Vanke / 万科
Vanke / 万科 appears in 153.全球宏观和资本市场2026展望：大年之后，仍是大年？ as a confidence-break example inside China Real Estate Debt Cycle. Ricky uses the “Vanke event” to argue that property-sector stress has moved beyond weaker private developers and can damage assumptions that safer or more state-linked firms will always receive clean support.
The page’s source-scoped role is not to provide a full company history. It marks Vanke as an important signal in the episode’s broader China Equity-Real Economy Gap / 中国股市与实体经济落差: a strong equity market can coexist with property-sector confidence damage, household wealth loss, and cautious developer behavior.
165.年报季中的真实中国2026 adds Vanke as a “fallen angel” case inside China Industrial K-Shaped Divergence / 中国式K型产业分化. The episode attributes its large 2025 loss to lower project settlement scale, weak gross margins, credit and asset impairments, operating losses, non-core investment losses, and asset sales below book value.
Connections
- China Real Estate Debt Cycle - property-debt and confidence context.
- Household Balance-Sheet Repair - household wealth and leverage consequences of property decline.
- China Equity-Real Economy Gap / 中国股市与实体经济落差 - market-versus-real-economy frame from episode 153.
- China - national macro setting.
- Red Star Macalline / 美凯龙, Real Estate Investment Trust, and China Industrial K-Shaped Divergence / 中国式K型产业分化 - episode 165’s real-estate-chain loss-amplification branch.