Yanlord Land Z25
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+1.04% +0.01 Updated 26 Oct 2026, 17:16 SGT
Financials
Annual Report 2025
Explore the statements
46 tablesStatements of financial position
60 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentRMB’000 | 3,096,446 | 3,396,206 | – | – | PDF p. 65 |
| Investment propertiesRMB’000 | 36,720,180 | 36,471,494 | – | – | PDF p. 65 |
| Right-of-use assetsRMB’000 | 17,367 | 41,571 | – | – | PDF p. 65 |
| Properties for developmentRMB’000 | 1,285,847 | 1,397,856 | – | – | PDF p. 65 |
| Investments in subsidiariesRMB’000 | – | – | 15,719,160 | 13,051,582 | PDF p. 65 |
| Investments in associatesRMB’000 | 1,285,499 | 1,421,184 | – | – | PDF p. 65 |
| Investments in joint venturesRMB’000 | 6,961,308 | 7,230,808 | – | – | PDF p. 65 |
| Other receivables and depositsRMB’000 | 815,596 | 1,255,304 | – | – | PDF p. 65 |
| Non-trade amounts due from: | |||||
| AssociatesRMB’000 | 352,806 | 443,211 | – | – | PDF p. 65 |
| Joint venturesRMB’000 | 1,226,667 | 842,737 | – | – | PDF p. 65 |
| Non-controlling shareholders of subsidiariesRMB’000 | 1,097,517 | 1,331,390 | – | – | PDF p. 65 |
| Financial assets at fair value through other comprehensive incomeRMB’000 | 177,293 | 158,066 | – | – | PDF p. 65 |
| Intangible assetsRMB’000 | 2,092 | 2,092 | – | – | PDF p. 65 |
| Deferred tax assetsRMB’000 | 370,386 | 664,882 | – | – | PDF p. 65 |
| Total non-current assetsRMB’000 | 53,409,004 | 54,656,801 | 15,719,160 | 13,051,582 | PDF p. 65 |
| Current assets | |||||
| InventoriesRMB’000 | 174,877 | 162,167 | – | – | PDF p. 65 |
| Completed properties for saleRMB’000 | 9,247,148 | 10,748,357 | – | – | PDF p. 65 |
| Properties under development for saleRMB’000 | 14,087,646 | 20,767,239 | – | – | PDF p. 65 |
| Trade receivablesRMB’000 | 570,020 | 767,481 | – | – | PDF p. 65 |
| Other receivables and depositsRMB’000 | 4,254,630 | 4,288,118 | 17 | 32 | PDF p. 65 |
| Non-trade amounts due from: | |||||
| AssociatesRMB’000 | 1,570,643 | 1,215,766 | – | – | PDF p. 65 |
| Joint venturesRMB’000 | 2,467,921 | 4,087,718 | – | – | PDF p. 65 |
| Non-controlling shareholders of subsidiariesRMB’000 | 2,988,024 | 8,140,935 | – | – | PDF p. 65 |
| Other related partiesRMB’000 | 5,287 | 4,686 | – | – | PDF p. 65 |
| Income tax prepaymentRMB’000 | 1,930,005 | 1,594,915 | – | – | PDF p. 65 |
| Pledged bank depositsRMB’000 | 20,345 | 52,331 | – | – | PDF p. 65 |
| Cash and cash equivalentsRMB’000 | 7,296,182 | 10,190,490 | 223,625 | 3,003 | PDF p. 65 |
| Total current assetsRMB’000 | 44,612,728 | 62,020,203 | 223,642 | 3,035 | PDF p. 65 |
| Total assetsRMB’000 | 98,021,732 | 116,677,004 | 15,942,802 | 13,054,617 | PDF p. 65 |
| Capital, reserves and non-controlling interests | |||||
| Share capitalRMB’000 | 7,261,726 | 7,261,726 | 7,261,726 | 7,261,726 | PDF p. 66 |
| ReservesRMB’000 | 25,683,982 | 23,494,307 | 8,023,409 | 5,057,779 | PDF p. 66 |
| Equity attributable to owners of the CompanyRMB’000 | 32,945,708 | 30,756,033 | 15,285,135 | 12,319,505 | PDF p. 66 |
| Non-controlling interestsRMB’000 | 5,329,004 | 8,444,987 | – | – | PDF p. 66 |
| Total equityRMB’000 | 38,274,712 | 39,201,020 | 15,285,135 | 12,319,505 | PDF p. 66 |
| Non-current liabilities | |||||
| Bank and other borrowings – due after one yearRMB’000 | 13,695,749 | 13,897,298 | – | – | PDF p. 66 |
| Senior notesRMB’000 | – | 3,582,611 | – | – | PDF p. 66 |
| Lease liabilitiesRMB’000 | 7,486 | 28,705 | – | – | PDF p. 66 |
| Deferred tax liabilitiesRMB’000 | 3,861,819 | 3,955,847 | – | – | PDF p. 66 |
| Other payablesRMB’000 | 274,270 | 275,138 | – | – | PDF p. 66 |
| Non-trade amounts due to: | |||||
| Joint venturesRMB’000 | 163,510 | 201,797 | – | – | PDF p. 66 |
| Non-controlling shareholders of subsidiariesRMB’000 | 975,719 | 3,988,655 | – | – | PDF p. 66 |
| Other related partyRMB’000 | 735,683 | 717,191 | – | – | PDF p. 66 |
| Deferred incomeRMB’000 | 17,607 | 28,876 | – | – | PDF p. 66 |
| Total non-current liabilitiesRMB’000 | 19,731,843 | 26,676,118 | – | – | PDF p. 66 |
| Current liabilities | |||||
| Bank and other borrowings – due within one yearRMB’000 | 5,900,153 | 6,248,184 | – | – | PDF p. 66 |
| Senior notesRMB’000 | 1,963,304 | – | – | – | PDF p. 66 |
| Lease liabilitiesRMB’000 | 11,707 | 17,113 | – | – | PDF p. 66 |
| Trade payablesRMB’000 | 8,178,221 | 10,998,850 | – | – | PDF p. 66 |
| Other payablesRMB’000 | 2,707,294 | 4,828,900 | 4,100 | 4,594 | PDF p. 66 |
| Contract liabilitiesRMB’000 | 5,964,804 | 10,131,186 | – | – | PDF p. 66 |
| Non-trade amounts due to: | |||||
| SubsidiariesRMB’000 | – | – | 647,371 | 728,389 | PDF p. 66 |
| AssociatesRMB’000 | 871,712 | 892,679 | – | – | PDF p. 66 |
| Joint venturesRMB’000 | 4,491,144 | 8,111,548 | – | – | PDF p. 66 |
| DirectorsRMB’000 | 6,196 | 2,129 | 6,196 | 2,129 | PDF p. 66 |
| Non-controlling shareholders of subsidiariesRMB’000 | 5,088,142 | 3,321,001 | – | – | PDF p. 66 |
| Other related partyRMB’000 | 6,752 | 76,935 | – | – | PDF p. 66 |
| Put liability to acquire non-controlling interestsRMB’000 | 19,963 | 19,539 | – | – | PDF p. 66 |
| Income tax payableRMB’000 | 4,805,785 | 6,151,802 | – | – | PDF p. 66 |
| Total current liabilitiesRMB’000 | 40,015,177 | 50,799,866 | 657,667 | 735,112 | PDF p. 66 |
| Total equity and liabilitiesRMB’000 | 98,021,732 | 116,677,004 | 15,942,802 | 13,054,617 | PDF p. 66 |
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Definitions & sources
Original report: PDF p. 65 ↗ PDF p. 66 ↗
Consolidated statement of profit or loss
18 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| RevenueRMB’000 | 14,368,874 | 36,396,694 | PDF p. 67 |
| Cost of salesRMB’000 | (10,364,415) | (32,965,090) | PDF p. 67 |
| Gross profitRMB’000 | 4,004,459 | 3,431,604 | PDF p. 67 |
| Other operating income and other gainsRMB’000 | 269,856 | 335,584 | PDF p. 67 |
| Fair value loss on investment propertiesRMB’000 | (130,261) | (222,345) | PDF p. 67 |
| Selling expensesRMB’000 | (489,850) | (638,279) | PDF p. 67 |
| Administrative expensesRMB’000 | (938,346) | (1,080,598) | PDF p. 67 |
| Net impairment losses on financial assetsRMB’000 | (267,469) | (2,104,184) | PDF p. 67 |
| Other operating expensesRMB’000 | (283,010) | (79,495) | PDF p. 67 |
| Finance costRMB’000 | (730,386) | (1,000,633) | PDF p. 67 |
| Share of profit of associatesRMB’000 | 374,324 | 38,840 | PDF p. 67 |
| Share of profit of joint venturesRMB’000 | 89,090 | 632,083 | PDF p. 67 |
| Profit (Loss) before income taxRMB’000 | 1,898,407 | (687,423) | PDF p. 67 |
| Income taxRMB’000 | (1,463,214) | (3,075,885) | PDF p. 67 |
| Profit (Loss) for the yearRMB’000 | 435,193 | (3,763,308) | PDF p. 67 |
| Profit (Loss) attributable to: | |||
| Owners of the CompanyRMB’000 | 267,889 | (3,422,438) | PDF p. 67 |
| Non-controlling interestsRMB’000 | 167,304 | (340,870) | PDF p. 67 |
| SubtotalRMB’000 | 435,193 | (3,763,308) | PDF p. 67 |
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Definitions & sources
Original report: PDF p. 67 ↗
Earnings or loss per share
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings (Loss) per share (Renminbi cents) | |||
| – Basic and dilutedRenminbi cents per share | 13.87 | (177.19) | PDF p. 67 |
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Definitions & sources
Original report: PDF p. 67 ↗
Consolidated statement of comprehensive income
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit (Loss) for the yearRMB’000 | 435,193 | (3,763,308) | PDF p. 68 |
| Items that will not be reclassified subsequently to profit or loss: | |||
| Currency translation differenceRMB’000 | 319,397 | 601,324 | PDF p. 68 |
| Change in fair value of financial assets at fair value through other comprehensive incomeRMB’000 | 18,399 | (5,652) | PDF p. 68 |
| Remeasurements of defined benefit pension plansRMB’000 | (1,513) | (4,906) | PDF p. 68 |
| Income tax relating to components of other comprehensive incomeRMB’000 | 372 | 1,228 | PDF p. 68 |
| Items that may be reclassified subsequently to profit or loss: | |||
| Currency translation differenceRMB’000 | (28,608) | (852,676) | PDF p. 68 |
| Share of other comprehensive income (expense) of associatesRMB’000 | 5,647 | (7,359) | PDF p. 68 |
| Other comprehensive income (expense) for the year, net of taxRMB’000 | 313,694 | (268,041) | PDF p. 68 |
