Vanke Service

What Vanke Service does

Vanke Service (万物云), legally known as Onewo Space Technology Services Co., Ltd., is a Hong Kong-listed (2602.HK) space technology and property management services company headquartered in Shenzhen, China, and a controlled subsidiary of China Vanke Co., Ltd. Carved out of China Vanke's property management operations, the company completed a global IPO in September 2022, raising approximately HK$5.7 billion. It operates across three core business segments: community residential consumer services, commercial and urban space services, and AIoT/BPaaS technology solutions, serving over 4,000 residential communities, 2,461 commercial projects, and multiple municipal governments across China. The company employs 3,229 staff and operates 20 regional representative offices covering all major regions of mainland China.

The company's central operating model is the 蝶城 (Diécheng/DiTown) framework, which organizes service delivery within 3-kilometer radius urban districts, enabling cross-community personnel dispatch and operational efficiency. Its proprietary technology platform is the 灵石 (Lingshi) edge server, which integrates AI algorithms with IoT devices to process video, energy, geographic, information, and computing data streams in real time. Vanke Service has co-developed the industry's first property management large language model with iFlytek (科大讯飞), accessible through the 天秤业委会工作台 (Tiancheng Owner Committee Workbench) platform, and operates RAG-based AI agents (智能物管家, 智能IT管家, 智能HR管家), a blockchain-based carbon accounting system covering 4,367 parks and 2,461 commercial projects, V2G virtual power plant technology, and the 住这儿 (Home Here) resident-facing mobile application.

Vanke Service operates a multi-brand portfolio: 万科物业 for residential property management, 万物梁行 for commercial and enterprise space, 万物云城 for urban public space, 研选家 for home renovation, 朴邻 for property brokerage, and 万御安防 for security services. Distribution occurs through direct field sales via 20 regional offices. The company manages 601 蝶城 base areas and has invested approximately CNY 3 billion in process transformation, achieving gross margin improvement of over 4 percentage points in transformed projects. H1 2023 segment revenue totaled CNY 160.2 billion per company disclosure (community CNY 90.4B, commercial/urban CNY 56.7B, AIoT/BPaaS CNY 13.2B), with net profit of CNY 10.5 billion and EBITDA of CNY 18.58 billion; these figures most likely reflect 亿 RMB (100 million RMB) units, implying actual H1 revenue of approximately CNY 16.0 billion (community CNY 9.0B, commercial/urban CNY 5.7B, AIoT/BPaaS CNY 1.3B). Third-party customers contributed 85.5% of property/facility management revenue, evidencing successful diversification from the Vanke Group parent.

Name

Vanke Service

Legal name

万物云空间科技服务股份有限公司

Website

https://vankeservice.com

Company type

Public

Founded year

2022

Operating status

Ipo

Headcount range

1,001–5,000 employees

Short description

Vanke Service (万物云) is a Hong Kong-listed (2602.HK) Chinese space technology and property management company providing residential, commercial, urban, and AIoT/BPaaS services to over 4,000 communities, 2,461 commercial projects, and multiple municipal governments across China through its 蝶城 district model.

Ownership category

akta.pro rank

Product category

Property Management Services

NAICS

Services to Buildings and Dwellings (5617), Facilities Support Services (56121), Residential Property Managers (531311)

SIC

Services-To Dwellings & Other Buildings (7340), Services-Facilities Support Management Services (8744)

akta.pro primary industry

Occupancy, Space Utilization & Workplace Experience (HSAPAPAG)

akta.pro secondary industries

Building Automation & Controls (BAS/BMS) (HSAPAPAA), Space & Occupancy Services (Move/Add/Change, Seating, Wayfinding) (IMAIALAF)

Keywords

• Property management services
• Facility management solutions
• AIoT smart building
• Commercial real estate services
• Urban space operations

Headquarters

HQ city

Shenzhen

HQ country

China

HQ region

Asia

Offices21 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. 社区空间居住消费服务 (Community Space Residential Consumer Services): Residential property management services, community asset services (property rental/sales), and residential related services. Includes basic property management fees and community commerce operations. Revenue 90.4 billion RMB in H1 2023, growing 13% YoY.
2. 商企和城市空间综合服务 (Commercial & Urban Space Integrated Services): Commercial and office property management, facility management, and urban public space services under brands 万物梁行 and 万物云城. Revenue 56.7 billion RMB in H1 2023, growing 11.3% YoY.
3. AIoT及BPaaS解决方案服务 (AIoT & BPaaS Solutions): Technology solutions including IoT hardware integration, AI analytics, digital twin management, energy optimization, and process automation services delivered through the 灵石 platform. Revenue 13.2 billion RMB in H1 2023, growing 13.9% YoY.
4. 房屋焕新/装修服务 (Home Renovation — 研选家): In-home renovation and refurbishment services leveraging the 蝶城 community presence for '熟人生意' (acquaintance commerce) model. Revenue from home renovation grew 65.5% YoY in H1 2023 with 98%+ satisfaction rate.
5. 朴邻房屋经纪服务 (Property Brokerage — 朴邻): Residential property rental and sales brokerage services operating within the 蝶城 ecosystem, serving existing community residents.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Vanke Service (万物云) delivers technology-enabled property management and space services across residential communities, commercial buildings, urban public spaces, and large public facilities (universities, hospitals). Its core service portfolio includes residential property management (万科物业), commercial IFM (万物梁行), urban space operations (万物云城), and AIoT & BPaaS technology solutions built on the proprietary 灵石 edge server platform. Adjacent service lines — home renovation (研选家) and property brokerage (朴邻) — are distributed through the 蝶城 community ecosystem, while security, elevator maintenance, and facility services are provided via 万御安防.

