Property developer KWG Group Holdings Ltd. (1813.HK) said on Tuesday that presales by the company, its joint ventures and associates fell 73.6% year-on-year to 161 million yuan ($24 million) in August. Its presold gross floor area dropped 62.9% to about 9,200 square meters, underscoring continued weakness in China’s property market.

On the debt front, KWG said on Monday that its offshore debt restructuring was making further progress. As of Sept. 7, about 75.47% of its creditors had joined or agreed to join its restructuring agreement. The company also extended its basic consent fee deadline to Sept. 28 to give remaining creditors more time to complete internal approval procedures.

The company’s revenue fell 50.4% year-on-year to 1.88 billion yuan in the first half of this year, while its loss widened 24.5% to 2.56 billion yuan. Revenue from property development fell about 60% to 1.23 billion yuan, mainly due to a decline in delivered gross floor area.

The company’s shares opened flat on Wednesday and were unchanged at HK$0.096 by the midday break. The stock has fallen 35.57% so far this year.

By Lee Shih Ta

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Property developer Longfor Group Holdings Ltd. (0960.HK) on Monday reported it logged 20.84 billion yuan ($3.1 billion) in contracted sales during the first eight months of the year, plunging 54% from 45.74 billion yuan a year earlier. The transactions this year covered a gross floor area of 2.24 million square meters, down nearly 36% year-on-year.

The company’s contracted sales in August totaled just 2.2 billion yuan, down 53% year-over-year, while the corresponding floor area fell nearly 40% to 250,000 square meters. Compared with July, however, the August sales value edged up by 5% and the transacted floor area increased by 4.6%.

The company generated about 9.73 billion yuan in operating income and roughly 8.45 billion yuan in service revenue in the first eight months of the year, for a combined total of 18.18 billion yuan.

Shares of Longfor opened flat at HK$6.015 on Tuesday. The stock is down 50% from its 52-week high.

By Lau Chi Hang

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Real estate developer China Resources Land Ltd. (1109.HK) reported that its cumulative sales reached about 116.5 billion yuan ($17.18 billion) in the first half of 2026, up 5.6% year over year. In June alone, its sales totaled around 22.99 billion yuan across a gross floor area of 799,000 square meters, down 2% and 11%, respectively, year-on-year.

CR Land’s investment properties delivered strong results for the latest month. Rental income in June totaled 2.87 billion yuan, up 10.7% from a year earlier. Over the first six months of the year, the company’s cumulative rental income totaled 17.87 billion yuan, up 12.6% year-over-year.

Shares of CR Land opened down 2% at HK$32.06 on Tuesday. The stock is down 17% from its 52-week high.

By Lau Chi Hang

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Property developer Country Garden Holdings Co. Ltd. (2007.HK) on Thursday announced its attributable contracted sales for June totaled about 2.45 billion yuan ($361 million), down about 13% year-on-year. Its attributable contracted sales area totaled about 300,000 square meters, down 14.3% year-on-year.

Country Garden’s June sales were also down from May, when the company recorded attributable contracted sales of about 2.63 billion yuan and contracted sales area of about 330,000 square meters. That meant June contracted sales fell about 6.8% month-on-month, while sales area declined about 9.1%.

Including the June figures, Country Garden’s attributable contracted sales for the first half of this year totaled about 14.25 billion yuan, down 14.9% from 16.75 billion yuan a year earlier. Attributable contracted sales area totaled about 1.82 million square meters, down about 11.2% from 2.05 million square meters in the same period last year.

Country Garden shares opened higher on Friday and were trading at HK$0.188 by the midday break, up 8.67%.

By Lee Shih Ta

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Real-estate developer Yuexiu Property Co. Ltd. (0123.HK) said on Thursday that it acquired a land parcel in the Pazhou Middle and East Zone of the Haizhu district in Guangzhou via an open tender for 1.38 billion yuan ($203 million).

The site covers an area of approximately 20,415 square meters, offering a total buildable gross floor area of roughly 36,000 square meters zoned for residential use. Completed properties will be slated for sale.

The company said it is obligated to construct public infrastructure including roads, green spaces, and a river channel, which collectively encompass a construction area of about 11,355 square meters. Upon completion, that infrastructure must be handed over to the Guangzhou municipal government at no cost.

Shares of Yuexiu Property opened flat at HK$3.47 on Friday. The stock is down over 30% from its 52-week high.

By Lau Chi Hang

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Property developer Longfor Group Holdings Ltd. (0960.HK) on Monday reported its property sales tumbled 53% year-over-year to 10.35 billion yuan ($1.52 billion) in the first four months of 2025. Its gross floor area sold during the period totaled 1.15 million square meters, down 28% year-on-year.

Longfor's contracted sales for the month of April totaled 2.89 billion yuan, down 43.7% year-over-year. Its contracted sales attributable to the company's shareholders totaled 1.93 billion yuan, also down 46.5% from a year earlier.

The company recorded 8.85 billion yuan in operational and service revenue in the first four months of this year, edging up 1% from 8.76 billion yuan in the corresponding period last year.

Shares of Longfor opened down 1% at HK$9.82 on Tuesday. The stock is down nearly 20% from its 52-week high.

By Lau Chi Hang

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Property developer Greentown China Holdings Ltd. (3900.HK) reported on Thursday that contracted sales for company-owned projects in March totaled 2,840 units, down 18% from 3,478 units a year earlier. Total sales area for the month was about 420,000 square meters, generating proceeds of 15.1 billion yuan ($2.21billion), down 30.7% year-over-year. The company’s average selling price fell 15.5% from the year-ago period to 36,012 yuan per square meter.