| Total comprehensive income (expense) for the yearRMB’000 | 748,887 | (4,031,349) | PDF p. 68 |
| Total comprehensive income (expense) attributable to: | |||
| Owners of the CompanyRMB’000 | 577,526 | (3,686,198) | PDF p. 68 |
| Non-controlling interestsRMB’000 | 171,361 | (345,151) | PDF p. 68 |
| SubtotalRMB’000 | 748,887 | (4,031,349) | PDF p. 68 |
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Definitions & sources
Original report: PDF p. 68 ↗
Consolidated statement of cash flows
86 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Profit (Loss) before income taxRMB’000 | 1,898,407 | (687,423) | PDF p. 72 |
| Adjustments for: | |||
| Net impairment losses on financial assetsRMB’000 | 267,469 | 2,104,184 | PDF p. 72 |
| Write-down of inventoriesRMB’000 | 732 | – | PDF p. 72 |
| Write-down of completed properties for sale and properties under development for saleRMB’000 | 492,274 | 3,369,596 | PDF p. 72 |
| Impairment of property, plant and equipmentRMB’000 | 8,468 | – | PDF p. 72 |
| Depreciation expenseRMB’000 | 241,398 | 270,353 | PDF p. 72 |
| Dividend income from financial assets at fair value through other comprehensive incomeRMB’000 | (3,899) | (5,870) | PDF p. 72 |
| Fair value loss on investment propertiesRMB’000 | 130,261 | 222,345 | PDF p. 72 |
| Fair value gain on financial asset at fair value through profit or lossRMB’000 | (501) | (375) | PDF p. 72 |
| Fair value loss from put liability to acquire non-controlling interestsRMB’000 | 424 | 10,948 | PDF p. 72 |
| Finance costRMB’000 | 730,386 | 1,000,633 | PDF p. 72 |
| Interest incomeRMB’000 | (90,349) | (164,910) | PDF p. 72 |
| Impairment of goodwillRMB’000 | 19,216 | – | PDF p. 72 |
| Loss on remeasurement of retained interest in a joint ventureRMB’000 | 51,450 | – | PDF p. 72 |
| Gain on change of control from subsidiaries to joint venturesRMB’000 | (4,962) | – | PDF p. 72 |
| Gain on deemed acquisition of additional interest in an associateRMB’000 | (448) | – | PDF p. 72 |
| Gain on repurchase of senior notesRMB’000 | (8,044) | – | PDF p. 72 |
| Net gain on disposal of property, plant and equipmentRMB’000 | (9,487) | (7,618) | PDF p. 72 |
| Loss on disposal of investment propertiesRMB’000 | 2,971 | – | PDF p. 72 |
| Net loss (gain) on disposal of subsidiariesRMB’000 | 24,846 | (1,370) | PDF p. 72 |
| Net gain on disposal of associatesRMB’000 | – | (84,597) | PDF p. 72 |
| Gain on disposal of joint venturesRMB’000 | (250) | – | PDF p. 72 |
| Loss (Gain) on lease modificationRMB’000 | 600 | (1,311) | PDF p. 72 |
| Share of profit of associatesRMB’000 | (374,324) | (38,840) | PDF p. 72 |
| Share of profit of joint venturesRMB’000 | (89,090) | (632,083) | PDF p. 72 |
| Operating cash flows before movements in working capitalRMB’000 | 3,287,548 | 5,353,662 | PDF p. 72 |
| Properties for developmentRMB’000 | (9,010) | (58,420) | PDF p. 72 |
| InventoriesRMB’000 | (16,542) | 9,150 | PDF p. 72 |
| Completed properties for saleRMB’000 | 7,664,214 | 28,493,313 | PDF p. 72 |
| Properties under development for saleRMB’000 | (699,427) | (4,914,766) | PDF p. 72 |
| Trade and other receivables and depositsRMB’000 | 517,344 | 2,654,124 | PDF p. 72 |
| Trade and other payablesRMB’000 | (3,171,124) | (1,895,109) | PDF p. 72 |
| Contract liabilitiesRMB’000 | (4,056,400) | (23,253,017) | PDF p. 72 |
| Cash generated from operationsRMB’000 | 3,516,603 | 6,388,937 | PDF p. 72 |
| Interest paidRMB’000 | (963,116) | (1,572,241) | PDF p. 72 |
| Income tax paidRMB’000 | (1,792,323) | (2,277,117) | PDF p. 72 |
| Net cash from operating activitiesRMB’000 | 761,164 | 2,539,579 | PDF p. 72 |
| Investing activities | |||
| Change of control from subsidiaries to joint venturesRMB’000 | (249,891) | – | PDF p. 73 |
| Change of control from a joint venture to a subsidiaryRMB’000 | 21,850 | – | PDF p. 73 |
| Investments in associatesRMB’000 | – | (523) | PDF p. 73 |
| Investments in joint venturesRMB’000 | – | (950) | PDF p. 73 |
| Proceeds from capital reduction of an associateRMB’000 | 66,000 | 99,000 | PDF p. 73 |
| Proceeds from capital reduction of joint venturesRMB’000 | 409,710 | 89,155 | PDF p. 73 |
| Dividend received from associatesRMB’000 | 13,911 | 40,065 | PDF p. 73 |
| Dividend received from joint venturesRMB’000 | 122,158 | – | PDF p. 73 |
| Dividend received from financial assets at fair value through other comprehensive incomeRMB’000 | 3,899 | 5,870 | PDF p. 73 |
| Interest receivedRMB’000 | 71,161 | 192,480 | PDF p. 73 |
| Decrease (Increase) in pledged bank depositsRMB’000 | 25,980 | (31,151) | PDF p. 73 |
| Proceeds on disposal of property, plant and equipmentRMB’000 | 34,296 | 21,643 | PDF p. 73 |
| Proceeds on disposal of investment propertiesRMB’000 | 11,429 | – | PDF p. 73 |
| Net proceeds on disposal of subsidiariesRMB’000 | 434,653 | (2,612) | PDF p. 73 |
| Proceeds on disposal of interest in associatesRMB’000 | – | 228,578 | PDF p. 73 |
| Proceeds on disposal of interest in joint venturesRMB’000 | 1,050 | – | PDF p. 73 |
| Proceeds on disposal of financial asset at fair value through profit or lossRMB’000 | 72,101 | 45,075 | PDF p. 73 |
| Payment for property, plant and equipmentRMB’000 | (54,225) | (95,290) | PDF p. 73 |
| Payment for investment propertiesRMB’000 | (31,043) | (507,492) | PDF p. 73 |
| Purchase of financial asset at fair value through profit or lossRMB’000 | (71,600) | (44,700) | PDF p. 73 |
| Advance to associatesRMB’000 | (25,467) | (123,611) | PDF p. 73 |
| Repayment from associatesRMB’000 | 81,043 | 333,957 | PDF p. 73 |
| Advance to joint venturesRMB’000 | (145,023) | (525,408) | PDF p. 73 |
| Repayment from joint venturesRMB’000 | 378,268 | 1,038,093 | PDF p. 73 |
| Advance to non-controlling shareholders of subsidiariesRMB’000 | (260,948) | (105,281) | PDF p. 73 |
| Repayment from other related partyRMB’000 | – | 145 | PDF p. 73 |
| Net cash from investing activitiesRMB’000 | 909,312 | 657,043 | PDF p. 73 |
| Financing activities | |||
| Dividends paid to non-controlling shareholders of subsidiariesRMB’000 | (247,133) | (204,986) | PDF p. 74 |
| Redemption and repurchase of senior notesRMB’000 | (1,578,445) | (2,557,760) | PDF p. 74 |
| Proceeds from bank and other borrowingsRMB’000 | 4,138,459 | 7,707,565 | PDF p. 74 |
| Repayment of bank and other borrowingsRMB’000 | (5,680,003) | (11,556,835) | PDF p. 74 |
| Repayment of lease liabilitiesRMB’000 | (14,433) | (14,631) | PDF p. 74 |
| Advance from associatesRMB’000 | 59,014 | 980 | PDF p. 74 |
| Repayment to associatesRMB’000 | – | (8,800) | PDF p. 74 |
| Advance from joint venturesRMB’000 | 163,528 | 224,261 | PDF p. 74 |
| Repayment to joint venturesRMB’000 | (177,055) | (102,228) | PDF p. 74 |
| Repayment to directorsRMB’000 | (2,209) | (2,621) | PDF p. 74 |
| Advance from non-controlling shareholders of subsidiariesRMB’000 | 164,908 | 550,897 | PDF p. 74 |
| Repayment to non-controlling shareholders of subsidiariesRMB’000 | (502,462) | (695,867) | PDF p. 74 |
| Advance from other related partyRMB’000 | – | 780,598 | PDF p. 74 |
| Repayment to other related partyRMB’000 | (66,517) | – | PDF p. 74 |
| Capital injection from a non-controlling shareholder of subsidiaryRMB’000 | – | 240 | PDF p. 74 |
| Capital withdrawal by non-controlling shareholders of subsidiariesRMB’000 | – | (113,526) | PDF p. 74 |
| Acquisition of non-controlling interests in subsidiariesRMB’000 | (820,483) | – | PDF p. 74 |
| Net cash used in financing activitiesRMB’000 | (4,562,831) | (5,992,713) | PDF p. 74 |
| Net decrease in cash and cash equivalentsRMB’000 | (2,892,355) | (2,796,091) | PDF p. 74 |
| Cash and cash equivalents at beginning of yearRMB’000 | 10,190,490 | 13,007,349 | PDF p. 74 |
| Effect of foreign exchange rate changes on the balance of cash held in foreign currenciesRMB’000 | (1,953) | (20,768) | PDF p. 74 |
| Cash and cash equivalents at end of yearRMB’000 | 7,296,182 | 10,190,490 | PDF p. 74 |
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Original report: PDF p. 72 ↗ PDF p. 73 ↗ PDF p. 74 ↗
Group statement of changes in equity FY2024
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupShare capital | 2024GroupTreasury shares | 2024GroupCurrency translation reserve | 2024GroupStatutory reserve | 2024GroupMerger deficit | 2024GroupOther reserve | 2024GroupAccumulated profits | 2024GroupEquity attributable to owners of the Company | 2024GroupNon-controlling interests | 2024GroupTotal | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group equity movements | |||||||||||
