Vanke

What Vanke does

Vanke (万科企业股份有限公司, China Vanke Co., Ltd.) is one of China's largest diversified urban and rural property developers, founded in 1984 in Shenzhen and dual-listed on the Shenzhen Stock Exchange (000002.SZ) and Hong Kong Stock Exchange (02202.HK). The company operates across eight major business segments: residential and commercial property development, property services through subsidiary Onewo (万物云, listed on HKEX as 2602.HK) covering 690 Butterfly City service areas and 4,638 residential projects, long-term rental housing through Boyu (泊寓) with 270,200 units across 29 cities, logistics and warehousing through Vanma (万纬物流) with 147 projects and 10.45 million sqm of leasable area including 2.01 million sqm of cold-chain facilities, commercial development and operations through Inforce (印力) with 178 projects covering 10.78 million sqm, hotel and resort operations, agent construction services for government and SOE clients, and food business operations. Shenzhen Metro Group has been its largest shareholder since 2017, providing state backing and TOD (transit-oriented development) synergies across more than 60 cities in China plus overseas operations in Hong Kong, the US, Singapore, and the UK.

The company's technology stack includes proprietary AI审图 (AI Drawing Review), 斗拱 (Dougong) asset visualization modeling software, the 灵石 (Ling Shi) AI brain platform developed by Wanyi Technology (万翼科技) for property management, and AIoT plus BPaaS solutions enabling remote and hybrid operations. These tools support an industrialized 5+2 construction technology system and have been recognized by the Ministry of Housing and Urban-Rural Development as replicable intelligent construction experience. Vanke delivered 117,000 homes across 234 projects in 2025, posted RMB 1,340.6 billion in contracted sales, and maintained 342 million sqm cumulative green building evaluation area.

Vanke's revenue model combines one-time property development sales (the dominant revenue driver) with subscription-based recurring revenue from property services (Onewo), rental housing (Boyu), commercial operations (Inforce), logistics leasing (Vanma), hotels, and construction agent fees for government clients. In 2025, revenue reached RMB 2,334.3 billion, a 32% year-on-year decline driven by China's prolonged property downturn. The company recorded a record RMB 88.56 billion net loss in 2025 and faces an ongoing debt restructuring process with S&P selective default and Fitch restricted default ratings, while relying on continuous financial support from Shenzhen Metro Group and syndicated bank loans to sustain operations.

Name

Vanke

Legal name

万科企业股份有限公司

Website

https://vanke.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Vanke is a Shenzhen-headquartered Chinese urban property developer founded in 1984, operating diversified residential development, property services, rental housing, logistics, and commercial businesses across 60+ cities with Shenzhen Metro Group as its state-backed largest shareholder.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Real Estate Property Managers (53131), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Rental and Leasing Services (532)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), General Bldg Contractors - Residential Bldgs (1520), Real Estate Agents & Managers (For Others) (6531), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

Keywords

• Residential property development
• Commercial real estate operations
• Property management services
• Rental housing operations
• Logistics warehousing services

Headquarters

HQ city

Shenzhen

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D, Marketing or Sales

Revenue model

1. Property Development Sales: Vanke's core revenue driver — the sale of residential and commercial real estate units developed across more than 60 cities in China. Revenue is recognized upon property delivery. In 2025, the company achieved sales area of 10.25 million sqm and contracted sales of 1,340.6 billion yuan, with 117,000 homes delivered across 234 projects.
2. Property Management Services (万物云): Recurring property management fees charged to residential and commercial property owners and tenants. 万物云 (Onewo), Vanke's subsidiary, operates property services across 690 'Butterfly City' (蝶城) service areas, managing 4,638 residential projects and 2,589 property and facility management projects. 万物云 listed on Hong Kong Stock Exchange in September 2022 (2602.HK).
3. Rental Housing (泊寓): Long-term rental revenue from 泊寓, Vanke's rental apartment brand — the largest concentrated rental apartment operator in China. As of end 2025, 泊寓 operated 270,200 units across 29 cities with 197,800 units open for business.
4. Commercial Development & Operations (印力): Revenue from shopping malls, community commercial, and historic district projects developed and operated by Vanke's commercial platform 印力. As of end 2025, 178 commercial projects were in operation covering 10.78 million sqm, with an additional 1.45 million sqm under planning/construction.
5. Logistics & Warehousing (万纬物流): Rental and operational service revenue from 万纬物流, providing multi-temperature warehouse leasing, cold-chain storage and distribution, and integrated supply chain solutions. As of end 2025, 万纬 operated 147 projects with 10.45 million sqm of leasable area (including 8.44 million sqm of standard warehouses and 2.01 million sqm of cold-chain facilities).
6. Hotel & Resort Operations: Revenue from 31 hotels operated by Vanke under the 瞻云 and 有熊 brands, as well as the 松花湖 ski resort and 北京石京龙 ski resort (Vski brand).
7. Construction Contracting & Agent Services (代建代销): Fees earned from acting as construction agent and sales agent for government and SOE clients on development projects. In 2025, Vanke managed 76 agent construction projects covering 14.86 million sqm.