The March data brought Greentown’s cumulative contracted sales to approximately 25.6 billion yuan during the first quarter, down 29.5% year-over-year. The company sold around 820,000 square meters by floor area during the quarter. Sales attributable to Greentown’s equity holders stood at 17.7 billion yuan, down 25.6% compared with the same period last year.

Shares of Greentown rose by a slight 0.12% on Friday to close at HK$8.35. The stock is down 30% from its 52-week high.

By Lau Chi Hang

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Property developer Kaisa Group Holdings Ltd. (1638.HK) on Tuesday reported its revenue fell 17.8% last year to 9.5 billion yuan ($1.38 billion), as it recorded a profit of 52.56 billion yuan, reversing a loss in 2024.

The company’s return to profitability owed primarily to 85.37 billion yuan in gains related to its debt restructure, though those gains were non-cash items. Following the restructuring, the company’s interest-bearing debt stood at 84.8 billion yuan at the end of last year  — a sharp reduction of 50 billion yuan. However, its cash totaled just 1.6 billion yuan at the end of the year, down 33% from a year earlier.

Kaisa and its joint ventures reported contracted property sales last year of about 5.54 billion yuan, down 17.9% year-over-year. Its sales area for the year totaled 350,000 square meters, down 36.6% from 553,000 square meters in 2024.

Kaisa’s shares opened up 1% at HK$0.09 on Wednesday. The stock is down almost 60% from its 52-week high.

By Lau Chi Hang

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Property management company Onewo Inc. (2602.HK) said on Thursday its revenue rose 2.7% year-on-year to 37.27 billion yuan ($5.4 billion) in 2025, while its net profit for the year fell 39% to 695 million yuan.

Revenue from the company’s core community space living and consumption services segment rose 11% last year to 23.23 billion yuan, while commercial and urban space integrated services declined 4% to 11.79 billion yuan. AIoT and BPaaS solutions dropped 26% to 220 million yuan, with income from continuing connected transactions also falling sharply to 2.24 billion yuan, down 1.2 billion yuan year-on-year and accounting for 6% of total revenue.

The company recorded a big increase in credit impairment losses, which rose by 570 million yuan year-on-year. It attributed the increase to additional provisions of 740 million yuan for receivables from related parties in 2025, up 480 million yuan from the previous year.

Onewo’s core net profit rose by a slight 0.8% year-on-year to 2.13 billion yuan in 2025. Excluding the impact of developer-related businesses, its core net profit increased 11% to 1.71 billion yuan.

Onewo’s shares opened lower on Friday and closed down 6.44% at HK$17.44 by the midday break.

By Lee Shih Ta

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Property developer Greentown China Holdings Ltd. (3900.HK) warned on Tuesday that it expects to report its profit plunged about 95% last year from the 1.6 billion yuan ($232 million) it reported in 2024, implying a profit of roughly 80 million yuan last year.

The company blamed the sharp decline mainly on the prolonged downturn in China’s property market. At the same time, it said it has worked to reduce its long-standing inventory, resulting in lower gross margins on revenue recognized during the year. Its profit from joint ventures and associates also declined, while asset impairment provisions further weighed on its bottom line.

Concurrently, Greentown said it continued to improve its debt structure last year and reduced the share of short-term liabilities to below 20%, a record low. Meanwhile, the company’s cash-to-short-term-debt ratio exceeded 2.5 times, also a historic high, indicating its overall financial position remains solid.

Greentown China’s shares opened higher on Wednesday and closed at HK$10.45 by the midday break, up 3.98%.

By Lee Shih Ta

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Property developer Agile Group Holdings Ltd. (3383.HK) said on Thursday that its Xintao Eco Technology subsidiary has agreed to sell several of its fixed assets, including land, factories, equipment, pipeline networks and construction-in-progress, to Yifeng Huachuang for cash.

Agile said the sales will help to improve its short- and long-term asset allocation, unlock the assets' full potential, enhance its cash flow and mitigate debt risks.

Shares of Agile opened flat at HK$0.275 on Friday. The stock is down 62% from its 52-week high.

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Property developer Country Garden Holdings Co. Ltd. (2007.HK) said on Tuesday it recorded attributable sales of 2.23 billion yuan ($323 million) in February, down 3% year-on-year but up 0.9% from January.

The company’s contracted sales for February covered about 290,000 square meters of gross floor area, down 6.5% from the 310,000 square meters in the same month last year but up 3.6% from January's 280,000 square meters.

Country Garden’s shares opened flat at HK$0.30 on Wednesday. The stock is down 65% from its 52-week high.

By Lau Chi Hang

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China Resources Building Materials Technology Holdings Ltd. (1313.HK) saidon Wednesday that it expects to report its profit last year surged 115% to 135% from about 211 million yuan in 2024. Based on that guidance, the company expects to report a full-year profit of between 242 million yuan ($35 million) and 285 million yuan.

The company attributed the sharp improvement to lower overall costs in 2025 and a reduction in impairment losses. It did not provide a revenue forecast.

Formerly known as China Resources Cement, China Resources Building Materials is a building materials producer under conglomerate China Resources Group. Its core businesses include cement, aggregates and concrete, while it has also expanded into functional building materials such as engineered stone, tile adhesives and specialty mortar, as well as new materials like calcium oxide.

The company reported revenue of 15.07 billion yuan in the first nine months of last year, down 4.5% year-on-year, while its net profit during that time rose 7.3% to 331 million yuan.

The company’s stock opened higher on Thursday and closed at HK$1.86 by the midday break, up 3.91%.

By Lee Shih Ta

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U.S. private equity giant Blackstone Inc. (BX.US) is nearing a deal that would make it the largest stakeholder in troubled Hong Kong conglomerate New World Development Co. Ltd. (0017.HK), according to a report in Bloomberg. Such a deal would see Blackstone take control of the company from the local Cheng family.

