<p>（彭博社）——萬科企業在第一季度繼續虧損，房屋交付量下降，給這家陷入困境的開發商的整體收入帶來了壓力。</p>
<p>根據香港交易所在週三（4 月 29 日）的公告，該公司在截至 3 月的三個月內報告淨虧損 59.5 億元人民幣（11 億新元）。這一虧損略低於去年同期的 62.5 億元人民幣。</p>
<p>萬科的季度虧損是在過去兩個財政年度累計虧損超過 130 億元人民幣之後出現的，顯示出在中國長期的房價下滑下，盈利持續侵蝕。儘管中國新建住宅的降幅在第一季度有所減緩，但大多數區域中心和萬科項目所在的小城市的房地產價值仍在下跌。</p>
<p>這家管理着超過一萬億元資產的開發商是中國為數不多的幾家尚未違約的主要房地產開發商之一。但它在過去兩年多時間裏一直在與流動性危機作鬥爭，最近幾個月不得不通過不斷延長債券到期來爭取更多時間。</p>
<p>虧損主要源於房屋結算的下降。萬科表示，交付的房屋面積同比下降了 33%，導致總收入下降了 24%。中國的建築商在合同上出售住宅，只有在施工完成後才能確認收入。</p>
<p>萬科今年的盈利 “可能受到之前財政期間物業減值不足的影響”，彭博情報分析師 Kristy Hung 和 Patrick Wong 在本月早些時候的一份報告中寫道。</p>
<h3>在新的全球秩序中導航亞洲</h3>
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<p>根據彭博情報，萬科截至 2025 年底的住房庫存減值準備約為 270 億元人民幣，遠低於其約 3740 億元的庫存。這意味着萬科可能仍需消化高成本庫存，並在未來以虧損的價格出售房屋。</p>
<p>萬科在前三個月的合同銷售暴跌 52%，預計將進一步減少萬科的收入，並在 2027 年前對其毛利率施加壓力。</p>
<p>虧損發生在萬科面臨超過 90 億元人民幣債券到期的關鍵時刻，未來幾個月內有四隻在岸債券和兩項可在 7 月底之前行使的選擇權。</p>
<p>另見</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>開發商萬科在第一季度虧損 59.5 億元人民幣</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>中國深圳放寬購房規則以刺激需求</h3>
<p>該開發商已對兩隻債券提供了一年的延期，承諾提前償還 40% 的贖回金額。它之前獲得了足夠的債權人支持，以類似提案延長四隻債券的支付。彭博社</p>
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萬科企業

萬科A

華夏中證全指房地產ETF

<p>萬科企業在第一季度報告淨虧損 59.5 億元人民幣（11 億新加坡元），略好於去年同期的 62.5 億元虧損。虧損歸因於房屋交付量下降 33% 和總收入下降 24%，在房價持續低迷的背景下。萬科雖然避免了違約，但面臨流動性緊張，並已轉向債券展期。分析師警告稱，資產減值不足可能會阻礙未來收益，因為公司正在應對高成本庫存和合同銷售額暴跌 52% 的問題</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）——萬科企業在第一季度繼續虧損，房屋交付量下降，給這家陷入困境的開發商的整體收入帶來了壓力。</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>根據香港交易所在週三（4 月 29 日）的公告，該公司在截至 3 月的三個月內報告淨虧損 59.5 億元人民幣（11 億新元）。這一虧損略低於去年同期的 62.5 億元人民幣。</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>萬科的季度虧損是在過去兩個財政年度累計虧損超過 130 億元人民幣之後出現的，顯示出在中國長期的房價下滑下，盈利持續侵蝕。儘管中國新建住宅的降幅在第一季度有所減緩，但大多數區域中心和萬科項目所在的小城市的房地產價值仍在下跌。</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>這家管理着超過一萬億元資產的開發商是中國為數不多的幾家尚未違約的主要房地產開發商之一。但它在過去兩年多時間裏一直在與流動性危機作鬥爭，最近幾個月不得不通過不斷延長債券到期來爭取更多時間。</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>虧損主要源於房屋結算的下降。萬科表示，交付的房屋面積同比下降了 33%，導致總收入下降了 24%。中國的建築商在合同上出售住宅，只有在施工完成後才能確認收入。</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>萬科今年的盈利 “可能受到之前財政期間物業減值不足的影響”，彭博情報分析師 Kristy Hung 和 Patrick Wong 在本月早些時候的一份報告中寫道。</p>
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<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</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>根據彭博情報，萬科截至 2025 年底的住房庫存減值準備約為 270 億元人民幣，遠低於其約 3740 億元的庫存。這意味着萬科可能仍需消化高成本庫存，並在未來以虧損的價格出售房屋。</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>萬科在前三個月的合同銷售暴跌 52%，預計將進一步減少萬科的收入，並在 2027 年前對其毛利率施加壓力。</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>虧損發生在萬科面臨超過 90 億元人民幣債券到期的關鍵時刻，未來幾個月內有四隻在岸債券和兩項可在 7 月底之前行使的選擇權。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>開發商萬科在第一季度虧損 59.5 億元人民幣</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>中國深圳放寬購房規則以刺激需求</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>該開發商已對兩隻債券提供了一年的延期，承諾提前償還 40% 的贖回金額。它之前獲得了足夠的債權人支持，以類似提案延長四隻債券的支付。彭博社</p>
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<div class="lb-trans"><p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊此處註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>
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萬科企業在第一季度報告虧損 59.5 億元