| Balance at 1 January 2024RMB’000 | 7,261,726 | (132,309) | (405,061) | 4,162,386 | (1,834,019) | (1,357,377) | 26,628,612 | 34,323,958 | 9,415,166 | 43,739,124 | PDF p. 69 |
| expense for the year: | |||||||||||
| Loss for the yearRMB’000 | – | – | – | – | – | – | (3,422,438) | (3,422,438) | (340,870) | (3,763,308) | PDF p. 69 |
| Other comprehensive expense for the yearRMB’000 | – | – | (247,094) | – | – | (13,011) | (3,655) | (263,760) | (4,281) | (268,041) | PDF p. 69 |
| TotalRMB’000 | – | – | (247,094) | – | – | (13,011) | (3,426,093) | (3,686,198) | (345,151) | (4,031,349) | PDF p. 69 |
| equity: | |||||||||||
| Disposal of a subsidiaryRMB’000 | – | – | – | – | – | – | – | – | (663) | (663) | PDF p. 69 |
| Disposal of an associateRMB’000 | – | – | – | – | – | (22,291) | 22,291 | – | – | – | PDF p. 69 |
| Liquidation of a subsidiaryRMB’000 | – | – | – | (99) | – | – | 99 | – | – | – | PDF p. 69 |
| Capital injection from a non-controlling shareholderRMB’000 | – | – | – | – | – | – | – | – | 280 | 280 | PDF p. 69 |
| Capital withdrawal by non-controlling shareholdersRMB’000 | – | – | – | – | – | – | – | – | (280,606) | (280,606) | PDF p. 69 |
| Dividends declared to non-controlling shareholdersRMB’000 | – | – | – | – | – | – | – | – | (344,766) | (344,766) | PDF p. 69 |
| Put liability to acquire non-controlling interestRMB’000 | – | – | – | – | – | 119,000 | – | 119,000 | – | 119,000 | PDF p. 69 |
| AppropriationsRMB’000 | – | – | – | 62,890 | – | – | (62,890) | – | – | – | PDF p. 69 |
| TotalRMB’000 | – | – | – | 62,791 | – | 96,709 | (40,500) | 119,000 | (625,755) | (506,755) | PDF p. 69 |
| Transfer on derecognition of financial assets at fair value through other comprehensive income held by an associateRMB’000 | – | – | – | – | – | (2,367) | 1,640 | (727) | 727 | – | PDF p. 69 |
| Balance at 31 December 2024RMB’000 | 7,261,726 | (132,309) | (652,155) | 4,225,177 | (1,834,019) | (1,276,046) | 23,163,659 | 30,756,033 | 8,444,987 | 39,201,020 | PDF p. 69 |
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Definitions & sources
Original report: PDF p. 69 ↗
Group statement of changes in equity FY2025
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupShare capital | 2025GroupTreasury shares | 2025GroupCurrency translation reserve | 2025GroupStatutory reserve | 2025GroupMerger deficit | 2025GroupOther reserve | 2025GroupAccumulated profits | 2025GroupEquity attributable to owners of the Company | 2025GroupNon-controlling interests | 2025GroupTotal | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Group equity movements | |||||||||||
| Balance at 1 January 2025RMB’000 | 7,261,726 | (132,309) | (652,155) | 4,225,177 | (1,834,019) | (1,276,046) | 23,163,659 | 30,756,033 | 8,444,987 | 39,201,020 | PDF p. 70 |
| income for the year: | |||||||||||
| Profit for the yearRMB’000 | – | – | – | – | – | – | 267,889 | 267,889 | 167,304 | 435,193 | PDF p. 70 |
| Other comprehensive income for the yearRMB’000 | – | – | 286,725 | – | – | 24,046 | (1,134) | 309,637 | 4,057 | 313,694 | PDF p. 70 |
| TotalRMB’000 | – | – | 286,725 | – | – | 24,046 | 266,755 | 577,526 | 171,361 | 748,887 | PDF p. 70 |
| equity: | |||||||||||
| Change of interest in subsidiariesRMB’000 | – | – | – | 48,639 | – | 176,082 | – | 224,721 | (1,045,204) | (820,483) | PDF p. 70 |
| Change of control from subsidiaries to joint venturesRMB’000 | – | – | – | (15,000) | – | – | 15,000 | – | (594,982) | (594,982) | PDF p. 70 |
| Disposal of subsidiariesRMB’000 | – | – | 4,638 | (142,500) | – | 1,530,006 | (4,716) | 1,387,428 | (158,385) | 1,229,043 | PDF p. 70 |
| Capital withdrawal by non-controlling shareholdersRMB’000 | – | – | – | – | – | – | – | – | (1,031,227) | (1,031,227) | PDF p. 70 |
| Dividends declared to non-controlling shareholdersRMB’000 | – | – | – | – | – | – | – | – | (457,546) | (457,546) | PDF p. 70 |
| AppropriationsRMB’000 | – | – | – | 18,165 | – | – | (18,165) | – | – | – | PDF p. 70 |
| TotalRMB’000 | – | – | 4,638 | (90,696) | – | 1,706,088 | (7,881) | 1,612,149 | (3,287,344) | (1,675,195) | PDF p. 70 |
| Balance at 31 December 2025RMB’000 | 7,261,726 | (132,309) | (360,792) | 4,134,481 | (1,834,019) | 454,088 | 23,422,533 | 32,945,708 | 5,329,004 | 38,274,712 | PDF p. 70 |
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Definitions & sources
Original report: PDF p. 70 ↗
Company statement of changes in equity FY2024
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024CompanyShare capital | 2024CompanyTreasury shares | 2024CompanyCurrency translation reserve | 2024CompanyAccumulated profits | 2024CompanyTotal | Source |
|---|---|---|---|---|---|---|
| Company equity movements | ||||||
| Balance at 1 January 2024RMB’000 | 7,261,726 | (132,309) | 617,090 | 395,731 | 8,142,238 | PDF p. 71 |
| Total comprehensive income for the year: | ||||||
| Profit for the yearRMB’000 | – | – | – | 4,261,377 | 4,261,377 | PDF p. 71 |
| Other comprehensive expense for the yearRMB’000 | – | – | (84,110) | – | (84,110) | PDF p. 71 |
| TotalRMB’000 | – | – | (84,110) | 4,261,377 | 4,177,267 | PDF p. 71 |
| Balance at 31 December 2024RMB’000 | 7,261,726 | (132,309) | 532,980 | 4,657,108 | 12,319,505 | PDF p. 71 |
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Definitions & sources
Original report: PDF p. 71 ↗
The original closing balance at 31 December 2024 also forms the opening balance for the FY2025 view; this shared source boundary is displayed in both years.
Company statement of changes in equity FY2025
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025CompanyShare capital | 2025CompanyTreasury shares | 2025CompanyCurrency translation reserve | 2025CompanyAccumulated profits | 2025CompanyTotal | Source |
|---|---|---|---|---|---|---|
| Total comprehensive income for the year: | ||||||
| Balance at 31 December 2024RMB’000 | 7,261,726 | (132,309) | 532,980 | 4,657,108 | 12,319,505 | PDF p. 71 |
| Profit for the yearRMB’000 | – | – | – | 2,647,767 | 2,647,767 | PDF p. 71 |
| Other comprehensive income for the yearRMB’000 | – | – | 317,863 | – | 317,863 | PDF p. 71 |
| TotalRMB’000 | – | – | 317,863 | 2,647,767 | 2,965,630 | PDF p. 71 |
| Balance at 31 December 2025RMB’000 | 7,261,726 | (132,309) | 850,843 | 7,304,875 | 15,285,135 | PDF p. 71 |
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Definitions & sources
Original report: PDF p. 71 ↗
The original closing balance at 31 December 2024 also forms the opening balance for the FY2025 view; this shared source boundary is displayed in both years.
Five-year financial highlights — performance
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Revenue (RMB million)RMB million | 14,369 | 36,397 | 43,395 | 28,712 | 34,833 | PDF p. 12 |
| Gross Profit (RMB million)RMB million | 4,004 | 3,432 | 8,287 | 7,752 | 8,932 | PDF p. 12 |
| Profit (Loss) for the year (RMB million)RMB million | 435 | (3,763) | (722) | 2,870 | 4,037 | PDF p. 12 |
| Profit (Loss) attributable to owners of the Company (RMB million)RMB million | 268 | (3,422) | (934) | 1,533 | 2,656 | PDF p. 12 |
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Definitions & sources
Original report: PDF p. 12 ↗
Original rounded chart figures are retained. FY means financial year ended 31 December. Equity includes non-controlling interests; capitalisation equals total debt plus equity.
Five-year financial highlights — financial position
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Five-year financial highlights | ||||||
| Net debt / Equity 1 (%) As at 31 December% | 44 | 41 | 47 | 55 | 49 | PDF p. 12 |
| Total debt / Equity 1 (%) As at 31 December% | 63 | 67 | 76 | 100 | 98 | PDF p. 12 |
| Total debt / Capitalisation 2 (%) As at 31 December% | 39 | 40 | 43 | 50 | 50 | PDF p. 12 |
| Cash and cash equivalents (RMB million) As at 31 DecemberRMB million | 7,296 | 10,190 | 13,007 | 20,696 | 21,552 | PDF p. 12 |
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Definitions & sources
Original report: PDF p. 12 ↗
Original rounded chart figures are retained. FY means financial year ended 31 December. Equity includes non-controlling interests; capitalisation equals total debt plus equity.