Addressing market speculation, New World clarified in a Thursday statement that it had contacted its controlling shareholder, Chow Tai Fook Enterprises. Its queries revealed that discussions underway with several potential investors, though no definitive agreements concerning the size, nature, or structure of any investment have been reached, it said.

Founded in 1970 by Cheng Yu-tung and listed in 1972, New World Development is currently 45%-owned by the Cheng family. The property developer has grappled with ballooning liabilities following operational difficulties in recent years. The situation led to a management shakeup that saw former heir apparent Adrian Cheng step down from the company. His father, Henry Cheng, resumed control, overseeing an extensive restructuring and asset disposals to pare down the company’s mounting debt.

Desire to pay down the company’s debt load set the stage for seeking external investments. Reports last year indicated that both Blackstone and CapitaLand Group were eyeing select assets within New World’s portfolio. But more recent speculation suggested Blackstone’s involvement could come through a capital injection into New World, potentially alongside money from the Cheng family

Shares of New World Development opened up 5.6% on Friday, but later gave back some of the gains and closed up 2.3% at HK$11.38. The stock has tripled from its 52-week low.

By Lau Chi Hang

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Home furnishing retail and shopping mall operator Red Star Macalline Group Corp. Ltd.  (1528.HK) warned on Friday that it expects to report a net loss for 2025 primarily due to an asset impairment provision.

The company said it was making the provision due to an ongoing downturn in the property market, which has weakened demand for home furnishings. Its leasing and management income have remained sluggish over the past two years, with rental rates declining markedly from prior periods. This prompted the company to downwardly revise its future rental income projections, triggering a significant write-down in the value of its investment properties.

 Shares of Red Star Macalline opened down 0.8% at HK$1.28 on Monday. The stock is down over 40% from its 52-week high.

By Lau Chi Hang

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Property developer China Jinmao Holdings Group Ltd.  (0817.HK) said  on Tuesday it disposed of its Ritz-Carlton Sanya Yalong Bay on South China’s Hainan Island through an asset securitization deal valuing the resort at 2.26 billion yuan ($323 million).

The Ritz-Carlton Sanya Yalong Bay is a five-star hotel that opened in 2008 with 446 guest rooms. It reported a profit of 58 million yuan last year, down 34% year-on-year. Its profit stood at 34.62 million yuan in the first half of this year.

Under the deal, Citic Securities issued 2.27 billion yuan worth of asset-backed securities tied to the property. Shanghai Jinmao, a wholly owned subsidiary of China Jinmao, has subscribed for 4% of those, with the remainder going to other professional institutional investors. China Jinmao said the asset securitization will maximize the property’s valuation and liquidity of its hotel assets.

Shares of China Jinmao opened down 0.8% at HK$1.21 on Tuesday. The stock is down 26% from its 52-week high.

By Lau Chi Hang

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Real estate developer China Resources Land Ltd. (1109.HK) said on Monday it has been approved by the Hong Kong Stock Exchange to issue up to $3.9 billion in medium-term notes within the next 12 months. The company said the notes will be offered exclusively to professional investors.

CR Land said it has mandated six banks, including Bank of China, DBS Bank and HSBC, to act as arrangers and dealers for the offering.

The company's cumulative contracted sales fell 10.4% year-on-year to approximately 154.4 billion yuan ($21.69 billion) in the first three quarters of this year, while its contracted gross floor area for the period totaled about 5.73 million square meters, down 24.1%.

Shares of CR Land opened up 0.14% at HK$29.04 on Tuesday. The stock is down 14% from its 52-week high.

By Lau Chi Hang

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Property developer Agile Group Holdings Ltd. (3383.HK) said on Tuesday that its contracted sales totaled 710 million yuan ($100 million) in October, up 54% from September, but down 49% from the same month last year.

The company’s sales by gross floor area totaled 83,000 square meters in October, up 48% month-on-month but down 30% year-on-year. The average selling price per square meter for the month was 8,517 yuan, up 3.3% sequentially but down 37% year-on-year.

Agile’s cumulative contracted sales totaled 7.44 billion yuan for the first 10 months of this year, down 45% from the 13.56 billion yuan it recorded in the same period last year.

Shares of Agile opened flat at HK$0.425 on Wednesday. The stock is down about 60% from its 52-week high.

By Lau Chi Hang

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E-commerce giant Alibaba Group Holding Ltd. (BABA.US; 9988.HK) and its financial affiliate, Ant Group Co. Ltd., announced they will acquire multiple floors in a prime office building in Hong Kong’s Causeway Bay district for HK$7.2 billion ($925 million). The deal represents the largest office property transaction in Hong Kong since 2021, the companies said in their Friday announcement.

Alibaba and Ant said they will use the floors at One Causeway Bay, being purchased from Mandarin Oriental International Group, for use as their Hong Kong headquarters. The purchase involves more than 300,000 square feet of space on the top 13 floors of the 24-story building, according to media reports.

Alibaba’s Hong Kong-listed shares rose nearly 5% on Monday. The stock has nearly doubled this year.

By Doug Young

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Chinese property developer China Vanke Co. Ltd. (2202.HK; 000002.SZ) announced on Monday that its Chairman Xin Jie has resigned for personal reasons. It added the board has elected Huang Liping, general manager of Vanke’s major state-owned shareholder Shenzhen Metro Group, as the new chairman.

Xin was reportedly missing for some time before his resignation, according to financial media Caixin. His last social media post was on Sept. 14, and reports have emerged since late September that he was detained for investigation. Xin also serves as chairman and Communist Party secretary of Shenzhen Metro, Vanke’s major state-owned shareholder, though officials have yet to confirm whether he has stepped down from those positions.

