China Vanke reported a RMB70.17 billion revenue for the first half of 2026, down 33.38 percent year-on-year. Contracted sales fell 48.15 percent to RMB35.80 billion and booked area declined 35.79 percent to 3.43 million sq m.

Gross profit dropped 69.66 percent to RMB1.63 billion, while the group swung to a net loss attributable to equity holders of RMB14.95 billion, versus a RMB11.95 billion loss a year earlier. Total net loss reached RMB16.02 billion.

Liquidity remained strained. Cash and cash equivalents stood at RMB53.08 billion; including restricted deposits, total on-hand cash was RMB59.05 billion. Interest-bearing debt totalled RMB351.26 billion, with RMB178.86 billion maturing within 12 months. Net gearing rose to 135.4 percent from 123.5 percent at end-2025.

Recorded inventory decreased 7.45 percent to RMB345.96 billion after a RMB3.94 billion impairment. The company booked RMB15.58 billion of capacity from asset revitalisation and acquired eight projects (363,000 sq m attributable GFA) mainly through land revitalisation.

Operational service revenue (property services, commercial, logistics, apartments, etc.) reached RMB28.85 billion, up 1.6 percent. Onewo contributed RMB19.19 billion in revenue; its residential occupancy rate averaged 94.3 percent. Logistics arm VX Logistic Properties operated 10.53 million sq m of leasable space with service revenue up 29 percent.

During the period Vanke convened bondholder meetings for seven onshore bonds, adopting “40 percent upfront + one-year extension” repayment terms and pledged additional collateral. As of the report date, RMB4.52 billion in shareholder loans had been received from major shareholder Shenzhen Metro Group, priced at one-year LPR minus 66–71 basis points.

The board did not declare an interim dividend.