国资股东出手 深铁收购与万科合作红树湾项目   State -owned shareholders' shot Sharine acquisition and Vanke cooperative Manga Bay project

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　　【财新网】万科集团（ 000002.SZ / 02202.HK ，下称“万科”）即将步入债务高峰之际，国资股东出手收购了双方合作的深圳红树湾项目。交易能为万科提供的增量资金有限，但公司财务报表得以优化。
[Caixin.com] Vanke Group ( 000002.SZ / 02202.HK , hereinafter referred to as "Vanke") is about to enter the peak of debt, and the state -owned shareholders have acquired the Shenzhen Mangang Bay project of both parties. Transactions can provide limited incremental funds for Vanke, but the company's financial statements are optimized.

　　1月27日，万科发布公告称，该公司将深圳红树湾项目49%的投资收益权和其他附属权益的未来收益权，以及深圳地铁万科投资发展有限公司（下称“深铁万科投资公司”）49%的股权全部转让给深圳地铁集团（下称“深圳地铁”）。
On January 27, Vanke issued an announcement saying that the company will 49%of the investment income rights of the Shenzhen Mangang Bay project and the future income right of other subsidiaries, as well as Shenzhen Metro Vanke Investment Development Co., Ltd. (hereinafter referred to as "Shenzhen Railway Vanke Investment Company ") 49%of the equity was transferred to Shenzhen Metro Group (hereinafter referred to as" Shenzhen Metro ").

　　深圳红树湾项目由深圳地铁和万科合作开发。2014年，万科以45.3亿元的价格中标，获得该项目49%权益。
The Shenzhen Manga Bay project was developed by Shenzhen Metro and Vanke. In 2014, Vanke won the bid for 4.53 billion yuan and obtained 49%of the project's equity.

　　深铁万科投资公司即为深圳红树湾项目经营管理主体，由深圳地铁和万科分别持股51%和49%。此次交易一旦落地，深圳地铁将获得深圳红树湾项目100%收益权及项目公司100%股权。
Deep Railway Vanke Investment Corporation is the main body and management of Shenzhen Mangu Bay project. It holds 51%and 49%of the Shenzhen Metro and Vanke respectively. Once the transaction is on the ground, the Shenzhen Metro will obtain 100%income rights and 100%equity of the Shenzhen Hongshu Bay project.

　　万科于1月27日召开董事会会议，审议通过相关议案。当天，深圳地铁与万科在深圳签署了协议。
Vanke held a board meeting on January 27 to review and approve the relevant proposal. On the same day, Shenzhen Metro signed an agreement with Vanke in Shenzhen.

　　根据公告，深圳地铁需要支付的交易总对价约为13.50亿元，包括约12.92亿元的项目收益权转让款及约5825万元的股权转让款。
According to the announcement, the total price of the Shenzhen Metro that needs to be paid is 1.35 billion yuan, including the transfer of about 1.292 billion yuan of project income rights and about 58.25 million yuan of equity transfer models.

　　万科在公告中提到，深圳红树湾项目历经十余年开发建设及销售，在现阶段存量资产中，持有型物业占比较高，此次交易有助于盘活存量资产，提前回笼项目资金，增强流动性。交易完成后，万科后续财报将体现出6亿元的交易利润。
Vanke mentioned in the announcement that after more than ten years of development, construction and sales of the Shenzhen Mangang Bay project, the holding type of property accounts for a relatively high existing assets at this stage. , Enhance liquidity. After the transaction is completed, Vanke's subsequent financial report will reflect a transaction profit of 600 million yuan.

　　不过，深圳地铁应支付的两项转让款与万科及其关联公司此前从深圳地铁及其关联公司获得的部分资金冲抵。一名房地产资金端人士解释称，万科通过资产转让，抵消了多项对深圳地铁的关联欠款。这意味着，万科能够实收的资金有限，甚至可能没有现金流入。
However, the two transfer models that Shenzhen Metro should pay with Vanke and its affiliated companies have previously obtained some funds obtained from Shenzhen Metro and its related companies. A real estate funder explained that Vanke passed the asset transfer and offset a number of related arrears of the Shenzhen Metro. This means that Vanke can collect limited funds, and may not even have cash inflows.