Go-to-market motion1 record

Distribution channels8 records

Marketing channels7 records

Core offering

Vanke develops and sells residential and commercial real estate across more than 60 Chinese cities, complemented by property management services through subsidiary Onewo, long-term rental apartments through Boyu, commercial property operations through Inforce, and multi-temperature logistics warehousing through Vanma. The company also operates hotels and resorts, and provides agent construction and sales services to government and state-owned enterprise clients.

Product overview

Vanke operates as an integrated urban and rural development services provider with a diversified business portfolio spanning eight major segments. The core property development business is complemented by service-oriented subsidiaries including 万物云 (Onewo) for property services using AIoT and BPaaS technology, 泊寓 for long-term rental housing as China's largest centralized apartment operator, and 万纬物流 for logistics and warehousing with cold chain capabilities. Commercial operations are managed through 印力 (SCP Group), while 万翼科技 provides prop-tech solutions including AI drawing review and BIM software. The residential product ecosystem features branded product lines (拾系, 庐系, 映象系) and the CO·life integrated public services platform. Hotel and vacation services include 瞻云, 有熊, and Vski brands. This multi-segment structure allows Vanke to provide comprehensive 'housing, services, and community' offerings across China's property market.

Differentiator

Problem solved

Functional benefit

Brands

• 泊寓: 万科旗下长租公寓品牌，为城市青年提供一站式居住解决方案
• 万物云
• 印力
• 万纬物流
• 易选房

Products and services

• Property Development (房地产开发)
• Onewo (万物云) Property Services
• Boyu (泊寓) Rental Housing

Quantifiable outcome

• 117,000 homes delivered in 2025 across 234 projects and 494 batches
• +5 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core.

• 万物云 (Onewo) Space Technology ServicescoreTechnology or Integration万物云 is Vanke's controlling subsidiary (listed on Hong Kong Stock Exchange, 2602.HK) providing全域空间服务 (full-domain space services). It provides AIoT and BPaaS solutions enabling remote and hybrid operations, serving as Vanke's technology platform for property services.
• 万翼科技 (Wanyi Technology)coreTechnology or Integration万翼科技 is Vanke's wholly-owned proptech subsidiary developing proprietary AI technologies for the real estate industry, including AI drawing review (AI审图), intelligent modeling, 3D modeling platforms, BIM software, and digital twin solutions. Its products have been recognized by the Ministry of Housing and Urban-Rural Development as replicable experience for intelligent construction.

Scale indicators18 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• China Resources Land: Major Chinese property developer with state-owned China Resources Corporation backing, operating residential development alongside a leading commercial property platform (CR Mixc) and property services — directly comparable to Vanke's diversified structure.
• China Overseas Land & Investment (COLI): One of China's largest state-backed real estate developers with similar nationwide residential development operations and a diversified property services arm. COLI is the most directly comparable peer given its parallel SOE backing structure and integrated business model.
• Country Garden Holdings: One of China's largest residential developers with substantial nationwide operations, also facing severe financial distress and restructuring. Country Garden provides a benchmark for peer distress dynamics in the same property cycle.
• Longfor Group: Diversified Chinese real estate company with residential development, commercial properties (Tianjie malls), rental housing, property services, and home decoration — the closest privately-controlled peer to Vanke's integrated business model.
• Poly Developments and Holdings: State-backed (China Poly Group) Chinese real estate developer focused on residential and commercial property development, comparable to Vanke in scale, geographic reach, and integrated operations.

Peers

• Sunac China Holdings:

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vanke

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries6 records

Funding overview

Funding rounds14 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vanke