Key numbers
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | Source |
|---|---|---|
| Key numbers | ||
| Total property contracted pre-sales (RMB billion) 1RMB billion | 13.972 | PDF p. 11 |
| Total property contracted pre-sales in terms of gross 1 floor area ("GFA") (million sqm)million sqm | 0.6 | PDF p. 11 |
| Total contracted average selling price (RMB/sqm) 1RMB/sqm | 22,590 | PDF p. 11 |
| Total accumulated property contracted pre-sales amount pending recognition (RMB billion) 1,2RMB billion | 17.493 | PDF p. 11 |
| Total accumulated property contracted pre-sales GFA pending recognition (million sqm) 1,2million sqm | 0.7 | PDF p. 11 |
| Total revenue (RMB billion)RMB billion | 14.369 | PDF p. 11 |
| Gross profit margin (%)% | 27.9 | PDF p. 11 |
| Profit attributable to owners of the Company (RMB billion)RMB billion | 0.268 | PDF p. 11 |
| Total assets (RMB billion) 2RMB billion | 98.022 | PDF p. 11 |
| Cash and cash equivalents (RMB billion) 2RMB billion | 7.296 | PDF p. 11 |
| Net debt (RMB billion) 2RMB billion | 16.672 | PDF p. 11 |
| Net gearing ratio (%) 2% | 43.6 | PDF p. 11 |
| Average cost of borrowings (%)% | 4.0 | PDF p. 11 |
| Net asset value per share (RMB) 2RMB per share | 17.06 | PDF p. 11 |
| Net asset value per share (equivalent to S$) 2,3SGD per share | 3.13 | PDF p. 11 |
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Definitions & sources
Original report: PDF p. 11 ↗
Property contracted pre-sales and pending recognition figures include the Group together with its joint ventures and associates. Figures marked note 2 are as at 31 December 2025. The SGD NAV equivalent uses SGD 1 = RMB 5.4586.
Earnings per share calculation
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Earnings per share calculation | |||
| Earnings (Loss) for the purposes of basic and diluted earnings (loss) per share (Profit (Loss) attributable to owners of the Company)RMB’000 | 267,889 | (3,422,438) | PDF p. 148 |
| Number of shares | |||
| Weighted average number of ordinary shares for the purposes of basic and diluted earnings (loss) per shareordinary shares | 1,931,535,376 | 1,931,535,376 | PDF p. 148 |
| Earnings (Loss) per share (Renminbi cents): | |||
| Basic and dilutedRenminbi cents per share | 13.87 | (177.19) | PDF p. 148 |
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Definitions & sources
Original report: PDF p. 148 ↗
There is no potential dilutive ordinary share in 2025 and 2024.
Investment property fair value movements
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Investment property fair value movements | |||
| Balance as at beginning of yearRMB’000 | 36,471,494 | 35,599,106 | PDF p. 107 |
| AdditionsRMB’000 | 31,043 | 77,785 | PDF p. 107 |
| Change in fair valueRMB’000 | (130,261) | (222,345) | PDF p. 107 |
| Change of control from subsidiaries to joint venturesRMB’000 | (94,700) | – | PDF p. 107 |
| DisposalsRMB’000 | (14,400) | – | PDF p. 107 |
| Transfer from property, plant and equipmentRMB’000 | 3,039 | – | PDF p. 107 |
| Transfer from properties for developmentRMB’000 | – | 320,990 | PDF p. 107 |
| Transfer from completed properties for saleRMB’000 | 157,000 | 815,752 | PDF p. 107 |
| Exchange differenceRMB’000 | 296,965 | (119,794) | PDF p. 107 |
| Balance as at end of yearRMB’000 | 36,720,180 | 36,471,494 | PDF p. 107 |
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Definitions & sources
Original report: PDF p. 107 ↗
Development and sale property carrying amounts
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Development and sale property carrying amounts | |||
| Properties for development (Non-current assets)RMB’000 | 1,285,847 | 1,397,856 | PDF p. 109 |
| Completed properties for sale (Current assets)RMB’000 | 9,247,148 | 10,748,357 | PDF p. 109 |
| Properties under development for sale (Current assets)RMB’000 | 14,087,646 | 20,767,239 | PDF p. 109 |
| SubtotalRMB’000 | 24,620,641 | 32,913,452 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
Cumulative capitalised borrowing costs by property class
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cumulative capitalised borrowing costs by property class | |||
| Properties for developmentRMB’000 | 308,810 | 330,537 | PDF p. 109 |
| Completed properties for saleRMB’000 | 732,665 | 710,354 | PDF p. 109 |
| Properties under development for saleRMB’000 | 1,023,752 | 2,126,796 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
Associate investments and non-trade balances
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Associate investments and non-trade balances | |||
| Cost of investments in associatesRMB’000 | 1,137,779 | 1,560,024 | PDF p. 132 |
| Share of post-acquisition gain (loss), net of dividend receivedRMB’000 | 147,720 | (138,840) | PDF p. 132 |
| SubtotalRMB’000 | 1,285,499 | 1,421,184 | PDF p. 132 |
| Non-trade amounts due from associates (Note 6) | |||
| – Non-current assetsRMB’000 | 352,806 | 538,066 | PDF p. 132 |
| – Current assetsRMB’000 | 1,898,287 | 1,397,694 | PDF p. 132 |
| SubtotalRMB’000 | 2,251,093 | 1,935,760 | PDF p. 132 |
| Less: Allowance for impairment | |||
| – Non-current assetsRMB’000 | – | (94,855) | PDF p. 132 |
| – Current assetsRMB’000 | (327,644) | (181,928) | PDF p. 132 |
| SubtotalRMB’000 | (327,644) | (276,783) | PDF p. 132 |
| Net non-trade amounts due from associatesRMB’000 | 1,923,449 | 1,658,977 | PDF p. 132 |
| Non-trade amounts due to associates (Current liabilities) (Note 6)RMB’000 | 871,712 | 892,679 | PDF p. 132 |
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Definitions & sources
Original report: PDF p. 132 ↗
Associate aggregate performance
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Associate aggregate performance | |||
| Group’s share of profit from continuing operationsRMB’000 | 374,324 | 38,840 | PDF p. 132 |
| Group’s share of other comprehensive income (expense)RMB’000 | 5,647 | (7,359) | PDF p. 132 |
| Group’s share of total comprehensive incomeRMB’000 | 379,971 | 31,481 | PDF p. 132 |
| Aggregate carrying amount of the Group's interests in these associatesRMB’000 | 1,285,499 | 1,421,184 | PDF p. 132 |
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Definitions & sources
Original report: PDF p. 132 ↗
Associate unrecognised losses
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Associate unrecognised losses | |||
| Group’s unrecognised share of loss of associates for the yearRMB’000 | 1,036 | – | PDF p. 132 |
| Cumulative unrecognised share of loss of associatesRMB’000 | 3,170 | 2,134 | PDF p. 132 |
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Definitions & sources
Original report: PDF p. 132 ↗
Joint venture investments and non-trade balances
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Joint venture investments and non-trade balances | |||
| Cost of investments in joint venturesRMB’000 | 4,663,132 | 5,136,351 | PDF p. 133 |
| Share of post-acquisition profit, net of dividend receivedRMB’000 | 2,298,176 | 2,094,457 | PDF p. 133 |
| SubtotalRMB’000 | 6,961,308 | 7,230,808 | PDF p. 133 |
| Non-trade amounts due from joint ventures (Note 6) | |||
| – Non-current assetsRMB’000 | 1,256,667 | 842,737 | PDF p. 133 |
| – Current assetsRMB’000 | 2,900,942 | 6,501,979 | PDF p. 133 |
| SubtotalRMB’000 | 4,157,609 | 7,344,716 | PDF p. 133 |
| Less: Allowance for impairment | |||
| – Non-current assetsRMB’000 | (30,000) | – | PDF p. 133 |
| – Current assetsRMB’000 | (433,021) | (2,414,261) | PDF p. 133 |
| SubtotalRMB’000 | (463,021) | (2,414,261) | PDF p. 133 |
| Net non-trade amounts due from joint venturesRMB’000 | 3,694,588 | 4,930,455 | PDF p. 133 |
| Non-trade amounts due to joint ventures (Note 6) | |||
| – Non-current liabilitiesRMB’000 | 163,510 | 201,797 | PDF p. 133 |
| – Current liabilitiesRMB’000 | 4,491,144 | 8,111,548 | PDF p. 133 |
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Definitions & sources
Original report: PDF p. 133 ↗
Joint venture aggregate performance
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Joint venture aggregate performance | |||
| Group’s share of profit from continuing operations, representing its share of total comprehensive incomeRMB’000 | 89,090 | 632,083 | PDF p. 133 |
| Aggregate carrying amount of the Group’s interests in these joint venturesRMB’000 | 6,961,308 | 7,230,808 | PDF p. 133 |
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Definitions & sources
Original report: PDF p. 133 ↗
Bank and other borrowings maturity and security
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Bank and other borrowings maturity and security | |||
| On demand or within one yearRMB’000 | 5,900,153 | 6,248,184 | PDF p. 138 |
| More than one year but not exceeding two yearsRMB’000 | 3,365,946 | 2,497,420 | PDF p. 138 |
| More than two years but not exceeding five yearsRMB’000 | 2,406,488 | 3,658,433 | PDF p. 138 |
| More than five yearsRMB’000 | 7,923,315 | 7,741,445 | PDF p. 138 |
| SubtotalRMB’000 | 19,595,902 | 20,145,482 | PDF p. 138 |
| Less: Amount due for settlement within 12 months (shown under current liabilities)RMB’000 | (5,900,153) | (6,248,184) | PDF p. 138 |
| Amount due for settlement after 12 monthsRMB’000 | 13,695,749 | 13,897,298 | PDF p. 138 |
| Secured: | |||
| – Non-currentRMB’000 | 13,388,969 | 13,568,198 | PDF p. 138 |
| – CurrentRMB’000 | 5,764,354 | 6,223,373 | PDF p. 138 |
| SubtotalRMB’000 | 19,153,323 | 19,791,571 | PDF p. 138 |