　　1月27日，深圳地铁与万科还梳理了深圳红树湾项目及深铁万科投资公司的债权债务情况，并约定项目后续开发及销售等事宜。
On January 27th, Shenzhen Metro and Vanke also sorted out the debt and debt of the Shenzhen Mangang Bay Project and Shenzhen Railway Vanke Investment Company, and agreed that the project was developed and sold for subsequent development and sales.

　　深圳红树湾项目于2015年6月开工，计容总建面为41.9万平方米，包括23.1万平方米的办公面积、约9.9万平方米的商业面积、约4万平方米的酒店面积和约9万平方米的商务公寓。
The Shenzhen Manga Bay Project started in June 2015. The total construction surface of the plan was 419,000 square meters, including the office area of ​​231,000 square meters, a commercial area of ​​about 99,000 square meters, a hotel area and treaty of about 40,000 square meters. 90,000 square meters of business apartment.

　　根据2014年深圳地铁与万科的约定，在深圳红树湾项目中，商务公寓和办公物业为可销售物业，双方按权益比例分配税后利润；商业和酒店为持有型物业，由双方共同持有。深圳地铁和万科共同组建深铁万科投资公司，负责项目开发建设以及全部持有型物业后续经营管理工作。
According to the agreement between Shenzhen Metro and Vanke in 2014, in the Shenzhen Mangang Bay project, business apartments and office properties are soldable properties, and the two parties allocate after -tax profits according to the ratio of equity. have. Shenzhen Metro and Vanke jointly established Shenzhen Railway Vanke Investment Corporation, responsible for project development and construction, and all the follow -up management of the type of property.

　　2018年9月，该项目商务公寓与办公产品首次开盘。办公产品备案均价约12万元/平方米；商务公寓备案均价约11.1万元/平方米。截至目前，商务公寓基本售罄，办公产品仍未售完。配套的集中式商业综合体“深圳湾睿印”于2023年4月正式开业。
In September 2018, the project's business apartment and office products opened for the first time. The average price of office products is about 120,000 yuan/square meter; the average price of business apartments is about 111,000 yuan/square meter. As of now, business apartments have been sold out, and office products have not yet been sold. The supporting centralized commercial complex "Shenzhen Wan Rui Yin" officially opened in April 2023.

　　万科新一轮公开债偿付高峰期逐渐逼近。据DM查债通统计，2025年全年，万科共有16笔到期或行权的境内公开债，存续本金规模合计326.4亿元；同期，该公司还有两笔境外债到期，存续本金规模约为36亿元。仅2025年一季度，万科就有98.9亿元的境内公开债需要兑付。
Vanke's new round of public debt paid peak periods gradually approached. According to the statistics of DM's debt check, in 2025, Vanke has 16 domestic public debt that expires or exercise rights, with a total of 32.64 billion yuan in principal. The scale of gold is about 3.6 billion yuan. In the first quarter of 2025, Vanke had 9.89 billion yuan of domestic public bonds needed to pay.

　　但万科集团层面可动用的资金捉襟见肘。根据财报，截至2024年9月末，万科母公司持有货币资金约11.89亿元，较2024年6月末净流出约59.31亿元。
However, the funds that can be used at the Vanke Group level are stretched. According to the financial report, as of the end of September 2024, Vanke's parent company held approximately 1.189 billion yuan in monetary funds, which was about 5.931 billion yuan from net currents at the end of June 2024.

　　由于流动性紧张，万科需要处置资产自救。深圳地铁此时出手，透露出深圳国资支持万科化险的决心。
Due to the tight liquidity, Vanke needs to deal with self -rescue assets. At this time, the Shenzhen Metro shot, revealing the determination of Shenzhen's state assets to support Vanke's insurance.

　　万科的经营同样承压。1月27日，该公司发布2024年业绩预告。2024年万科的归母净利润预损450亿元，同比降幅达470%。
Vanke's operation is also under pressure. On January 27, the company released the 2024 performance forecast. In 2024, Vanke's net profit was pre -damaged by 45 billion yuan, a decrease of 470%year -on -year.