Xin, 59, has long worked within Shenzhen’s state-owned enterprise system and has led Shenzhen Metro since 2017. During his tenure, he promoted a “rail + property” development model. He also oversaw Shenzhen Metro’s 66.4 billion yuan ($9.32 billion) investment in Vanke, making it the company’s largest shareholder. However, as China’s property market slumped, Shenzhen Metro’s business has weakened from 2020 onward, with the company posting a massive loss of 33.6 billion yuan in 2024.

In early 2025, Xin also took over as Vanke’s chairman to oversee its debt restructuring. Over the past eight months, Shenzhen Metro, under guidance from the Shenzhen municipal government, has injected funds into Vanke 10 times, providing nearly 26 billion yuan in loans to help the company repay debt and maintain liquidity.

Xin’s departure marks Vanke’s second chairman change in nine months. People familiar with the company said the new chairman, Huang Liping, is well acquainted with Vanke’s operations, and the leadership reshuffle is unlikely to disrupt its ongoing restructuring and risk mitigation efforts.

Following the announcement, Vanke’s stock fell 3.26% on Monday in Hong Kong to closed at HK$5.04.

By Lee Shih Ta

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Property developer China Jinmao Holdings Group Ltd. (0817.HK) said on Tuesday it recorded sales of 9.08 billion yuan ($1.28 billion) in August, up 46% year-on-year and up 7.3% from July.

The company’s cumulative contracted sales for the first eight months of this year rose 25.7% year-on-year to 70.88 billion yuan. Its sales by total floor area during the eight-month period totaled 3.18 million square meters.

Shares of China Jinmao opened flat at HK$1.52 on Wednesday. The stock is up over 50% since the start of this year.

By Lau Chi Hang

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Real estate developer Sunac China Holdings Ltd. (1918.HK) said on Thursday its contracted sales totaled 5.39 billion yuan ($755 million) in August, down 27% from the same month a year earlier.

The company’s August contracted sales area totaled around 130,000 square meters, down 7.8% year-on-year, while its average selling price fell 20% year-on-year to 41,460 yuan per square meter.

Sunac's total sales in the first eight months of 2025 totaled 30.47 billion yuan, down 13% year-on-year. Its average selling price per square meter rose 57% to 33,050 yuan compared with the same period last year.

Shares of Sunac opened up 0.65% at HK$1.55 on Friday and were up about 4% by the midday break. The stock is down over 30% since the beginning of this year.

By Lau Chi Hang

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Property management firm Onewo Inc. (2602.HK) said on Monday its revenue rose 3.1% year-on-year to 18.14 billion yuan ($2.53 billion) in the first half of 2025. Its net profit for the period rose 3.9% to 792 million yuan, while its core net profit climbed 10.8% to 1.32 billion yuan. The company declared an interim dividend of 0.951 yuan per share.

The growth was mainly driven by the company’s community space living services, which recorded an 11.8% revenue increase to 11.33 billion yuan, making it the largest contributor. Revenue from property and facility management services rose 7.7% to 5.17 billion yuan, helping pare the overall decline in commercial and urban space services to 5.2%. However, revenue from AIoT solutions plunged 66.2%, dragging the broader technology-related segment down 23.6% year-on-year.

Onewo’s stock opened higher on Tuesday, closing at HK$25.96 by the midday break, up 7.27%. The stock has gained 27% so far this year.

By Lee Shih Ta

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Property developer KWG Group Holdings Ltd. (1813.HK) said on Wednesday that Shandong Sunlight Xin Tiandi Micro-finance Com.  Ltd. filed a winding-up petition against the company with Hong Kong’s High Court on Aug. 11. The petition relates to approximately 642 million yuan ($89.48 million) in unpaid guaranteed obligations and accrued interest of 136 million yuan owed to Shandong Sunlight by KWG.

KWG said it will consider filing an application for a validation order with the High Court, taking into account the petition’s developments alongside its offshore debt restructuring progress. The High Court has scheduled the first hearing for Oct. 22.

KWG’s aggregate bank and other borrowings, senior notes, and onshore corporate bonds totaled 72.93 billion yuan at the end of last year. Approximately 17.6 billion yuan is due for repayment within one year. The company’s net debt-to-equity ratio, calculated as total borrowings minus cash and bank balances divided by total equity, soared to 789.6%.

Shares of KWG opened flat on Thursday and then plunged over 20%. The stock is down almost 80% from its 52-week high.

By Lau Chi Hang

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Property developer Ever Reach Group (Holdings) Co. Ltd. (3616.HK) on Monday reported its revenue totaled 2.76 billion yuan ($38.5 million) last year, down 22% year-over-year. The company posted an annual loss of 270 million yuan, compared with an annual net profit of 40.94 million yuan in 2023.

The company held approximately 410 million yuan in cash and restricted bank deposits at the end of the period. Its short-term bank borrowings totaled 370 million yuan, while long-term bank borrowings stood at 388 million yuan. Ever Reach’s gearing ratio rose roughly 15.7 percentage points to 66.8%, from 51.1% at the end of 2023.

Ever Rich’s auditors noted that financial guarantees provided by the company to third parties and one affiliate could trigger cash outflows totaling up to 6.84 billion yuan. Given the company’s low cash levels and the uncertainty over its ability to generate sufficient cash flow, they expressed significant doubt about Ever Rich’s ability to continue operating as a going concern.

Trading in Ever Rich shares has been suspended since April 2 last year. The stock last traded at HK$0.26 before the halt.

