Vanke's revenue in 2024 reached 343.18 billion yuan, and it is facing a peak debt repayment period this year.

On March 31st, Vanke Group released its annual performance report for 2024. The annual report data shows that Vanke achieved an operating income of 343.18 billion yuan last year, a year-on-year decrease of 26.3%. The net loss attributable to shareholders of the listed company was 49.48 billion yuan, a year-on-year decrease of 506.8%.

Among the operating income, the operating income from real estate development and related asset management business was 301.03 billion yuan, accounting for 87.7%. The operating income from property services was 33.13 billion yuan, accounting for 9.7%.

Vanke's management stated that although the company actively carried out self - rescue with the support of all parties, the risks have not been completely resolved. The main reasons for the significant loss in performance during the reporting period are as follows:

• The settlement scale and gross profit margin of the development business decreased significantly;
• Additional provisions were made for credit impairment and inventory write - downs;
• Some non - core financial investments incurred losses;
• To recover funds more quickly, the company took more decisive actions in asset transactions and equity disposals, and the prices of some transactions were lower than the book values.

In 2024, Vanke made a total provision for credit impairment of 26.4 billion yuan in financial processing, including a provision for inventory write - downs of 8.14 billion yuan for some projects (including 1.08 billion yuan for non - consolidated projects).

Vanke said that in 2024, the company formulated and promoted the implementation of a "comprehensive plan" for business restructuring and risk resolution, firmly streamlined operations, focused on the core business, and made every effort to rescue itself, achieving certain progress. On the business side, it delivered over 180,000 high - quality housing units throughout the year; achieved a sales amount of 246.02 billion yuan, ranking first in the industry in terms of sales area, and maintained a sales collection rate of over 100%. It completed 54 transactions of large - scale asset projects, with a total contract value of 25.9 billion yuan. Through the revitalization of existing resources, it added and optimized production capacity worth 41.2 billion yuan and recovered over 10 billion yuan in cash. On the financing side, it actively sought support from various financial institutions, with new financing and refinancing totaling 94.8 billion yuan throughout the year, and the comprehensive cost of new financing was 3.54%. The operating property loans reached 29.3 billion yuan, and 178 projects were declared for the white - list. In 2024, Vanke also completed the repayment of domestic public bonds worth 9.3 billion yuan and overseas public bonds equivalent to approximately 10.4 billion yuan in RMB. A total of 29.2 billion yuan of domestic and overseas public bonds and ABS were redeemed, which won time and space for reform and risk resolution.

In addition, Vanke ranked first in the industry in terms of scale, efficiency, and occupancy volume in the long - term rental business. The operation and service business also maintained steady growth and was the first in the industry to achieve breakthroughs in multi - track REITs.

The management stated that Vanke has achieved multiple positive developments after the Spring Festival, and the debt repayment work is progressing in an orderly manner. All the public bonds due in the first quarter of 2025 have been redeemed.

However, Vanke also said that in 2025, it will face the concentrated repayment of public debts, and the liquidity pressure will further increase.