China Vanke (000002) Q3 2026 earnings summary

Executive summary

• Q3 revenue was ¥34.8bn, down 37.88% YoY; net loss attributable to shareholders was ¥9.0bn. 9M revenue was ¥105.0bn and net loss was ¥23.9bn.

• Continued risk mitigation and restructuring, delivering 34,000 homes in 9M, generating ¥52.01bn in contracted sales, and optimizing or adding ¥19.5bn of capacity through asset activation.

Financial highlights

• Q3 revenue was ¥34.83bn; 9M revenue was ¥105.00bn, down 34.94% YoY, mainly reflecting lower property-development settlement volume.

• 9M net loss attributable to shareholders was ¥23.94bn versus ¥28.02bn in 9M 2025; adjusted for non-recurring items, net loss was ¥21.54bn versus ¥26.44bn.

• 9M property-development settlements covered 5.103m sqm and contributed ¥60.29bn revenue; overall pre-tax gross margin was 6.6%, with development at 5.2%.

• Q3 contracted sales were ¥16.21bn, down 48.3% YoY; 9M contracted sales were ¥52.01bn, down 48.2% YoY.

• 9M operating cash outflow was ¥2.22bn, compared with ¥5.89bn in 9M 2025; net loss and low development margins continued to weigh on results.

Outlook and guidance

• Priorities remain risk resolution and development: focus operations and cities, strengthen products and services, optimize the asset-liability structure, and manage maturities through refinancing, extensions, and asset sales.

• Continue activating existing resources and pursuing bulk asset transactions to ease repayment pressure and support a return to sustainable development.