By Lau Chi Hang

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Data center operator GDS Holdings Ltd. (GDS.US; 9698.HK) said on Wednesday it has completed the spin off and separate listing in Shanghai of a real estate investment trust (REIT) containing its China-based data center property assets.

GDS said the listing attracted strong investor interest, with the retail portion 455 times oversubscribed and the portion for institutional investors oversubscribed by 165 times. It did not say how much the listing raised. But previous reports said the company planned to sell 800 million shares for 3 yuan each, raising about 2.4 billion yuan ($335 million).

GDS said trading of the stock under the name NF GDS Data Center Infrastructure Real Estate Investment Trust (508060.SH) is expected to begin on the Shanghai Stock Exchange in early August. U.S.-listed shares of GDS rose 1.1% on Wednesday. The stock is up 61% this year.

By Doug Young

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Real estate developer China Vanke Co. Ltd. (2202.HK, 000002.SZ) warned on Monday that it expects to report a loss of between 10 billion yuan ($1.4 billion) and 12 billion yuan for the first half of this year, widening from a loss of 9.85 billion yuan in the year-ago period.

The company attributed the growing losses mainly to the decline in settlements for its real estate projects, while its gross margin also remained low. At the same time, it made new asset impairment provisions to reflect changes in the market and operating environment. It also blamed transaction prices for some large assets and equity that were lower than their book value.

Vanke said that it continued to receive support from various financial institutions in the first half of the year, with new financing and refinancing reaching 24.9 billion yuan. It said it repaid 16.49 billion yuan of public debt, and that none of its overseas public debt would mature before 2027.

Shares of Vanke opened down 0.4% at HK$5.30 on Tuesday. The stock is down 62% from its 52-week high.

By Lau Chi Hang

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Real estate developer Logan Group Co. Ltd. (3380.HK) said on Wednesday that restructuring plans for 21 of its onshore corporate bonds and asset-backed securities (ABS) have all been approved by related bondholders, and provide options including full conversion into designated assets, asset-for-debt swaps, cash repurchases and equity economic rights. 

Logan said it will make arrangements for the restructuring plan selected by specific bondholders in accordance with their relevant agreements.

The company’s liabilities totaled about 187.78 billion yuan ($26.15 billion) at the end of 2024, while its assets totaled 212.59 billion yuan, and it held 8.65 billion yuan in cash, according to its 2024 annual report.

Shares of Logan opened up 4.4% at HK$0.95 on Thursday. The stock is down around 46% from its 52-week high.

By Lau Chi Hang

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Real estate developer Greentown China Holdings Ltd. (3900.HK) said its contract sales in the first half of the year totaled 80.3 billion yuan ($11.2 billion), involving an area of ​​2.29 million square meters. Sales attributable to Greentown totaled 53.9 billion yuan for the period, down 11.3% from 60.8 billion yuan a year earlier.

Sales for Greentown's self-invested projects in June totaled 14.2 billion yuan, down 18.4% year-on-year. But the average price per square meter rose 6.8% to 34,746 yuan.

Several media also reported earlier that Zhang Yadong, the company’s former chairman, was taken away at a boarding gate at the Hong Kong airport as he was preparing to fly to Canada at the end of May. No specific reason was disclosed.

Zhang was once a deputy mayor of Dalian. He was transferred to the state-run China Communications Construction Group in 2016 before taking the helm at Greentown in 2018. In March, Greentown suddenly announced that Zhang Yadong had resigned.

Shares of Greentown opened flat at HK$9.77 on Tuesday. The stock is down 27% from its 52-week high.

By Lau Chi Hang

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Agile Group Holdings Ltd. (3383.HK) announced on Tuesday that its wholly owned subsidiary, Yaxin Investment, has agreed to sell its 21.16% stake in Guangdong PRB Bio-Tech Co. Ltd. to Guangdong Foodstuffs Export Group for 191 million yuan ($27 million).

In a separate agreement at the same time, Guangdong PRB Bio-Tech agreed to buy back another 7.95 million of its shares, or about 4.74% of its share equity, from Yaxin Investment for 42.79 million yuan. Guangdong PRB Bio-Tech is engaged in the R&D, production and sale of high-salt soy sauce, vinegar, compound seasonings and other condiments.

Upon completion of the transaction, Agile will cease to hold any equity interest in PRB Bio-Tech. Agile expects to record a loss of 26.3 million yuan related to the sale. Proceeds from the disposal will be used to fully repay the principal and interest of Agile Realty’s “23 Panya 02” bond, and to support general operations and management.

Agile’s stock opened 1.35% higher on Tuesday and closed at HK$0.395 by the midday break, up 2.6%.

By Lee Shih Ta

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Building maintenance services company Green Economy Development Ltd. (1315.HK) said on Wednesday it will invest HK$11.6 million ($1.48 million) in shares of Bayzed Health Group Inc. (2609.HK) during the biotech company’s IPO.

Green Economy characterized Bayzed Health’s business outlook as promising, calling its own investment a sound financial move aligned with corporate strategy that could generate returns for its shareholders.

Specializing in comprehensive oncology care, Bayzed Health set a price range of HK$4.22 and HK$6.75 for its IPO shares. The shares will price on Thursday, ahead of the stock’s trading debut next Monday.

Shares of Green Economy opened flat at HK$0.138 on Thursday. The stock is down 23% from its 52-week high.

By Lau Chi Hang

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Property developer China Jinmao Holdings Group Ltd. (0817.HK) said on Tuesday that  Jiaxing Chengmao, Yangzhou Xida and Qingdao Yuanpu won the bidding to help fund Jinmao’s purchase of a land plot in Beijing. The companies invested 817 million yuan ($113.7 million), 314 million yuan and 400 million yuan, respectively, giving them stakes of 32%, 12.3%, and 15.7%. Jinmao invested 1 billion yuan in the project, lifting its own equity position to 40%.