| Unsecured: | |||
| – Non-currentRMB’000 | 306,780 | 329,100 | PDF p. 138 |
| – CurrentRMB’000 | 135,799 | 24,811 | PDF p. 138 |
| SubtotalRMB’000 | 442,579 | 353,911 | PDF p. 138 |
| SubtotalRMB’000 | 19,595,902 | 20,145,482 | PDF p. 138 |
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Definitions & sources
Original report: PDF p. 138 ↗
Assets pledged for secured borrowings and undrawn facilities
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Assets pledged for secured borrowings and undrawn facilities | |||
| Completed properties for saleRMB’000 | 670,656 | 1,406,553 | PDF p. 139 |
| Properties under development for saleRMB’000 | 6,254,435 | 8,100,252 | PDF p. 139 |
| Investment propertiesRMB’000 | 28,087,885 | 26,197,231 | PDF p. 139 |
| Freehold land and buildingsRMB’000 | – | 20,343 | PDF p. 139 |
| Leasehold land and buildingsRMB’000 | 1,938,304 | 2,035,512 | PDF p. 139 |
| Plant and machineryRMB’000 | 18,164 | 18,556 | PDF p. 139 |
| Trade receivablesRMB’000 | 10,057 | – | PDF p. 139 |
| Bank depositsRMB’000 | – | 12,721 | PDF p. 139 |
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Definitions & sources
Original report: PDF p. 139 ↗
Financing liability changes FY2025
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupOpening balance | 2025GroupFinancing cash flow | 2025GroupAcquisition of subsidiaries | 2025GroupChange from subsidiaries to joint ventures | 2025GroupDisposal of subsidiaries | 2025GroupDeferred finance charge | 2025GroupForeign exchange movement | 2025GroupDividend declared | 2025GroupOther changes | 2025GroupClosing balance | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Financing liability changes | |||||||||||
| Bank and other borrowingsRMB’000 | 20,145,482 | (1,541,544) | – | (270,000) | – | – | 111,964 | – | 1,150,000 | 19,595,902 | PDF p. 139 |
| Senior notesRMB’000 | 3,582,611 | (1,578,445) | – | – | – | 6,813 | (56,597) | – | 8,922 | 1,963,304 | PDF p. 139 |
| Lease liabilitiesRMB’000 | 45,818 | (14,433) | – | (8,603) | (1,952) | – | (143) | – | (1,494) | 19,193 | PDF p. 139 |
| Non-trade amounts due to associatesRMB’000 | 892,679 | 59,014 | – | – | – | – | – | – | (79,981) | 871,712 | PDF p. 139 |
| Non-trade amounts due to joint venturesRMB’000 | 8,313,345 | (13,527) | (196,387) | (3,414,348) | – | – | – | – | (34,429) | 4,654,654 | PDF p. 139 |
| Non-trade amounts due to directorsRMB’000 | 2,129 | (2,209) | – | – | – | – | 48 | – | 6,228 | 6,196 | PDF p. 139 |
| Non-trade amounts due to non-controlling shareholders of subsidiariesRMB’000 | 7,309,656 | (584,687) | 5,518 | (32,884) | (10,086) | – | – | 457,546 | (1,081,202) | 6,063,861 | PDF p. 139 |
| Non-trade amounts due to other related partyRMB’000 | 794,126 | (66,517) | – | – | – | – | 18,502 | – | (3,676) | 742,435 | PDF p. 139 |
| TotalRMB’000 | 41,085,846 | (3,742,348) | (190,869) | (3,725,835) | (12,038) | 6,813 | 73,774 | 457,546 | (35,632) | 33,917,257 | PDF p. 139 |
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Definitions & sources
Original report: PDF p. 139 ↗
Financing liability changes FY2024
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupOpening balance | 2024GroupFinancing cash flow | 2024GroupDisposal of a subsidiary | 2024GroupDeferred finance charge | 2024GroupForeign exchange movement | 2024GroupDividend declared | 2024GroupOther changes | 2024GroupClosing balance | Source |
|---|---|---|---|---|---|---|---|---|---|
| Financing liability changes | |||||||||
| Bank and other borrowingsRMB’000 | 23,945,773 | (3,849,270) | – | 58,303 | (9,324) | – | – | 20,145,482 | PDF p. 140 |
| Senior notesRMB’000 | 6,069,672 | (2,557,760) | – | 9,001 | 61,698 | – | – | 3,582,611 | PDF p. 140 |
| Lease liabilitiesRMB’000 | 33,952 | (14,631) | – | – | 79 | – | 26,418 | 45,818 | PDF p. 140 |
| Non-trade amounts due to associatesRMB’000 | 901,364 | (7,820) | – | – | – | – | (865) | 892,679 | PDF p. 140 |
| Non-trade amounts due to joint venturesRMB’000 | 8,601,572 | 122,033 | – | – | – | – | (410,260) | 8,313,345 | PDF p. 140 |
| Non-trade amounts due to directorsRMB’000 | 2,689 | (2,621) | – | – | (77) | – | 2,138 | 2,129 | PDF p. 140 |
| Non-trade amounts due to non-controlling shareholders of subsidiariesRMB’000 | 8,221,328 | (349,956) | (2,255) | – | – | 344,766 | (904,227) | 7,309,656 | PDF p. 140 |
| Non-trade amounts due to other related partyRMB’000 | – | 780,598 | – | – | (15,958) | – | 29,486 | 794,126 | PDF p. 140 |
| TotalRMB’000 | 47,776,350 | (5,879,427) | (2,255) | 67,304 | 36,418 | 344,766 | (1,257,310) | 41,085,846 | PDF p. 140 |
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Definitions & sources
Original report: PDF p. 140 ↗
Other payables composition
14 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Other payables composition | |||||
| Advances received from customersRMB’000 | 680,751 | 776,472 | – | – | PDF p. 142 |
| Deposits for projectsRMB’000 | – | 790,000 | – | – | PDF p. 142 |
| Deposits from third partiesRMB’000 | 549,907 | 498,305 | – | – | PDF p. 142 |
| Consideration payables for acquisitionRMB’000 | 194,202 | 194,202 | – | – | PDF p. 142 |
| Accrued expensesRMB’000 | 239,044 | 319,250 | 4,100 | 4,594 | PDF p. 142 |
| VAT payableRMB’000 | 60,460 | 118,082 | – | – | PDF p. 142 |
| Sales-related tax payableRMB’000 | 56,316 | 83,044 | – | – | PDF p. 142 |
| Interest payable on senior notesRMB’000 | 11,470 | 20,979 | – | – | PDF p. 142 |
| Other interest payableRMB’000 | 69,889 | 62,955 | – | – | PDF p. 142 |
| Payables due to third partiesRMB’000 | 1,119,525 | 2,240,749 | – | – | PDF p. 142 |
| SubtotalRMB’000 | 2,981,564 | 5,104,038 | 4,100 | 4,594 | PDF p. 142 |
| Analysed as: | |||||
| – Non-currentRMB’000 | 274,270 | 275,138 | – | – | PDF p. 142 |
| – CurrentRMB’000 | 2,707,294 | 4,828,900 | 4,100 | 4,594 | PDF p. 142 |
| SubtotalRMB’000 | 2,981,564 | 5,104,038 | 4,100 | 4,594 | PDF p. 142 |
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Definitions & sources
Original report: PDF p. 142 ↗
Revenue by activity and recognition timing
10 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue by activity and recognition timing | |||
| Income from property development – sales of propertiesRMB’000 | 9,764,855 | 31,242,956 | PDF p. 142 |
| Income from hotel operationsRMB’000 | 415,660 | 489,440 | PDF p. 142 |
| Income from property managementRMB’000 | 1,453,869 | 1,432,990 | PDF p. 142 |
| Income from othersRMB’000 | 1,393,530 | 1,889,562 | PDF p. 142 |
| SubtotalRMB’000 | 13,027,914 | 35,054,948 | PDF p. 142 |
| Income from property investment – lease of propertiesRMB’000 | 1,340,960 | 1,341,746 | PDF p. 142 |
| TotalRMB’000 | 14,368,874 | 36,396,694 | PDF p. 142 |
| Timing of revenue recognition | |||
| A point in timeRMB’000 | 10,508,024 | 32,207,705 | PDF p. 142 |
| Over timeRMB’000 | 2,519,890 | 2,847,243 | PDF p. 142 |
| TotalRMB’000 | 13,027,914 | 35,054,948 | PDF p. 142 |
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Definitions & sources
Original report: PDF p. 142 ↗
Remaining performance obligations expected recognition
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Remaining performance obligations expected recognition | |||
| Revenue expected to be recognised within one yearRMB’000 | 4,236,343 | 8,204,449 | PDF p. 143 |
| Revenue expected to be recognised after one yearRMB’000 | 2,276,607 | 2,945,067 | PDF p. 143 |
| SubtotalRMB’000 | 6,512,950 | 11,149,516 | PDF p. 143 |
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Definitions & sources
Original report: PDF p. 143 ↗
Contract liabilities
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Contract liabilities | |||
| Contract liabilitiesRMB’000 | 5,964,804 | 10,131,186 | PDF p. 143 |
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Definitions & sources
Original report: PDF p. 143 ↗
Revenue recognised from opening contract liabilities
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue recognised from opening contract liabilities | |||
| Revenue recognisedRMB’000 | 6,462,897 | 29,340,331 | PDF p. 143 |
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Definitions & sources
Original report: PDF p. 143 ↗
PPE cost movements FY2024
7 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupFreehold/Long leasehold land and buildings | 2024GroupLeasehold land and buildings | 2024GroupMotor vehicles | 2024GroupFurniture, fixtures and equipment | 2024GroupPlant and machinery | 2024GroupTotal | Source |
|---|---|---|---|---|---|---|---|
| Cost | |||||||
| At 1 January 2024RMB’000 | 185,319 | 3,816,810 | 54,913 | 337,587 | 275,293 | 4,669,922 | PDF p. 106 |
| AdditionsRMB’000 | 25,934 | 7,120 | 1,474 | 33,648 | 27,114 | 95,290 | PDF p. 106 |
| Transfer from completed properties for saleRMB’000 | – | 15,687 | – | – | – | 15,687 | PDF p. 106 |
| DisposalsRMB’000 | – | (26,199) | (12,151) | (9,767) | (13,138) | (61,255) | PDF p. 106 |
| Disposal of a subsidiaryRMB’000 | – | (8,611) | – | (2,638) | – | (11,249) | PDF p. 106 |
| Exchange differenceRMB’000 | (1,637) | 1,554 | 627 | (3,345) | (19,378) | (22,179) | PDF p. 106 |
| At 31 December 2024RMB’000 | 209,616 | 3,806,361 | 44,863 | 355,485 | 269,891 | 4,686,216 | PDF p. 106 |
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Definitions & sources
Original report: PDF p. 106 ↗
Original FY2024 closing balance also forms the FY2025 opening balance and is displayed in both annual views.
