Yes, you can run Server 2016 VM’s on Server 2012 R2 Host. In general Mircrosoft supports the release immediately after the host operating system (i.e. 2012 on 2008 R2, 2012 R2 on 2012 R1,…) Server 2016 Supported Guest Operating Systems: Windows Server 2016 is expected to be able to host Windows Server 2019 VM’s but as of today’s date the official line up for Server 2016 hosting VM’s is: Guest Operating System Maximum Virtual Cores…
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