Situated in Beijing’s Fengtai district, the site spans approximately 33,300 square meters and is designated for residential use. With a plot ratio of 2.17, it will yield up to 72,100 square meters of total gross floor area. Jinmao acquired the plot for about 4 billion yuan in 2024.

The company said that it can make full use of market resources and diversify its own funding risks by introducing partners to fund the purchase, which is in line with its strategy.

Shares of Jinmao opened flat at HK$1.10 on Wednesday. The stock is down nearly 40% from its 52-week high.

By Lau Chi Hang

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Property developer Greentown China Holdings Ltd. (3900.HK) on Thursday reported its sales totaled 18.6 billion yuan ($2.59 billion) in May, up 14% year-over-year and up by an even stronger 60% from April.

The gross floor area for its May sales totaled about 420,000 square meters, down 14% year-over-year. The average selling price per square meter rose 34% to 44,102 yuan, compared with 32,766 yuan a year earlier.

For the first five months of this year, Greentown recorded aggregated contracted sales of approximately 65.4 billion yuan. The amount attributable to the company fell 7% year-on-year to about 44.4 billion yuan.

Shares of Greentown opened up 0.1% at HK$9.3 on Friday. The stock is down over 30% from its 52-week high.

By Lau Chi Hang

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Property developer Sunshine 100 China Holdings Ltd. (2608.HK) said on Monday that Haitong International sold 521 million of the company’s shares in the open market on May 21 and May 22, representing approximately 20.43% of its issued share capital.

Haitong had received the shares from Joywise Holdings, which is principally controlled by Yi Xiaodi, who pledged the shares to Haitong under a 2019 financing agreement. Post-disposal, Joywise still retains 563 million Sunshine 100 shares, amounting to 22.09% of the company’s issued shares.

Sunshine 100 has faced operational strain during China’s ongoing real estate downturn, reporting its 2024 loss widened 82% year-over-year to 5.8 billion yuan（$805 million）. The company has 22.9 billion yuan in short-term debt and 630 million yuan in cash reserves, with negative equity of nearly 5 billion yuan.

Shares of Sunshine 100 opened flat at HK$0.01 on Monday. The stock is down over 85% from its high over the last six months.

By Lau Chi Hang

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Property developer Greentown China Holdings Ltd. (3900.HK) logged contracted sales of 21.8 billion yuan ($2.98 billion) from its self-invested projects in March, down 5% year-on-year, the company said on Monday. The company sold 3,478 units with 510,000 square meters of floor space during the month, at an average selling price of 42,602 yuan per square meter.

Greentown’s contracted sales for the first quarter reached 36.3 billion yuan for 1.06 million square meters of floor space. Sales attributable to the company for the period totaled approximately 23.8 billion yuan, down 8% year-over-year.

Shares of Greentown opened down 3% at HK$9.26 on Tuesday. The shares are down 30% from their 52-week high.

By Lau Chi Hang

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Property developer China Vanke Co. Ltd. (2202.HK; 000002.SZ) announcedon Monday it recorded a net loss of 49.5 billion yuan ($6.82 billion) in 2024, reversing a profit of 12.2 billion yuan in 2023, as its revenue fell 26.3% over the period to 343 billion yuan. Despite the revenue decline, the company’s contracted sales of 246 billion yuan for the year was enough to make it the industry’s leader for that metric.

Vanke attributed the negative turn to several factors, including a sharp decline in settlement volume and gross margin in its development business, reflecting ongoing pressure in China’s real estate market. Vanke also made further provisions for credit impairment and inventory write-downs, and losses from some non-core financial investments weighed on its bottom line as well. Vanke added it took aggressive steps to raise cash by disposing of assets and equity stakes, sometimes at prices below their book value, further impacting its bottom line.

Vanke’s net debt ratio had risen to 80.6% by the end of last year, up 25.9 percentage points from the start of the year. Its gearing ratio edged up to 73.7%, while its total interest-bearing debt reached 361 billion yuan, accounting for 28.1% of total assets. In February, major shareholder Shenzhen Metro Group provided two shareholder loans totaling 7 billion yuan to help the company repay bond principal and interest on its publicly held debt.

Vanke’s stock opened 0.5% lower on Tuesday in Hong Kong and closed up 0.9% at HK$5.59 by the midday break.

By Lee Shih Ta

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Property manager Powerlong Commercial Management Holdings Ltd. (9909.HK) said it expects to report that its net profit for 2024 fell between 50.4% and 60.9% from 2023, according to a profit warning  issued on Sunday. That means it’s likely to report a 2024 profit of between 177 million yuan ($24 million) and 225 million yuan, based on calculations using its 2023 profit.

The company blamed the sharp decline to the ongoing downturn in China’s property market, and a subsequent increase in default risks for its accounts receivable. Seeking to prepare for such risk, the company conducted impairment tests on its accounts receivable and made provisions accordingly. In addition, the company said it has launched more marketing activities to attract customers in the competitive market, also increasing its costs.

Shares of Powerlong Commercial opened down 1.7% at HKR2.37 on Monday. The shares are down nearly 40% over the past year.

By Lau Chi Hang

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Commercial property developer Gemdale Properties Investment Corp. Ltd. (0535.HK) on Thursday reported it swung to a net loss of nearly 4.2 billion yuan ($579 million) last year from an 830 million yuan profit in 2023. Its revenue fell 24% year-over-year to 13.2 billion yuan.