PPE cost movements FY2025
11 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupFreehold/Long leasehold land and buildings | 2025GroupLeasehold land and buildings | 2025GroupMotor vehicles | 2025GroupFurniture, fixtures and equipment | 2025GroupPlant and machinery | 2025GroupTotal | Source |
|---|---|---|---|---|---|---|---|
| Cost | |||||||
| At 31 December 2024RMB’000 | 209,616 | 3,806,361 | 44,863 | 355,485 | 269,891 | 4,686,216 | PDF p. 106 |
| AdditionsRMB’000 | 1,033 | 1,141 | 3,656 | 9,181 | 39,214 | 54,225 | PDF p. 106 |
| Transfer from completed properties for saleRMB’000 | – | 11,933 | – | – | – | 11,933 | PDF p. 106 |
| Transfer to investment propertiesRMB’000 | – | (30,386) | – | – | – | (30,386) | PDF p. 106 |
| DisposalsRMB’000 | – | (33,301) | (6,895) | (10,053) | (63,497) | (113,746) | PDF p. 106 |
| Disposal of subsidiariesRMB’000 | – | (152,153) | (301) | (5,822) | (17,747) | (176,023) | PDF p. 106 |
| Change of control from a joint venture to a subsidiaryRMB’000 | – | – | – | 3 | – | 3 | PDF p. 106 |
| Change of control from subsidiaries to joint venturesRMB’000 | – | (20,967) | (402) | (728) | (842) | (22,939) | PDF p. 106 |
| ReclassificationsRMB’000 | 3,712 | – | 410 | (60) | (4,062) | – | PDF p. 106 |
| Exchange differenceRMB’000 | (6,025) | 1,373 | (1,227) | 3,796 | 2,394 | 311 | PDF p. 106 |
| At 31 December 2025RMB’000 | 208,336 | 3,584,001 | 40,104 | 351,802 | 225,351 | 4,409,594 | PDF p. 106 |
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Definitions & sources
Original report: PDF p. 106 ↗
Original FY2024 closing balance also forms the FY2025 opening balance and is displayed in both annual views.
PPE accumulated depreciation and impairment FY2024
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupFreehold/Long leasehold land and buildings | 2024GroupLeasehold land and buildings | 2024GroupMotor vehicles | 2024GroupFurniture, fixtures and equipment | 2024GroupPlant and machinery | 2024GroupTotal | Source |
|---|---|---|---|---|---|---|---|
| Accumulated depreciation and impairment | |||||||
| At 1 January 2024RMB’000 | 557 | 776,080 | 44,675 | 223,525 | 42,787 | 1,087,624 | PDF p. 106 |
| Depreciation for the yearRMB’000 | 3,904 | 170,808 | 2,896 | 33,906 | 43,280 | 254,794 | PDF p. 106 |
| Eliminated on disposalsRMB’000 | – | (14,137) | (11,269) | (9,161) | (12,663) | (47,230) | PDF p. 106 |
| Disposal of a subsidiaryRMB’000 | – | (2,698) | – | (555) | – | (3,253) | PDF p. 106 |
| Exchange differenceRMB’000 | 6,146 | 1,236 | 629 | (1,492) | (8,444) | (1,925) | PDF p. 106 |
| At 31 December 2024RMB’000 | 10,607 | 931,289 | 36,931 | 246,223 | 64,960 | 1,290,010 | PDF p. 106 |
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Definitions & sources
Original report: PDF p. 106 ↗
Original FY2024 closing balance also forms the FY2025 opening balance and is displayed in both annual views.
PPE accumulated depreciation and impairment FY2025
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupFreehold/Long leasehold land and buildings | 2025GroupLeasehold land and buildings | 2025GroupMotor vehicles | 2025GroupFurniture, fixtures and equipment | 2025GroupPlant and machinery | 2025GroupTotal | Source |
|---|---|---|---|---|---|---|---|
| Accumulated depreciation and impairment | |||||||
| At 31 December 2024RMB’000 | 10,607 | 931,289 | 36,931 | 246,223 | 64,960 | 1,290,010 | PDF p. 106 |
| Depreciation for the yearRMB’000 | 2,832 | 156,099 | 2,153 | 28,282 | 38,591 | 227,957 | PDF p. 106 |
| Impairment lossRMB’000 | – | – | – | 1,039 | 7,429 | 8,468 | PDF p. 106 |
| Transfer to investment propertiesRMB’000 | – | (27,347) | – | – | – | (27,347) | PDF p. 106 |
| Eliminated on disposalsRMB’000 | – | (11,710) | (6,497) | (9,042) | (61,688) | (88,937) | PDF p. 106 |
| Disposal of subsidiariesRMB’000 | – | (69,705) | (95) | (5,140) | (6,012) | (80,952) | PDF p. 106 |
| Change of control from subsidiaries to joint venturesRMB’000 | – | (2,831) | (382) | (692) | (800) | (4,705) | PDF p. 106 |
| Exchange differenceRMB’000 | (9,069) | 63 | (1,210) | 1,519 | (2,649) | (11,346) | PDF p. 106 |
| At 31 December 2025RMB’000 | 4,370 | 975,858 | 30,900 | 262,189 | 39,831 | 1,313,148 | PDF p. 106 |
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Definitions & sources
Original report: PDF p. 106 ↗
Original FY2024 closing balance also forms the FY2025 opening balance and is displayed in both annual views.
PPE carrying amount FY2025
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupFreehold/Long leasehold land and buildings | 2025GroupLeasehold land and buildings | 2025GroupMotor vehicles | 2025GroupFurniture, fixtures and equipment | 2025GroupPlant and machinery | 2025GroupTotal | Source |
|---|---|---|---|---|---|---|---|
| Carrying amount | |||||||
| At 31 December 2025RMB’000 | 203,966 | 2,608,143 | 9,204 | 89,613 | 185,520 | 3,096,446 | PDF p. 106 |
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Definitions & sources
Original report: PDF p. 106 ↗
PPE carrying amount FY2024
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024GroupFreehold/Long leasehold land and buildings | 2024GroupLeasehold land and buildings | 2024GroupMotor vehicles | 2024GroupFurniture, fixtures and equipment | 2024GroupPlant and machinery | 2024GroupTotal | Source |
|---|---|---|---|---|---|---|---|
| Carrying amount | |||||||
| At 31 December 2024RMB’000 | 199,009 | 2,875,072 | 7,932 | 109,262 | 204,931 | 3,396,206 | PDF p. 106 |
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Definitions & sources
Original report: PDF p. 106 ↗
Change of interest without loss of control
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Change of interest without loss of control | |||
| Amount paid on change of interest in subsidiariesRMB’000 | 820,483 | – | PDF p. 130 |
| Non-controlling interests derecognisedRMB’000 | (1,045,204) | – | PDF p. 130 |
| Difference recognised in other reserveRMB’000 | (224,721) | – | PDF p. 130 |
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Definitions & sources
Original report: PDF p. 130 ↗
Material NCI subsidiary summarised financial information
15 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Nanjing Yanlord Jiangdao Real Estate Co., Ltd.Nanjing Yanlord Jiangdao Real Estate Co., Ltd. | 2024Nanjing Yanlord Jiangdao Real Estate Co., Ltd.Nanjing Yanlord Jiangdao Real Estate Co., Ltd. | 2025Taicang Renlixin Science and Technology Development Co., Ltd.Taicang Renlixin Science and Technology Development Co., Ltd. | 2024Taicang Renlixin Science and Technology Development Co., Ltd.Taicang Renlixin Science and Technology Development Co., Ltd. | 2025Wuxi Renxin Real Estate Co., Ltd.Wuxi Renxin Real Estate Co., Ltd. | 2024Wuxi Renxin Real Estate Co., Ltd.Wuxi Renxin Real Estate Co., Ltd. | Source |
|---|---|---|---|---|---|---|---|
| Non-current assets | |||||||
| SubtotalRMB’000 | 1,010,430 | 1,010,248 | 167,132 | 169,532 | 188 | 346 | PDF p. 131 |
| Current assets | |||||||
| SubtotalRMB’000 | 2,740,828 | 2,903,377 | 1,479,282 | 2,330,096 | 2,251,649 | 2,302,156 | PDF p. 131 |
| Non-current liabilities | |||||||
| SubtotalRMB’000 | – | – | – | – | (32,115) | (9,233) | PDF p. 131 |
| Current liabilities | |||||||
| SubtotalRMB’000 | (112,688) | (370,906) | (309,198) | (948,857) | (1,846,250) | (1,789,117) | PDF p. 131 |
| Total equityRMB’000 | 3,638,570 | 3,542,719 | 1,337,216 | 1,550,771 | 373,472 | 504,152 | PDF p. 131 |
| Equity attributable to: | |||||||
| Owners of the CompanyRMB’000 | 1,855,671 | 1,806,787 | 802,330 | 930,462 | 190,471 | 257,118 | PDF p. 131 |
| Non-controlling interestsRMB’000 | 1,782,899 | 1,735,932 | 534,886 | 620,309 | 183,001 | 247,034 | PDF p. 131 |
| RevenueRMB’000 | – | 45,958 | 1,005,742 | 2,544,075 | 25,835 | 3,190,450 | PDF p. 131 |
| Profit (Loss) for the year, representing total comprehensive income (expense) for the yearRMB’000 | 95,851 | (14,262) | 146,445 | 471,222 | (130,680) | 364,579 | PDF p. 131 |
| (expense) attributable to: | |||||||
| Owners of the CompanyRMB’000 | 48,884 | (7,273) | 87,867 | 282,733 | (66,647) | 185,935 | PDF p. 131 |
| Non-controlling interestsRMB’000 | 46,967 | (6,989) | 58,578 | 188,489 | (64,033) | 178,644 | PDF p. 131 |
| Net cash outflow from: | |||||||
| – Operating activitiesRMB’000 | (162,791) | (312,483) | 120,319 | 271,749 | (59,779) | (247,328) | PDF p. 131 |
| – Investing activitiesRMB’000 | 17,023 | (13,056) | 3,952 | 694,996 | 10 | 1,798 | PDF p. 131 |
| – Financing activitiesRMB’000 | – | – | (217,251) | (1,236,597) | 14,990 | (5,197) | PDF p. 131 |
| Net cash outflowRMB’000 | (145,768) | (325,539) | (92,980) | (269,852) | (44,779) | (250,727) | PDF p. 131 |
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Definitions & sources
Original report: PDF p. 131 ↗
Original subsidiary amounts are before intragroup eliminations; they are not Group consolidated totals.
