<p>（彭博社）——万科企业在第一季度继续亏损，房屋交付量下降，给这家陷入困境的开发商的整体收入带来了压力。</p>
<p>根据香港交易所在周三（4 月 29 日）的公告，该公司在截至 3 月的三个月内报告净亏损 59.5 亿元人民币（11 亿新元）。这一亏损略低于去年同期的 62.5 亿元人民币。</p>
<p>万科的季度亏损是在过去两个财政年度累计亏损超过 130 亿元人民币之后出现的，显示出在中国长期的房价下滑下，盈利持续侵蚀。尽管中国新建住宅的降幅在第一季度有所减缓，但大多数区域中心和万科项目所在的小城市的房地产价值仍在下跌。</p>
<p>这家管理着超过一万亿元资产的开发商是中国为数不多的几家尚未违约的主要房地产开发商之一。但它在过去两年多时间里一直在与流动性危机作斗争，最近几个月不得不通过不断延长债券到期来争取更多时间。</p>
<p>亏损主要源于房屋结算的下降。万科表示，交付的房屋面积同比下降了 33%，导致总收入下降了 24%。中国的建筑商在合同上出售住宅，只有在施工完成后才能确认收入。</p>
<p>万科今年的盈利 “可能受到之前财政期间物业减值不足的影响”，彭博情报分析师 Kristy Hung 和 Patrick Wong 在本月早些时候的一份报告中写道。</p>
<h3>在新的全球秩序中导航亚洲</h3>
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<p>根据彭博情报，万科截至 2025 年底的住房库存减值准备约为 270 亿元人民币，远低于其约 3740 亿元的库存。这意味着万科可能仍需消化高成本库存，并在未来以亏损的价格出售房屋。</p>
<p>万科在前三个月的合同销售暴跌 52%，预计将进一步减少万科的收入，并在 2027 年前对其毛利率施加压力。</p>
<p>亏损发生在万科面临超过 90 亿元人民币债券到期的关键时刻，未来几个月内有四只在岸债券和两项可在 7 月底之前行使的选择权。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6da95b147696f12a83683af4b0709d944fb84d012746edb5410aebcb60f16251/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6da95b147696f12a83683af4b0709d944fb84d012746edb5410aebcb60f16251/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>开发商万科在第一季度亏损 59.5 亿元人民币</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/329d69abb6c380ee46e3e9b7912602da808909cac24b153b379facf1bf320ec2/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/329d69abb6c380ee46e3e9b7912602da808909cac24b153b379facf1bf320ec2/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国深圳放宽购房规则以刺激需求</h3>
<p>该开发商已对两只债券提供了一年的延期，承诺提前偿还 40% 的赎回金额。它之前获得了足够的债权人支持，以类似提案延长四只债券的支付。彭博社</p>
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万科企业

万科A

华夏中证全指房地产ETF

<p>万科企业在第一季度报告净亏损 59.5 亿元人民币（11 亿新加坡元），略好于去年同期的 62.5 亿元亏损。亏损归因于房屋交付量下降 33% 和总收入下降 24%，在房价持续低迷的背景下。万科虽然避免了违约，但面临流动性紧张，并已转向债券展期。分析师警告称，资产减值不足可能会阻碍未来收益，因为公司正在应对高成本库存和合同销售额暴跌 52% 的问题</p>