The revenue decline stemmed primarily from a 4.37 billion yuan drop in the company’s booked property sales income. China's prolonged property market downturn weighed on the company, leading it to record 560 million yuan in impairment losses on inventories at certain subsidiaries and approximately 400 million yuan on receivables. 

The company expects China's economy to grow between 4% and 6% this year, and anticipates a modest recovery in the property market. Shares of Gemdale were unchanged on Friday. The shares are down nearly 50% over the past year.

By Lau Chi Hang

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Lee Shau Kee, founder of Henderson Land Development Co. Ltd. (0012.HK), died on Monday at the age of 97. Lee moved from his hometown of Shunde in South China’s Guangdong province to Hong Kong in his youth, co-founding Sun Hung Kai Properties with Kwok Tak Seng and Fung King Hey in the 1960s. After the trio parted ways in the 1970s, Lee established Henderson Land, which went public in 1981.

Lee later acquired Hong Kong and China Gas (0003.HK) and Hong Kong Ferry (0050.HK). His 1993 purchase of Miramar Group (0071.HK) briefly made him the world’s wealthiest ethnic Chinese. In early 2000, he launched his Shau Kee Finance private investment vehicle, focusing on Chinese stocks. At its peak, Shau Kee Finance's assets surpassed HK$200 billion ($25.7 billion), earning Lee the moniker of "Asia's Stock King."

Lee mastered the art of acquiring aging Hong Kong buildings for redevelopment, scaling up through projects like City One Shatin in the 1980s. His portfolio expanded to include major residential complexes such as Sai Kung's Marina Cove, Ma On Shan's Sunshine City, Tseung Kwan O's Metro Town and Tai Po's Beverly Hills.

After the turn of the millennium, Lee aggressively developed Grade-A office towers in Hong Kong, including Central's International Finance Centre (IFC) and Admiralty's The Henderson. His HK$50.8 billion acquisition of the highly coveted Tamar Site in Hong Kong’s Central business district cemented his commercial empire in the city’s financial heartland.

By Lau Chi Hang

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Logistics warehousing-focused REIT SF Real Estate Investment Trust (2191.HK) on Thursday reported its revenue grew 2.4% year-on-year to HK$450 million ($58 million) in 2024. It announced a final distribution per unit of HK$0.1269, bringing its full-year distributions to HK$0.274 per unit, down 4.4% from 2023 levels. 

The reduced payout was the result of a lower payout ratio, which dropped to 90% in the second half of last year. That brought the full-year payout ratio to 95%, compared with 100% in 2023. Management said in a challenging leasing market, it is reasonable for a company to preserve capital to navigate operational headwinds. 

SF Reit's portfolio valuation fell 8.9% year-over-year in 2024 to HK$6.73 billion as the company faced falling rents. The REIT outlined countermeasures it is taking, including accelerated refinancing timelines, negotiations to reduce borrowing costs, and extensions of interest rate swap contract durations. Shares of the REIT opened down 5% at HK$3.05 on Friday.

By Lau Chi Hang

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Property developer and financial investor Sinolink Worldwide Holdings Ltd. (1168.HK) said on Tuesday it recorded a profit last year, defying China’s property downturn, thanks to one-off gains. The company said it expects to report a profit of HK$3.5 billion ($450 million) or more for 2024, compared with a loss of HK$278 million in 2023.

Sinolink attributed its turn to the black to one-off gains arising from its change of Rockefeller Group Asia Pacific Inc to an indirectly wholly owned subsidiary of the company during the year. Shares of Sinolink opened up 9% at HK$0.233 on Wednesday. The stock currently trades near highs not seen for more than two years.

By Lau Chi Hang

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Real estate developer Longfor Group Holdings Ltd. (0960.HK) said on Tuesday its contracted sales in January totaled 4.46 billion yuan ($611 million), down 36% year-on-year and a 45% decline month-on-month. Its contract sales attributable to company shareholders totaled 3 billion yuan, down 35% year-on-year and 44% month-on-month.

The declines come as China’s property market continues to be sluggish despite a series of government measures to support the market last year. Many believe the market still has a large oversupply after years of rapid building, and that it will take time to further reduce inventory before prices stabilize.

After opening up 0.4% on Wednesday, Longfor’s shares continued to rise through the day and were up about 5% in afternoon trading. The shares are down about 50% from their high over the past six months.

By Lau Chi Hang

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China Vanke (2202.HK) has pledged about 210 million shares of its property management arm, Onewo Inc. (2602.HK), as collateral for a recent major loan from Shenzhen Metro Group, Onewo said on Monday.

Vanke borrowed 2.8 billion yuan ($383 million) from Shenzhen Metro, one of its major shareholders, but had to provide 4 billion yuan in assets as collateral. The Onewo shares would also be used as collateral for the loan. Vanke currently controls 660 million Onewo shares, representing 57.12% of the company’s share capital.

Vanke is just one of many Chinese real estate developers suffering in China’s weak property market. The company previously warned it would report a 45 billion yuan loss for 2024, the largest loss since its listing. Vanke also announced that Chairman Yu Liang resigned and CEO Zhu Jiusheng was giving up all his positions for "health reasons." The chairman’s role was passed to Xin Jie, the head and Communist Party Secretary of Shenzhen Metro Group.

Shares of Onewo opened up 2.4% at HK$22.50 on Tuesday, but later reversed course and were down 1.6% in afternoon trade. The shares are down nearly 22% from their high over the past six months.

By Lau Chi Hang

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Property developer Greentown China Holdings Ltd. (3900.HK) announced on Thursday that sales for its self-developed projects fell 9% year-on-year to 7.1 billion yuan ($974 million) in January from 7.7 billion yuan in the same month of 2024.