Material NCI subsidiary ownership and attribution
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Non-controlling interestsOwnership and voting rights (%) | 2024Non-controlling interestsOwnership and voting rights (%) | 2025Non-controlling interestsProfit or loss attributable (RMB’000) | 2024Non-controlling interestsProfit or loss attributable (RMB’000) | 2025Non-controlling interestsAccumulated interests (RMB’000) | 2024Non-controlling interestsAccumulated interests (RMB’000) | Source |
|---|---|---|---|---|---|---|---|
| Material NCI subsidiary ownership and attribution | |||||||
| Nanjing Yanlord Jiangdao Real Estate Co., Ltd.Mixed: ownership %; profit and accumulated interest RMB’000 | 49 | 49 | 46,967 | (6,989) | 1,782,899 | 1,735,932 | PDF p. 130 |
| Taicang Renlixin Science and Technology Development Co., Ltd.Mixed: ownership %; profit and accumulated interest RMB’000 | 40 | 40 | 58,578 | 188,489 | 534,886 | 620,309 | PDF p. 130 |
| Wuxi Renxin Real Estate Co., Ltd.Mixed: ownership %; profit and accumulated interest RMB’000 | 49 | 49 | (64,033) | 178,644 | 183,001 | 247,034 | PDF p. 130 |
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Definitions & sources
Original report: PDF p. 130 ↗
Immaterial NCI subsidiaries and Group NCI total
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Non-controlling interestsProfit or loss attributable | 2024Non-controlling interestsProfit or loss attributable | 2025Non-controlling interestsAccumulated interests | 2024Non-controlling interestsAccumulated interests | Source |
|---|---|---|---|---|---|
| NCI immaterial subsidiaries and total | |||||
| Individually immaterial subsidiaries with non-controlling interestsRMB’000 | 125,792 | (701,014) | 2,828,218 | 5,841,712 | PDF p. 130 |
| SubtotalRMB’000 | 167,304 | (340,870) | 5,329,004 | 8,444,987 | PDF p. 130 |
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Definitions & sources
Original report: PDF p. 130 ↗
Segment revenue and pretax results
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupRevenue | 2024GroupRevenue | 2025GroupProfit or loss before income tax | 2024GroupProfit or loss before income tax | Source |
|---|---|---|---|---|---|
| Segment revenue and pretax results | |||||
| Property developmentRMB’000 | 9,764,855 | 31,242,956 | 1,177,424 | (545,887) | PDF p. 149 |
| Property investment and hotel operationsRMB’000 | 1,756,620 | 1,831,186 | 403,672 | 428,941 | PDF p. 149 |
| Property managementRMB’000 | 1,453,869 | 1,432,990 | 144,034 | 205,323 | PDF p. 149 |
| OthersRMB’000 | 1,393,530 | 1,889,562 | 173,277 | (775,800) | PDF p. 149 |
| TotalRMB’000 | 14,368,874 | 36,396,694 | 1,898,407 | (687,423) | PDF p. 149 |
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Definitions & sources
Original report: PDF p. 149 ↗
Segment assets
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupAssets | 2024GroupAssets | Source |
|---|---|---|---|
| Segment assets | |||
| Property developmentRMB’000 | 43,344,136 | 64,133,827 | PDF p. 149 |
| Property investment and hotel operationsRMB’000 | 39,048,397 | 38,731,459 | PDF p. 149 |
| Property managementRMB’000 | 1,199,041 | 1,035,483 | PDF p. 149 |
| OthersRMB’000 | 14,430,158 | 12,776,235 | PDF p. 149 |
| Total assetsRMB’000 | 98,021,732 | 116,677,004 | PDF p. 149 |
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Definitions & sources
Original report: PDF p. 149 ↗
Segment depreciation and non-current additions
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupDepreciation | 2024GroupDepreciation | 2025GroupAdditions to non-current assets | 2024GroupAdditions to non-current assets | Source |
|---|---|---|---|---|---|
| Segment depreciation and non-current additions | |||||
| Property developmentRMB’000 | 31,900 | 38,437 | 8,617 | 41,485 | PDF p. 150 |
| Property investment and hotel operationsRMB’000 | 122,473 | 125,953 | 36,124 | 92,099 | PDF p. 150 |
| Property managementRMB’000 | 4,158 | 5,322 | 5,307 | 5,938 | PDF p. 150 |
| OthersRMB’000 | 82,898 | 100,726 | 37,726 | 82,376 | PDF p. 150 |
| TotalRMB’000 | 241,429 | 270,438 | 87,774 | 221,898 | PDF p. 150 |
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Definitions & sources
Original report: PDF p. 150 ↗
Segment financial impairment and property write-downs
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupNet impairment losses on financial assets | 2024GroupNet impairment losses on financial assets | 2025GroupWrite-down of properties for sale | 2024GroupWrite-down of properties for sale | Source |
|---|---|---|---|---|---|
| Segment financial impairment and property write-downs | |||||
| Property developmentRMB’000 | 146,240 | 1,378,500 | 492,274 | 3,369,596 | PDF p. 150 |
| Property investment and hotel operationsRMB’000 | 121,229 | 116,617 | – | – | PDF p. 150 |
| OthersRMB’000 | – | 609,067 | – | – | PDF p. 150 |
| TotalRMB’000 | 267,469 | 2,104,184 | 492,274 | 3,369,596 | PDF p. 150 |
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Definitions & sources
Original report: PDF p. 150 ↗
Geographical revenue and non-current assets
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025GroupRevenue from external customers | 2024GroupRevenue from external customers | 2025GroupNon-current assets excluding specified financial balances | 2024GroupNon-current assets excluding specified financial balances | Source |
|---|---|---|---|---|---|
| Geographical revenue and non-current assets | |||||
| PRCRMB’000 | 12,876,950 | 34,836,743 | 36,786,995 | 37,197,863 | PDF p. 150 |
| SingaporeRMB’000 | 955,881 | 971,933 | 12,038,231 | 12,197,725 | PDF p. 150 |
| OthersRMB’000 | 536,043 | 588,018 | 543,513 | 565,623 | PDF p. 150 |
| TotalRMB’000 | 14,368,874 | 36,396,694 | 49,368,739 | 49,961,211 | PDF p. 150 |
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Definitions & sources
Original report: PDF p. 150 ↗
Investment property valuation categories
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Investment property valuation categories | |||
| Completed investment properties RMB’000 | 34,966,056 | 34,680,456 | PDF p. 108 |
| Car parking spacesRMB’000 | 1,754,124 | 1,791,038 | PDF p. 108 |
| SubtotalRMB’000 | 36,720,180 | 36,471,494 | PDF p. 108 |
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Definitions & sources
Original report: PDF p. 108 ↗
Where the money comes from
Segment information
By business
Segment revenue and results 5 lines
| Item / unit | 2025Group Revenue, RMB'000 | 2024Group Revenue, RMB'000 | 2025Group Profit (Loss) before income tax, RMB'000 | 2024Group Profit (Loss) before income tax, RMB'000 | Source |
|---|---|---|---|---|---|
| Segment revenue and results | |||||
| Property developmentRMB'000 | 9,764,855 | 31,242,956 | 1,177,424 | (545,887) | PDF p. 149 |
| Property investment and hotel operationsRMB'000 | 1,756,620 | 1,831,186 | 403,672 | 428,941 | PDF p. 149 |
| Property managementRMB'000 | 1,453,869 | 1,432,990 | 144,034 | 205,323 | PDF p. 149 |
| OthersRMB'000 | 1,393,530 | 1,889,562 | 173,277 | (775,800) | PDF p. 149 |
| TotalRMB'000 | 14,368,874 | 36,396,694 | 1,898,407 | (687,423) | PDF p. 149 |
Notes
Segment profit represents the profit earned by each segment as determined using the Group’s accounting policies. This is the measure reported to the chief operating decision maker for the purposes of resources allocation and assessment of segment performance.
Segment assets 5 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Segment assets | |||
| Property developmentRMB'000 | 43,344,136 | 64,133,827 | PDF p. 149 |
| Property investment and hotel operationsRMB'000 | 39,048,397 | 38,731,459 | PDF p. 149 |
| Property managementRMB'000 | 1,199,041 | 1,035,483 | PDF p. 149 |
| OthersRMB'000 | 14,430,158 | 12,776,235 | PDF p. 149 |
| Total assetsRMB'000 | 98,021,732 | 116,677,004 | PDF p. 149 |
Notes
All assets are allocated to reportable segments. Liabilities are not allocated as they are not monitored by the chief operating decision maker for the purposes of resource allocation and assessment of segment performance.
Other segment information: depreciation and additions to non-current assets 5 lines
| Item / unit | 2025Group Depreciation, RMB'000 | 2024Group Depreciation, RMB'000 | 2025Group Additions to non-current assets, RMB'000 | 2024Group Additions to non-current assets, RMB'000 | Source |
|---|---|---|---|---|---|
| Other segment information | |||||
| Property developmentRMB'000 | 31,900 | 38,437 | 8,617 | 41,485 | PDF p. 150 |
| Property investment and hotel operationsRMB'000 | 122,473 | 125,953 | 36,124 | 92,099 | PDF p. 150 |
| Property managementRMB'000 | 4,158 | 5,322 | 5,307 | 5,938 | PDF p. 150 |
| OthersRMB'000 | 82,898 | 100,726 | 37,726 | 82,376 | PDF p. 150 |
| TotalRMB'000 | 241,429 | 270,438 | 87,774 | 221,898 | PDF p. 150 |
Impairment losses and write-down by segment 4 lines
| Item / unit | 2025Group Net impairment losses on financial assets, RMB'000 | 2024Group Net impairment losses on financial assets, RMB'000 | 2025Group Write-down of completed properties for sale and properties under development for sale, RMB'000 | 2024Group Write-down of completed properties for sale and properties under development for sale, RMB'000 | Source |
|---|---|---|---|---|---|
| Other segment information | |||||
| Property developmentRMB'000 | 146,240 | 1,378,500 | 492,274 | 3,369,596 | PDF p. 150 |
| Property investment and hotel operationsRMB'000 | 121,229 | 116,617 | – | – | PDF p. 150 |
| OthersRMB'000 | – | 609,067 | – | – | PDF p. 150 |
| TotalRMB'000 | 267,469 | 2,104,184 | 492,274 | 3,369,596 | PDF p. 150 |
Notes
Recognised in addition to depreciation and additions to non-current assets (Note 29); Property management row not printed in this table.
