Vanke Shareholders Elect Xu Enli Chairman, Huang Yu President; 10 Bonds Rescheduled in H1 2026

On the afternoon of July 31, at the Vanke International Conference Center in Dameisha, Yantian, Shenzhen, Vanke's new leadership met shareholders in person for the first time. Huang Liping, Party Secretary and Chairman of Shenzhen Metro Group, remained seated in the center, with Xu Enli and Huang Yu on either side. Vanke announced on July 2 the appointment of Huang Yu as company president; in the nomination announcement for the 21st board of directors issued on July 10, Xu Enli was formally linked to Vanke for the first time. According to the latest resolution announcement of the first meeting of the 21st board of directors, Huang Liping stepped down as chairman, and Xu Enli was elected as the new chairman.

Xu Enli previously served at Shenzhen Tianjian Group and Shenye Group, having long overseen development operations, with a career that has remained almost entirely within the Shenzhen state-owned assets system. On the day Huang Yu assumed the presidency of Vanke, Xu Enli resigned as chairman of Shenzhen Expressway and other positions due to work changes. Vanke stated that Xu Enli has long been engaged in corporate management, with many years of deep involvement in the real estate sector, and has served as head of companies listed on both the A-share and H-share markets. His partnership with President Huang Yu fits Vanke's corporate characteristics and current circumstances, and is conducive to continuing risk mitigation and development.

Management attending the shareholders meeting also included Lei Jiangsong, Party Committee Member and Deputy General Manager of Shenzhen Metro Group; Yao Fei, Party Committee Member and Deputy General Manager of Shenzhen Investment Holdings; Vanke independent directors Huang Yaying, Wang Weiguo, and Yang Zhao; employee director Li Na; executive vice presidents Li Feng, Hua Cui, and Li Gang; and Han Huihua, executive vice president and chief financial officer. At the meeting, Huang Liping expressed gratitude to outgoing directors for their efforts in Vanke's risk mitigation and development over the past three years, and noted that the past three years had been the most difficult period since Vanke's founding. Huang Yu acknowledged that the company's current operating situation remains very severe, and the risk mitigation task remains arduous.

Huang Yu placed the focus of the next phase of work on five areas: optimizing asset structure and quality, deepening the iteration of the good-housing system guided by customer needs, deepening urban renewal business, exploring innovative business models, and empowering business through digital and technological means. On risk mitigation, Vanke will focus on stabilizing existing financing, orderly easing maturing repayment pressure, and making every effort to maintain overall stability of existing debt, while actively exploring diversified market-based resolution paths and flexibly advancing debt optimization in light of actual conditions.

Vanke completed the rescheduling of 10 bonds in the first half of 2026, and short-term repayment pressure within the year has been somewhat eased. Vanke's current domestic bond balance stands at RMB 15.82 billion, with December being the peak repayment month of the year, facing RMB 5.046 billion in maturing payments. On the overseas bond front, two 10-year USD bonds with a combined issuance size of USD 1.3 billion are due on November 9, 2027, and November 12, 2029, respectively.

Chief Financial Officer Han Huihua noted that in the first half of the year, the company implemented a "one project, one policy" approach to asset management, differentiating sales collection, risk resolution, and product efficiency improvement based on project realities and market conditions. At the same time, the company optimized full-cycle project operational efficiency, enhanced operational and service levels, and deepened cross-business coordination and empowerment. In addition, zero-based budgeting was implemented to consolidate cost reduction and efficiency gains, and various expenditures were compressed. Organizational structure was adjusted in sync with business optimization, with management expenses declining for eight consecutive quarters, down approximately 14% year on year in the first half. Due to factors including high-priced land projects successively entering the settlement cycle and the market environment, Vanke's short-term loss-control pressure remains significant, and it will take time for the various business measures to be reflected in the financial statements.

Huang Yu introduced that Vanke's development business delivered approximately 23,000 homes on schedule, with an overall collection rate exceeding 90% during the concentrated delivery period, of which 10 projects in cities such as Changchun and Wuhan achieved a 100% collection rate. Meanwhile, Vanke launched a city-focusing strategy, gradually concentrating resources toward core cities. On the stock asset revitalization front, the company revitalized over RMB 15 billion in asset value in the first half of the year. According to the introduction by Vanke management at the 2025 shareholders meeting, the company continues to advance business optimization and asset revitalization. Following the divestiture of the snow and ice business, the company has initiated in 2026 the exit or divestiture of other non-core operations, including the food segment and the education segment. Huang Liping said at the shareholders meeting that he believes the new board of directors, drawing on the diverse industry backgrounds and professional perspectives of its members, will effectively play the board's role of "setting strategy, making decisions, and preventing risks," pooling strength and wisdom to overcome the difficulties together.