　　同日召开的万科董事会会议审议通过多项议案，该公司管理团队大幅调整。郁亮辞去董事会主席职务，继续担任公司董事，并留任执行副总裁。深圳地铁董事长辛杰当选万科董事会主席。
The Vanke Board of Directors held on the same day reviewed and approved a number of proposals, and the company's management team adjusted sharply. Yu Liang resigned as the chairman of the board of directors, continued to serve as a director of the company, and stayed as executive vice president. Xin Jie, chairman of Shenzhen Metro, was elected chairman of the Board of Directors of Vanke.

　　万科总裁祝九胜因身体原因辞去所有职务，他不再担任公司任何职务。万科董秘朱旭辞去公司董事会秘书、公司秘书、授权代表等职务，她仍留在万科长租公寓事业部工作。
Vanke President Zhu Jiusheng resigned all his positions due to physical reasons, and he no longer holds any position in the company. Vanke's director Zhu Xu resigned as secretary, company secretary, authorized representative, etc., who still stayed in the company. She still stayed in Vanke's long rental apartment division.

　　上述人事变动意味着深圳国资将进一步加强对万科的支持，在后续经营管理决策中，深铁对万科的掌控力度也会加码。（详见财新网报道《巨亏之下万科重整：深圳地铁辛杰接董事长，郁亮任执行副总裁》）
The above -mentioned personnel changes means that Shenzhen's state -owned assets will further strengthen its support for Vanke. In subsequent business management decisions, the Shenzhen Railway's control over Vanke will also increase. (For details, please refer to Caixin.com "Reorganization of Vanke under the losses: Chairman of Shenzhen Metro Xin Jie, Yu Liang as Executive Vice President" )

　　在万科管理层权力格局大变后，深圳市国资委负责人罕见出面表态称，“深圳有能力、有实力，也有足够的‘子弹’，支持深圳地铁通过一切可能的市场化、法治化手段推动万科稳健发展”。
After Vanke's management of power changes, the person in charge of the Shenzhen Municipal SASAC rarely came out and stated that "Shenzhen has the ability, strength, and sufficient 'bullets' to support the Shenzhen Metro through all possible marketization and rule of law. Vanke's steady development. "

　　广东省、深圳市及有关部门、金融机构负责人也纷纷发声，表态全力支持企业稳妥处置风险，保持万科融资规模总体稳定，助力企业持续健康发展。
The heads of Guangdong Province, Shenzhen, and relevant departments, and financial institutions have also spoiled, expressing their efforts to support enterprises to deal with risks steadily, maintain the overall stability of Vanke financing, and help enterprises sustainable and healthy development.

　　万科一直被视为房地产行业标杆，在业内具有系统重要性。官方这些举动均意在稳定资本市场信心。
Vanke has always been regarded as a benchmark in the real estate industry and has system importance in the industry. The official moves are intended to stabilize the confidence of the capital market.

　　深圳市住建局相关负责人称，国家相关部委正在推动实施利用政府专项债收储闲置土地和收购存量商品房用作保障性住房。深圳住建部门将大力协调有关方面妥善处置万科部分闲置存量土地，帮助公司盘活资产、回笼资金。
The relevant person in charge of the Shenzhen Municipal Bureau of Housing and Urban -Rural Development said that the relevant state ministries and commissions are promoting the implementation of the use of government special debts to collect idle land and acquire existing commercial housing for affordable housing. The Shenzhen Housing and Construction Department will vigorously coordinate relevant parties to properly dispose of some idle existing land in Vanke to help the company revitalize assets and return funds.

　　深圳地区八家国有银行和股份制银行负责人也称，坚定看好万科的后续发展，银行将继续积极运用贷款、债券、资管、信托等各种金融工具，满足万科合理融资需求。
The heads of eight state -owned banks and joint -stock banks in Shenzhen also said that it is firmly optimistic about Vanke's subsequent development. Banks will continue to actively use various financial instruments such as loans, bonds, asset management, and trusts to meet the reasonable financing needs of Vanke.