The company sold 1,231 units at its self-developed projects during the month, down 13.5% year-on-year, with an average price of approximately 37,278 yuan per square meter, down 7% from the same month a year earlier.

Among China’s many property developers, Greentown is in a small minority that have been relatively stable and don’t require restructuring of a heavy debt loads. Still, the company has also been affected by China’s weak real estate market and previously warned that its profit last year fell about 50% from 3.12 billion yuan in 2023.

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A creditor of LVGEM (China) Real Estate Investment Co. Ltd. (0095.HK) has filed with the High Court of Hong Kong to wind up the company, the struggling real estate developer said on Wednesday. Keystone Holdings filed the petition dated Feb. 4 in connection with certain financial obligations guaranteed by LVGEM in the principal amount of about $210,000 plus accrued interest, according to a company statement.

LVGEM said its board believes that the petition is without merit and added it will seek legal advice and take all necessary actions to protect its legal rights. The company encourages all of its stakeholders and investors to maintain their confidence in the company’s efforts to reach a restructuring solution for its offshore debt.

LVGEM recorded a loss of 1.53 billion yuan ($2.1 billion) in the first half of last year, ballooning 177.5% from the same period in 2023, according to its midyear report. During the six-month period, its total borrowings reached 35.73 billion yuan, with current liabilities of 17.05 billion yuan, and bank balances and cash totaling approximately 4.27 billion yuan. Its debt-to-equity ratio stood at 113.1%.

LVGEM shares opened down 3% at HK$0.33 on Thursday. The stock is down around 73% from its recent peak last October.

By Lau Chi Hang

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A UK court approved an offshore debt restructuring plan proposed by property developer Sino-Ocean Group Holding Ltd. (3377.HK) on Monday, despite opposition from several of its creditors. The news ignited a rally for Sino-Ocean’s stock, which surged 18.18% on Tuesday to close at HK$0.26.

Sino-Ocean Group fell into a debt crisis in July 2023 and proposed an offshore debt restructuring plan last July. According to financial media Caixin, the plan divides the debt holders into four groups, involving a total principal amount exceeding $5.6 billion. Creditors from Groups A and C gave 100% and 81.5% approval for the plan, respectively, passing the required threshold of 75%. But Groups B and D failed to reach that threshold, securing approval from just 47.7% and 34.9% of creditors, respectively. Notably, the Group A bonds are still subject to a Hong Kong court hearing.

The British court stated that if the restructuring plan was not approved, the most likely alternative outcome would be a bankruptcy liquidation, which would result in worse overall consequences for creditors. Under UK law, even if the minimum 75% approval threshold is not met, a judge still has the authority to sanction the entire restructuring plan under certain conditions.

By Lee Shih Ta

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Real estate developer Sunac China Holdings Ltd. (1918.HK) said on Monday that its Sunac One Courtyard project in Beijing has reached a debt restructuring agreement with creditor China Credit Trust, including a repayment extension for outstanding debt to January 2029.

Sunac One Courtyard had an original principal amount of 6.83 billion yuan ($941million) in debt due in September 2023, which was reduced to nearly 5.2 billion yuan after 1.64 billion yuan in previous payments.

According to the restructuring agreement, Sunac was granted a waiver of all default penalties, and historical accrued interest was reduced to approximately 650 million yuan. The financing cost after the restructuring was reduced from 9.6% per annum to 6.5% per annum.

Sunac One Courtyard is a mixed-use residential-commercial property at the core of Beijing’s Chaoyang District, with a total site area and gross floor area of about 75,200 square meters and 660,000 square meters, respectively,

By Lau Chi Hang

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Bad asset manager China Cinda Asset Management Co. Ltd. (1359.HK) is setting up a 20 billion yuan ($2.7 billion) fund to support China’s struggling property market. China Cinda will provide 10 billion yuan for the fund, while most of the rest will come from its Shanghai-listed Cinda Real Estate Co. Ltd. (600657.SH) affiliate, according to a stock exchange filing by Cinda Real Estate dated Jan. 10.

The fund will provide money to revive stalled real estate projects and could also be used to support struggling developers, including assisting them in bankruptcy reorganizations, according to the filing. But a source told financial media Caixin the money will mainly be used to restart stalled real estate projects that have run into funding problems.

Cinda was one of four national bad asset managers set up by Beijing in the 1990s to help the country’s big state-run banks dispose of some of their worst non-performing assets ahead of IPOs. More recently, the group has also focused on helping with the disposal of distressed real estate assets during China’s property market downturn.

By Doug Young

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Casino operator SJM Holdings Ltd. (0880.HK) announced on Wednesday that it has agreed to buy a nine-story office building in Zhuhai’s Hengqin district from Shun Tak (0242.HK) for 546 million yuan ($75.2 million). The property has total gross floor area of about 14,845 square meters.

Hengqin and adjacent Macau will introduce a new multi-entry visa program in January, which is expected to significantly boost hotel demand in Hengqin, SJM said. Accordingly, the company plans to convert the acquired property into a three-star hotel. SJM noted that the property is just a five-minute walk from the Hengqin Port Joint Inspection and about a 10-minute drive from Cotai, one of Macau’s main gambling centers.

By Lau Chi Hang

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Property developer Shimao Group Holdings Ltd (0813.HK) announced on Sunday that its aggregated contracted sales in the first 11 months of this year fell 22% year-on-year to 31.2 billion yuan ($4.29 billion), involving 2.45 million square meters of floor space, also down 11%. Property prices also continued to fall during the period, with the average price per square meter at 12,800 yuan, down 12% year-on-year.

Sales in November totaled 2.72 billion yuan, down 12.5% compared to October, but up 12% from the same period last year.

By Lau Chi Hang

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