By geography
Geographical information 4 lines
| Item / unit | 2025Group Revenue from external customers, RMB'000 | 2024Group Revenue from external customers, RMB'000 | 2025Group Non-current assets, RMB'000 | 2024Group Non-current assets, RMB'000 | Source |
|---|---|---|---|---|---|
| Geographical information | |||||
| PRCRMB'000 | 12,876,950 | 34,836,743 | 36,786,995 | 37,197,863 | PDF p. 150 |
| SingaporeRMB'000 | 955,881 | 971,933 | 12,038,231 | 12,197,725 | PDF p. 150 |
| OthersRMB'000 | 536,043 | 588,018 | 543,513 | 565,623 | PDF p. 150 |
| TotalRMB'000 | 14,368,874 | 36,396,694 | 49,368,739 | 49,961,211 | PDF p. 150 |
Notes
The Group operates in two principal geographical areas – the PRC and Singapore.
Non-current assets exclude other receivables and deposits, non-trade amounts due from associates, joint ventures and non-controlling shareholders of subsidiaries, financial assets at FVTOCI and deferred tax assets.
Debt
Borrowings
Bank and other borrowings – repayment profile and secured/unsecured split
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Repayment profile | |||
| On demand or within one yearRMB'000 | 5,900,153 | 6,248,184 | PDF p. 138 |
| More than one year but not exceeding two yearsRMB'000 | 3,365,946 | 2,497,420 | PDF p. 138 |
| More than two years but not exceeding five yearsRMB'000 | 2,406,488 | 3,658,433 | PDF p. 138 |
| More than five yearsRMB'000 | 7,923,315 | 7,741,445 | PDF p. 138 |
| Less: Amount due for settlement within 12 months (shown under current liabilities)RMB'000 | (5,900,153) | (6,248,184) | PDF p. 138 |
| Amount due for settlement after 12 monthsRMB'000 | 13,695,749 | 13,897,298 | PDF p. 138 |
| Secured | |||
| Secured: – Non-currentRMB'000 | 13,388,969 | 13,568,198 | PDF p. 138 |
| Secured: – CurrentRMB'000 | 5,764,354 | 6,223,373 | PDF p. 138 |
| Secured: totalRMB'000 | 19,153,323 | 19,791,571 | PDF p. 138 |
| Unsecured | |||
| Unsecured: – Non-currentRMB'000 | 306,780 | 329,100 | PDF p. 138 |
| Unsecured: – CurrentRMB'000 | 135,799 | 24,811 | PDF p. 138 |
| Unsecured: totalRMB'000 | 442,579 | 353,911 | PDF p. 138 |
| Total | |||
| Total bank and other borrowingsRMB'000 | 19,595,902 | 20,145,482 | PDF p. 138 |
Notes
The bank and other borrowings are repayable as below. Total row is the unlabeled sum line printed after the Unsecured subtotal. Secured/unsecured sub-rows are labelled '– Non-current'/'– Current' under the headings 'Secured:' and 'Unsecured:'.
Borrowing notes 2 tables
Statement of financial position – borrowings, senior notes and lease liabilities
| Item / unit | 2025Group, RMB'000 | 2024Group, RMB'000 | 2025Company, RMB'000 | 2024Company, RMB'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Bank and other borrowings – due after one yearRMB'000 | 13,695,749 | 13,897,298 | – | – | PDF p. 66 |
| Senior notesRMB'000 | – | 3,582,611 | – | – | PDF p. 66 |
| Lease liabilitiesRMB'000 | 7,486 | 28,705 | – | – | PDF p. 66 |
| Current liabilities | |||||
| Bank and other borrowings – due within one yearRMB'000 | 5,900,153 | 6,248,184 | – | – | PDF p. 66 |
| Senior notesRMB'000 | 1,963,304 | – | – | – | PDF p. 66 |
| Lease liabilitiesRMB'000 | 11,707 | 17,113 | – | – | PDF p. 66 |
Notes
Note numbers 21 and 22 refer to bank and other borrowings and senior notes. Section for each row is non-current or current liabilities as printed.
Senior notes
| Item / unit | 2025RMB'000 | 2024RMB'000 | Source |
|---|---|---|---|
| Senior notes | |||
| Nominal value of senior notes issuedRMB'000 | 3,514,400 | 6,469,560 | PDF p. 141 |
| Redemption and repurchaseRMB'000 | (1,555,507) | (2,875,360) | PDF p. 141 |
| Interest payable within one year included in other payables (Note 24)RMB'000 | (11,470) | (20,979) | PDF p. 141 |
| TotalRMB'000 | 1,963,304 | 3,582,611 | PDF p. 141 |
| Presented as | |||
| – Non-currentRMB'000 | – | 3,582,611 | PDF p. 141 |
| – CurrentRMB'000 | 1,963,304 | – | PDF p. 141 |
Notes
Notes 2026: US$500 million (RMB3.514 billion) issued 20 May 2021, maturity 20 May 2026, 5.125% per annum, denominated in US dollars; effective interest rate 5.4% per annum (2024: 5.4%); US$280 million (RMB1.965 billion) principal outstanding at 31 December 2025.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend | The Company adopts a prudent and flexible approach to dividend declaration. Dividends, if any, are proposed by Management to the Board for consideration on an annual basis, taking into account a range of factors including the Group’s business expansion and development plans, financial performance, capital commitments, projected financial position, available resources and other relevant considerations from time to time. In determining dividends, the Board seeks to balance sustainable shareholder returns with the need to preserve adequate financial flexibility to support the Group’s long-term growth and resilience. Given the need to maintain flexibility in capital allocation and respond to evolving business conditions, the Company has not formalised a fixed dividend policy. | Company | PDF p. 190 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| final tax-exempt dividend | 1.0 Singapore cent per ordinary share | FY 2025 proposed final dividend, tax-exempt, per ordinary share; subject to shareholders’ approval at 2026 AGM | PDF p. 148 |
| final tax-exempt dividend (RMB equivalent) | 5.47 Renminbi cents per ordinary share | FY 2025 proposed final dividend per ordinary share, Renminbi equivalent | PDF p. 148 |
| amounting to approximately | RMB106 million | FY 2025 proposed final dividend total | PDF p. 148 |
| No dividends in respect of the financial years ended 31 December 2024 and 31 December 2023 | No dividends in respect of the financial years ended 31 December 2024 and 31 December 2023 were declared or paid | Comparative year FY 2024 (and FY 2023) | PDF p. 148 |
| Shareholders whose securities accounts with The Central Depository (Pte) Limited | Wednesday, 20 May 2026 | Entitlement date for proposed FY 2025 Final Dividend · As at 2026-05-20 | PDF p. 197 |
| The Final Dividend | Friday, 5 June 2026 | Proposed FY 2025 Final Dividend, if approved at 2026 AGM · As at 2026-06-05 | PDF p. 197 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Deloitte & Touche LLP | Group | PDF p. 64 |
| Engagement partner | Toh Yew Kuan Jeremy | Group | PDF p. 64 |
Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
Amounts and currency follow each row. Source dashes are retained. Individual subsidiary financial information is before intragroup eliminations.
Geographical non-current assets exclude the financial balances listed in the source note; segment liabilities are not allocated.
Investment property rental income: FY2025: 1.310 RMB billion; FY2024: 1.319 RMB billion (PDF p. 109).
Investment property direct operating expenses: FY2025: 103 RMB million; FY2024: 50 RMB million (PDF p. 109).
Provision for write-down of completed and under-development sale properties: FY2025: 4.361 RMB billion; FY2024: 4.122 RMB billion (PDF p. 109).
Write-down recognised in profit or loss during year: FY2025: 492 RMB million; FY2024: 3.370 RMB billion FY2024 source RMB3.370 billion equals RMB3,370 million; the original literal and unit are retained in evidence. (PDF p. 109).
Depreciation capitalised in development properties: FY2025: 0.07 RMB million; FY2024: 0.1 RMB million (PDF p. 106).
Original issue principal: US$500 million (PDF p. 140).
Original issue RMB equivalent: RMB3.514 billion (PDF p. 140).
Issue date: 20 May 2021 (PDF p. 140).
Maturity date: 20 May 2026 (PDF p. 140).
Annual coupon: 5.125% per annum (PDF p. 140).
Effective interest rate FY2025/FY2024: 5.4% per annum (2024 : 5.4%) (PDF p. 140).
Outstanding principal at FY2025 end: US$280 million (PDF p. 140).
Outstanding principal RMB equivalent: RMB1.965 billion (PDF p. 140).
Senior notes are denominated in US dollars. RMB equivalents are separate source disclosures.
The Company and five subsidiaries provide a joint guarantee; shares in five subsidiaries are pledged to the security agent and trustee.
Original principal equivalents and guarantee amounts are rounded and differ from the financial statement carrying amount.
FY2025 Completed property comparison price: RMB8,532 – RMB311,935; unit: RMB per square metre (PDF p. 108).
FY2024 Completed property comparison price: RMB8,532 – RMB221,555; unit: RMB per square metre (PDF p. 108).
FY2025 Completed property monthly market rent: RMB30 – RMB461; unit: RMB per square metre per month (PDF p. 108).
FY2024 Completed property monthly market rent: RMB30 – RMB450; unit: RMB per square metre per month (PDF p. 108).
FY2025 Completed property term and reversionary yield: 2.5% – 7.3%; unit: % (PDF p. 108).
FY2024 Completed property term and reversionary yield: 2.5% – 7.3%; unit: % (PDF p. 108).
FY2025 Completed property capitalisation rate: 3.3% – 6.1%; unit: % (PDF p. 108).
FY2024 Completed property capitalisation rate: 3.3% – 6.3%; unit: % (PDF p. 108).
FY2025 Car parking comparison price: RMB112,000 – RMB336,000; unit: RMB per car park unit (PDF p. 108).
FY2024 Car parking comparison price: RMB109,500 – RMB337,000; unit: RMB per car park unit (PDF p. 108).
FY2025 Car parking monthly market rent: RMB762; unit: RMB per car park unit per month (PDF p. 108).
FY2024 Car parking monthly market rent: RMB800; unit: RMB per car park unit per month (PDF p. 108).
FY2025 Car parking capitalisation rate: 6.1%; unit: % (PDF p. 108).
FY2024 Car parking capitalisation rate: 6.3%; unit: % (PDF p. 108).
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.