Product overview

Vanke Service (万物云) operates a comprehensive property and urban services platform structured around its core property management brands alongside specialized technology and service subsidiaries. The portfolio centers on 万科物业 (Vanke Property Management) for residential communities, 万物梁行 (Onewo Liangkou) for commercial properties, and 万物云城 (Onewo City) for urban infrastructure services. Supporting these core offerings are technology subsidiary 万睿科技 (Wanrui Technology), security platform 万御安防 (Wanyu Security), property transaction service 朴邻 (Pulin), home renovation brand 研选家 (Yanxuanjia), and AI-powered tools including the 天秤业委会工作台 (Tiancheng Owner Committee Workbench) management platform and 灵石边缘服务器 (Lingshi Edge Server) edge AI system. The platform architecture integrates AI capabilities across the portfolio, including a proprietary large language model developed with iFlytek for the property management industry, autonomous agent systems for property operations, and edge AI computing for real-time intelligence.

Differentiator

Problem solved

Functional benefit

Brands

• 丹田物业: Property management services for universities, hospitals, and large public facilities, operating as part of 万物云's public space services segment.
• 万御安防

Products and services

• Residential Property Management (万科物业 / 住宅空间) Core residential property management service covering 4,000+ communities nationwide, including security, cleaning, gardening, maintenance, and community services. Built on the 蝶城 (Diecheng) 3km-radius service network, with average management fee of 2.7 RMB/sqm/month.
• Commercial Property Management (万物梁行 / 商企空间) Business-to-business commercial property and facility management services for corporate office buildings, commercial complexes, and enterprise facilities, including integrated facility management (IFM), property agency, and asset management.
• Urban Public Space Services (万物云城 / 城市公共空间) City-level public space management services including environmental governance, municipal maintenance, smart city operations, urban digital transformation, and public facility management for government clients.
• AIoT & BPaaS Solutions (灵石 Lingshi Platform) Technology solutions including IoT hardware integration, AI analytics, edge computing, digital twin management, building energy optimization, carbon accounting, and process automation delivered through the proprietary 灵石 edge server, sold to external property management companies and building operators.
• Home Renovation Services (研选家) In-home renovation and refurbishment services for community residents leveraging the 蝶城 community presence, with 108 refined construction techniques, digital management, transparent standards, and traceable after-sales service.
• Property Brokerage Services (朴邻) Residential property rental and sales brokerage services for community residents, operating within the 蝶城 community network and leveraging existing resident relationships for property transaction services.
• Enterprise Outsourcing Services (祥盈企服) Enterprise outsourcing services providing B2B support services to corporate clients.
• Smart Security Services (万御安防) Technology-driven security services including security monitoring, elevator maintenance, fire protection, smart equipment and engineering, electrical/mechanical/plumbing systems, energy management, and personnel training.
• Campus, Hospital & Large Public Facility Property Management (丹田物业) Property management services for universities, hospitals, and large public facilities, operating as a dedicated sub-brand within the 万物云 public space services segment.
• Community Commercial Operations (社区商业运营 / OneShine Mall) Community-level commercial operations leveraging the 蝶城 community presence for retail, F&B, and consumer services within managed residential communities.