<p>(Bloomberg) – China Vanke’s losses dragged on in the first quarter, as home deliveries fell, weighing on the embattled developer’s overall revenue.</p>
<div class="lb-trans"><p>（彭博社）——万科企业在第一季度继续亏损，房屋交付量下降，给这家陷入困境的开发商的整体收入带来了压力。</p>
</div><p>The company reported a net loss of 5.95 billion yuan (S$1.1 billion) in the three months ended in March, according to a Hong Kong exchange filing on Wednesday (Apr 29). That’s slightly narrower than the 6.25 billion yuan loss a year earlier.</p>
<div class="lb-trans"><p>根据香港交易所在周三（4 月 29 日）的公告，该公司在截至 3 月的三个月内报告净亏损 59.5 亿元人民币（11 亿新元）。这一亏损略低于去年同期的 62.5 亿元人民币。</p>
</div><p>Vanke’s quarterly loss follows its combined loss of more than 130 billion yuan in the past two fiscal years, signalling persistent earnings erosion under China’s protracted home-price slump. While the pace of decline in China’s newly built homes abated in Q1, real estate values are still falling in most regional hubs and smaller cities where the majority of Vanke’s projects sit.</p>
<div class="lb-trans"><p>万科的季度亏损是在过去两个财政年度累计亏损超过 130 亿元人民币之后出现的，显示出在中国长期的房价下滑下，盈利持续侵蚀。尽管中国新建住宅的降幅在第一季度有所减缓，但大多数区域中心和万科项目所在的小城市的房地产价值仍在下跌。</p>
</div><p>The developer, which oversees more than a trillion yuan of assets, is one of China’s few major property developers to have so far avoided default. But it has been wrestling with a liquidity crunch for more than two years, and has in recent months turned to continuous bond extensions to buy more time.</p>
<div class="lb-trans"><p>这家管理着超过一万亿元资产的开发商是中国为数不多的几家尚未违约的主要房地产开发商之一。但它在过去两年多时间里一直在与流动性危机作斗争，最近几个月不得不通过不断延长债券到期来争取更多时间。</p>
</div><p>The loss stemmed mainly from declines in home settlements. Homes delivered tumbled 33 per cent by area from a year earlier, contributing to a 24 per cent drop in total revenues, Vanke said in the earnings. Chinese builders sell residences on contract and only book revenue after construction is completed.</p>
<div class="lb-trans"><p>亏损主要源于房屋结算的下降。万科表示，交付的房屋面积同比下降了 33%，导致总收入下降了 24%。中国的建筑商在合同上出售住宅，只有在施工完成后才能确认收入。</p>
</div><p>Vanke’s earnings this year “could be hampered by inadequate property write-downs” in previous fiscal periods, Bloomberg Intelligence analysts Kristy Hung and Patrick Wong wrote in a note earlier this month.</p>
<div class="lb-trans"><p>万科今年的盈利 “可能受到之前财政期间物业减值不足的影响”，彭博情报分析师 Kristy Hung 和 Patrick Wong 在本月早些时候的一份报告中写道。</p>
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<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
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</div><p>Vanke’s impairment provisions for housing inventory stood at about 27 billion yuan at the end of 2025, insufficient compared with its inventory of about 374 billion yuan, according to Bloomberg Intelligence. That means Vanke may still need to digest high-cost inventory and sell homes at a loss in the future.</p>
<div class="lb-trans"><p>根据彭博情报，万科截至 2025 年底的住房库存减值准备约为 270 亿元人民币，远低于其约 3740 亿元的库存。这意味着万科可能仍需消化高成本库存，并在未来以亏损的价格出售房屋。</p>
</div><p>A 52 per cent plunge in Vanke’s contracted sales in the first three months is set to further reduce Vanke’s revenue and pressure its gross margin through 2027, they said.</p>
<div class="lb-trans"><p>万科在前三个月的合同销售暴跌 52%，预计将进一步减少万科的收入，并在 2027 年前对其毛利率施加压力。</p>
</div><p>The loss comes at a crucial time for Vanke, which faces more than nine billion yuan of bond maturities in the coming months, with four onshore notes and two put options that could be exercised before the end of July.</p>
<div class="lb-trans"><p>亏损发生在万科面临超过 90 亿元人民币债券到期的关键时刻，未来几个月内有四只在岸债券和两项可在 7 月底之前行使的选择权。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6da95b147696f12a83683af4b0709d944fb84d012746edb5410aebcb60f16251/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/6da95b147696f12a83683af4b0709d944fb84d012746edb5410aebcb60f16251?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Developer China Vanke posts 5.95 billion yuan loss in Q1</h3>
<div class="lb-trans"><h3>开发商万科在第一季度亏损 59.5 亿元人民币</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/329d69abb6c380ee46e3e9b7912602da808909cac24b153b379facf1bf320ec2/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/329d69abb6c380ee46e3e9b7912602da808909cac24b153b379facf1bf320ec2?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China’s Shenzhen relaxes home buying rules to boost demand</h3>
<div class="lb-trans"><h3>中国深圳放宽购房规则以刺激需求</h3>
</div><p>The builder has offered a one-year extension on two of the bonds, offering to repay 40 per cent of the redemption amount upfront. It earlier won enough creditor backing to extend payments on four bonds with similar proposals. BLOOMBERG</p>
<div class="lb-trans"><p>该开发商已对两只债券提供了一年的延期，承诺提前偿还 40% 的赎回金额。它之前获得了足够的债权人支持，以类似提案延长四只债券的支付。彭博社</p>
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万科企业在第一季度报告亏损 59.5 亿元