Vanke
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| Company type | Public company |
|---|---|
| SZSE: 000002 SEHK: 2202 | |
| Industry | Real estate |
| Founded | 1984 |
| Headquarters | , China |
Key people | Chairman: Yu Liang CEO: Yu Liang |
| Revenue | US$ 65.79 billion (2023)[1] |
| US$ 1.7 billion (2023)[1] | |
| Total assets | US$ 212.0 billion (2023)[1] |
| Owner | Shenzhen Metro (29.38%)[2] |
Number of employees | 131,097 (2023)[1] |
| Website | vanke |
| Vanke Co., Ltd. | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Simplified Chinese | 万科企业股份有限公司 | ||||||||||
| Traditional Chinese | 萬科企業股份有限公司 | ||||||||||
| |||||||||||
Vanke (simplified Chinese: 万科; traditional Chinese: 萬科; pinyin: Wànkē; Jyutping: maan6 fo1) is a large residential real estate developer in China. It is engaged in developing, managing and selling properties across more than 60 mainland Chinese cities in the Pearl River Delta, Yangtze River Delta and Bohai-Rim Region, with the provision of investment, trading, consultancy services and e-business. It also has expanded into Hong Kong, the United States, the United Kingdom, and Malaysia since 2012. Its largest shareholder is Shenzhen Metro.
It is headquartered in Vanke Center (万科中心) in Dameisha, Yantian District, Shenzhen, Guangdong province.[3]
History
[edit]Vanke was listed on the Shenzhen Stock Exchange in 1991, the second listed company in the Shenzhen Stock Exchange after Shenzhen Development Bank. It had the largest market capitalisation in 2006 on the Shenzhen Stock Exchange.
As of 2020, Vanke was ranked 208th in the Fortune Global 500.[4] Fortune reported the company having US$53.253 billion in revenue, US$248.360 billion worth of assets, and 131,505 employees that year.[4]
Vanke was also ranked 96th in the Forbes Global 2000 in 2020.[5]
As of 21 February 2019 its market cap was US$44 billion.
Financial struggle
[edit]In March 2024, Moody's Ratings downgraded Vanke's credit rating score to Ba1, citing "substantial credit risk" in the company.[6]
Since the beginning of 2025, the company has been dealing with a huge amount of debt due amid a struggling property market. It has around 4.9 billion USD in bonds maturing in 2025, half of its public debt.[7]
Chinese government intervention
[edit]China state media the Economic Observer reported that Vanke's CEO Zhu Jiusheng was detained by public security authorities on January 15, 2025.[8][9][10]
Officials in Shenzhen held a closed meeting on January 17, 2025 to discuss Vanke, which is based in the city. The local government has significant control over Vanke due to its largest shareholder being a state firm. The Shenzhen government intended to stabilize Vanke's operations. They planned to introduce new auditors and financial advisers to evaluate Vanke’s finances and property projects for future actions.[11][12]
See also
[edit]References
[edit]- ^ a b c d "China Vanke". Fortune Global 500. Fortune. Retrieved 2024-08-24.
- ^ 戈振伟 (19 March 2024). "曾经年赚百亿的深圳地铁压力显现：被万科"套住"，2023年前三季度净利润下滑302%|界面新闻". Jiemian (in Chinese). Retrieved 26 March 2024.
- ^ "Contact Us Archived 2019-08-10 at the Wayback Machine." Vanke. Retrieved on November 9, 2018. "Headquarters of Vanke Co., Ltd. Address：Vanke Center, No.33 Huanmei Road, Dameisha, Yantian District, Shenzhen" - Address in Chinese Archived 2021-11-14 at the Wayback Machine: "深圳市盐田区大梅沙环梅路33号万科中心"
- ^ a b "Vanke". Fortune. Archived from the original on 2021-05-26. Retrieved 2021-05-26.
- ^ "Vanke". Forbes. Archived from the original on 2021-05-26. Retrieved 2021-05-26.
- ^ "Moody's downgrades major Chinese property developer Vanke". CNA. Retrieved 2024-03-12.
- ^ "Vanke Bond Distress Deepens Ahead of $4.9 Billion Maturity Wall". Bloomberg.com. 2025-01-08. Retrieved 2025-01-25.
- ^ "China Vanke's CEO detained by authorities, state media reports". The Business Times. 2025-01-16. Retrieved 2025-01-16.
- ^ "China Vanke's CEO detained by authorities, state media reports - The Economic Times". m.economictimes.com. Retrieved 2025-01-16.
- ^ Jim, Clare; Tang, Ziyi; Wu, Kane (January 21, 2025). "Vanke woes to test limits of China's property sector revival efforts". Reuters.
- ^ "China steps up Vanke intervention as developer's woes deepen". The Straits Times. 2025-01-20. Archived from the original on 2025-01-23. Retrieved 2025-01-25.
- ^ "China Steps Up Vanke Intervention as Developer Woes Deepen". Bloomberg.com. 2025-01-20. Retrieved 2025-01-25.
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- Companies in the SZSE 100 Index
- Hang Seng China 50 Index
- Vanke
- Companies in the CSI 100 Index
- Companies in the FTSE China A50 Index
- Real estate companies of China
- Companies based in Shenzhen
- Shenzhen Metro
- Companies listed on the Hong Kong Stock Exchange
- Companies listed on the Shenzhen Stock Exchange
- Real estate companies established in 1984
- Chinese companies established in 1984
- Chinese brands
- 1984 in Shenzhen
- Chinese company stubs