Quantifiable outcome

• 蝶城 process transformation improved base residential property gross margin by over 4 percentage points, delivering 1 billion RMB in margin improvement in H1 2023
• +5 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature7 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• 科大讯飞 (iFlytek)coreStrategic or Co-development Partner · 24 October 2023万物云 partnered with iFlytek at the 2023 iFlytek Global 1024 Developer Festival to co-develop the industry's first property management large language model. The model uses '天秤业委会工作台' as the entry point to provide AI consultation, voting assistance, and governance guidance to homeowner committees and property managers, addressing information asymmetry in the residential property sector.
• 隆基绿能 (LONGi Green Energy)coreStrategic or Co-development Partner隆基绿能 is the lead partner in 万物云's '零碳伙伴计划' (Zero Carbon Partner Plan), providing solar photovoltaic (PV) microgrid solutions as part of the 灵石 platform's energy module. The collaboration integrates PV, energy storage, and EV charging to build the smart microgrid component of the 灵石 edge server system.
• 深圳市建筑科学研究院 (Shenzhen Institute of Building Research)minorStrategic or Co-development PartnerPartner within the '零碳伙伴计划' providing building science expertise and green building certification support for the 灵石 platform's energy optimization and carbon management solutions.
• 华夏认证 (Huaxia Certification)minorImplementation/ SI/ Consulting PartnerProvides carbon certification services as part of the '零碳伙伴计划', enabling 万物云's 灵石 platform to offer certified carbon accounting and verification for client buildings and communities.
• 万御安防 (Wan Yu Security)coreStrategic or Co-development PartnerNational leading technology security services provider offering security services, elevator maintenance, fire protection, smart equipment and engineering, electrical/mechanical/plumbing systems, energy management, and personnel training. Serves as an ecosystem partner within the 万物云 platform.
• 万科公益基金会 (Vanke Foundation)coreStrategic or Co-development Partner万睿科技 (Vanke Foundation) co-initiated the '社区减碳·落叶堆肥之梅林模式' community carbon reduction initiative with 万物云, providing funding and expertise for the community composting and carbon reduction model piloted in Meilin Street, Shenzhen.
• 南京大学（溧水）生态环境研究院 (Nanjing University (Lishui) Institute of Ecological Environment)minorStrategic or Co-development PartnerTechnical partner for the community composting program, providing expertise on in-situ resource processing of garden waste and kitchen waste, supporting the '政府引导、物企主导、社会参与' community composting model.
• 生态环境部宣传教育中心 (Ministry of Ecology and Environment Center for Environmental Education and Communication)coreStrategic or Co-development PartnerJoint initiator of the '美丽中国·绿色空间使用者行动' (Beautiful China Green Space Users Action), co-developed with 万物云, 清华大学, and other partners to showcase grassroots green innovation practices at international climate conferences including COP30.
• 清华大学气候变化与可持续发展研究院 (Tsinghua University Institute of Climate Change and Sustainable Development)coreStrategic or Co-development PartnerAcademic partner in the '绿色空间使用者行动' (Green Space Users Action) and co-author of the '美丽中国·绿色空间使用者年鉴' published at COP30, providing research methodology and climate policy expertise.
• 企业碳中和行动 (Enterprise Carbon Neutrality Action)coreStrategic or Co-development PartnerJoint initiator of the '绿色空间使用者行动', serving as the platform for sharing all case studies globally and coordinating the annual case collection and international publication at COP.
• 大道应对气候变化促进中心 (Da Dao Climate Change Response Center)minorStrategic or Co-development PartnerPartner in the '绿色空间使用者行动' providing climate action expertise and international climate conference coordination support.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Country Garden Services: Largest China property management company by revenue and area under management, also HKEX-listed. Offers residential, commercial, and city services with similar diversification strategy from a parent developer — making it the closest scaled comparator to 万物云.
• China Overseas Property: HKEX-listed property management arm of China Overseas Land & Investment. Competes directly in residential and commercial FM, with a comparable state-owned developer parent relationship and similar push toward third-party contract growth.
• Greentown Service: Residential-focused property management company with adjacent tech and community services. Overlaps with 万物云 in basic fee services and community value-added services.
• Color Life Holdings: Tech-enabled property management company that pioneered the community platform / online-to-offline model in China. Direct competitor in the smart community and AIoT-enabled property management space.
• A-Living Services: Hong Kong-listed property management company with similar multi-brand strategy and developer-parent origin. Competes for third-party residential and commercial contracts across China.
• China Resources Mixc Lifestyle: Hong Kong-listed arm of CR Land providing residential and commercial property management. Known for premium commercial operations (Mixc malls) and high-end residential services — a direct competitor in the 蝶城-style commercial + residential integrated model.
• Sunac Services: Property management peer also spun off from a major Chinese developer (Sunac). Faces similar parent-company financial pressure dynamics and comparable third-party growth pivot.

Emerging players

• KE Holdings (Beike): China's largest real estate transaction platform with deepening property services and PropTech ambitions. Adjacent competitor that overlaps with 万物云's 朴邻 brokerage and increasingly competes for connected home services.

Broad incumbents

• JLL (Jones Lang LaSalle): Global professional services firm specializing in real estate and investment management. Competes in commercial property management and integrated facilities management for corporate clients.
• CBRE Group: Global commercial real estate services and investment firm operating across property management, facilities management, and advisory. Comparable on the commercial/enterprise FM side where 万物梁行 competes for multinational corporate clients.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vanke-service

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Vanke Service