality residential land, the Dachen Yuefu project, built with excellent product strength, achieved four successful openings in the year, earning city benchmarks for quality and performance and receiving widespread praise.

At the same time, Vanke seized opportunities in the incremental market. In the first half of 2025, it successfully acquired two high-quality low-density villa plots in Songjiang, Shanghai, and Linping, Hangzhou. The Yueyuan Villas project developed from the Songjiang plot sold out immediately upon opening, further confirming the company’s precise investment and product development capabilities.

The efficient coordination of stock revitalization and incremental growth has provided a solid resource base for Vanke’s subsequent performance recovery. As of the end of the reporting period, Vanke’s total land reserves were approximately 24.72 million square meters, with equity land reserves of about 10.59 million square meters, and 79% of the land was in first- and second-tier cities. This high-quality land reserve structure supports the company’s long-term stable operation.

Reconstructing development logic through balancing heavy and light assets, and transforming multiple businesses to open a new development cycle

As traditional development models enter a new stage, finding a second growth curve has become industry consensus. Transitioning from a developer to a service provider is also a key exploration direction. In recent years, Vanke has proactively broken path dependence, establishing a “balance of heavy and light assets” development strategy. While consolidating its core development business, it vigorously develops agency construction, property services, and holding asset management, forming a multi-line development pattern.

The annual report shows that in 2025, Vanke’s agency construction, property, and holding property management businesses maintained steady growth, with a significant increase in their revenue share, making the second growth curve increasingly certain.

Among these, agency construction is the core engine of Vanke’s light-asset business and performed particularly well. After years of deep cultivation, Vanke has built a “three strengths” system centered on product, service, and management, maintaining high client satisfaction and repeat business rates. In 2025, Vanke’s new agency construction signed 15.31 million square meters of service contracts, a 59% increase year-over-year; the total signed management area reached 53.62 million square meters, covering over 70 cities nationwide, ranking among the top industry tiers. The business structure remains solid with residential agency construction as the foundation, complemented by commercial, industrial parks, resettlement housing, and apartments; partners include state-owned enterprises, urban investment platforms, and high-quality private enterprises, with a continuously optimized client structure.

Property services also maintained steady growth. In 2025, Vanke’s smart service revenue continued to rise, with a stable residential business base, rapid expansion in commercial and urban services, and strategic clients in new energy, financial technology, healthcare, and other fields. Managed properties showed resilience under market pressure.

In 2025, Vanke’s managed properties generated a total rental income of 3.14B yuan, with ongoing improvements in operational quality. Mature commercial projects such as Shanghai Jiuting Vanke Plaza, Xi’an Vanke Plaza, and Wuhan Vanke Plaza achieved a leasing rate of 95%; office buildings saw an upward trend in occupancy rates, with Shenzhen Vanke Weixin Center surpassing 90%, attracting high-quality tenants from tech, software, finance, and insurance sectors. The Weixin industrial park’s mature campus rental rate exceeded 90%.

Currently, the real estate industry is undergoing a profound logical restructuring, with high-quality development becoming the core theme. When development no longer guarantees high growth, operational capability becomes the ballast stone for companies to navigate cycles. In 2026, Vanke, having cleared its public debt and adopted a leaner approach, will leverage its years of accumulated mature operations, products, and services to promote coordinated development of core and diversified businesses, achieving more stable operations, more distinctive products, and more balanced growth, thus crossing industry cycles and embarking on a new journey of sustainable development.