On July 5th, a research report by Kaiyuan Securities pointed out that China Vanke Co., Ltd. (000002.SZ) ranked in the top three in sales volume in the first half of the year. Although land acquisition intensity has been reduced, land reserves are relatively sufficient, financing has been fully supported, and the debt structure has been continuously optimized through the sale of holding assets for cash flow. The rating of "shareholding" is maintained. By the first half of 2024, the accumulated sales area of the company reached 9.395 million square meters, and the sales amount was 127.33 billion yuan, a year-on-year decrease of 27.6% and 37.6%, respectively, still maintaining a top three sales ranking in China. In the first half of the year, the company acquired 6 plots of land in second- and third-tier cities, with a total planning construction area of 0.612 million square meters and a total land price of 2.86 billion yuan. The land acquisition right equity ratio was 59.9%, and the land acquisition intensity was 2.2%. As of the end of the first quarter, the company’s under-construction projects have a total planned construction area of 56.757 million square meters, and planned projects have a total planned construction area of 31.69 million square meters, and the overall available resources for sale are relatively sufficient. Since the second quarter of this year, the company's financing has been smoother. In May, it successfully issued 1.434 billion yuan CMBS with a coupon rate of 3.6%, and at the same time, using the equity of Wanwei Logistics as collateral, it obtained a consortium loan of 20 billion yuan from financial institutions such as CM Bank. From May to early July, the company has obtained loans totaling more than 39 billion yuan from banks such as Bank of China, Agricultural Bank of China, Bank of Beijing, CM Bank, Industrial and Commercial Bank of China, Bank of Communications, and Postal Savings Bank of China.