A：The conference was completed by the China Real Estate top Research Group, which has conducted in-depth research on listed real estate companies for 24 consecutive years since 2003, and its research results have received extensive attention from all walks of life, especially institutional investors. The Politburo meeting on April 28 emphasized the general tone of the work of seeking progress while maintaining stability, providing precise guidance for stabilizing the real estate market. In this context, the research group focused on the high-quality development goals of the industry, and released a series of research results 2026 China's listed real estate companies, aiming to share with the industry through online live broadcast, and invited a number of experts to provide development strategies and investment and financing guidance. china real estate top research group is chaired by co-leader mr. mo tianquan, who is also president of the middle finger research institute. Since its establishment, the research group has published relevant research results for 24 consecutive years, which has played an important role in evaluating the comprehensive strength of listed real estate companies and mining investment opportunities in the securities market. Government departments such as the Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development use their research results for market supervision and policy implementation; at the same time, the research results also help listed real estate companies obtain special support from domestic and foreign financial institutions, such as higher credit ratings, loan lines, and It is easier to obtain approval in terms of corporate bond issuance and real estate investment trust funds.

A：The research group has a permanent research team of more than 20 people, and has accumulated rich data resources and constantly improved research methods. Huang Yu, director of the office, played an important role in routine management. In addition, Li Chunwei and Yu Yue of the China Enterprise Evaluation Association and Huang He of the Armed Police of the Real Estate Research Institute of Tsinghua University participated in the work. Since 2003, the research group has conducted research on listed real estate companies for 24 consecutive years, and on this basis, it has carried out research on China's top 100 real estate companies (23 years) and real estate brand value research (22 years). These research results have contributed to the domestic real estate market. The transformation and development of China have played a positive role in promoting.

A：Over the past 24 years, the number of listed real estate companies has experienced fluctuations, with a total of 144 in 2025, 45 fewer than the peak period. From 2021 to 2025, due to the deep adjustment of the market, the number of listed real estate companies shrank significantly, and the total number of delisting companies reached 34. In terms of market capitalization, the average market capitalization of listed real estate companies in 2025 was $10.67 billion, up 2.1 percent year-on-year, but down 40 percent from 2021. In terms of operating income, the average revenue of listed real estate companies in 2025 was 24.77 billion, down 16.7 percent year-on-year and 42.4 percent lower than in 2021. In terms of net profit, the average net profit of listed real estate companies in 2025 was negative 1.85 billion yuan, with losses for four consecutive years, but the loss has shrunk, indicating that the overall market trend is improving.

A：As of May 12, 2026, there were 65 listed property services companies, including 59 Hong Kong stocks and 6 A- shares. Although the market is at a low ebb and challenging stage, there are still enterprises using the capital market to expand their influence and financing channels. The total market value of listed companies in property services is 253.4 billion, with Hong Kong stocks accounting for the vast majority. In terms of price-to-earnings ratio, Hong Kong stocks are stable in the 12-17 range, while A- shares are affected by a small sample size and individual companies, with high price-to-earnings ratios and significant fluctuations. The average management area of property service listed companies exceeded 0.1 billion square meters, a year-on-year increase of 5.06, and a three-year compound growth rate of 9.24, indicating that compared with development companies, property service listed companies are in relatively good condition and continue to grow.

A：Our press conference today was supported by strong data from the Middle Finger Research Institute and Fangtianxia.

A：Mr. Hou Yunchun will deliver a keynote speech on "Exploring the Sustainable Development Path of China's Listed Real Estate Companies during the Tenth Five-Year Plan Period.

A：Opportunities include: 1) opportunities for the release of policy dividends, such as the conversion policy of affordable housing is conducive to the de-stocking of listed companies; 2) opportunities for the construction of good houses and structural opportunities brought by the release of demand for high-quality housing; 3) opportunities for urban renewal and integration of industry and city, with urban renewal becoming an important starting point and industry-city integration providing a broad stage; 4) opportunities for asset-light transformation, tools such as REITs drive the industry's transformation to an asset-light operating service, opening up new track growth space.

A：The outline of the Tenth Five-Year Plan clearly proposes to promote the high-quality development of real estate, and emphasizes the shift from the past scale regulation to the protection of people's livelihood and high-quality development. This year's government work report further put forward the work of controlling increment, destocking and excellent supply, and the goal of real estate regulation and control policy is clearer, aiming at achieving sustainable operation.

A：At present, the relationship between supply and demand in the real estate market shows that the total amount is basically balanced and the local surplus, but the structural supply shortage coexists with the upgrading of improved demand. According to data from the National Bureau of Statistics, at the end of March 2026, the area of commercial housing for sale fell for the first time in 52 months compared with the same period last year, and the destocking policy is taking effect, but the proportion of real estate added value in GDP is still higher than that of developed countries, and the industry contraction is likely to continue for some time.

A：The 14th Five-Year Plan has enhanced institutional inclusiveness and investment and financing functions, and the government work report calls for deepening the comprehensive reform of investment and financing in the capital market, providing institutional space for listed real estate companies to optimize their financing structure and innovate financing tools. Challenges include: 1) the challenge of restructuring the profit model, the traditional high leverage and high turnover model is difficult to sustain, and the cash flow management of enterprises is under pressure; 2) the challenge of inventory revitalization, under the condition of limited new construction land, the operating efficiency of existing assets must be improved; 3) the challenge of debt risk resolution, some listed companies are facing short-term debt repayment pressure and credit rating downgrade risk.

A：Listed companies should explore sustainable development paths from five aspects: 1) optimize investment and financing structure and turn to quality-driven; 2) Deepen stock operation and build the whole chain of development, operation and service capabilities; 3) Practice good house standards and realize quality differentiation; 4) Embrace digital transformation to improve efficiency and customer experience; 5) Stick to the bottom line of risks and actively prevent and control the risk of debt default.

A：In the 15 period, China's real estate listed companies are facing profound changes, which is not only a period of pain, but also a period of transformation and remodeling. Successful transformation of listed real estate companies should have the characteristics of low leverage, heavy operation, high quality, digitalization and atomization, and need to actively embrace reform and reshape their core competitiveness to meet the high requirements for the development of capital market and real estate industry in the 14th Five-Year Plan.

A：The theme of the speech is the research method system of China's real estate listed companies and the strategic suggestions for the inventory assets of real estate enterprises.

A：The background of the research method system covers the requirements of the state for the development of the capital market and the real estate industry as well as the specific deployment in the government work report as the first year of the 15th Five-Year Plan. The subjects of the study are real estate companies publicly listed on the Shanghai Stock Exchange, the Shenzhen Stock Exchange and the Hong Kong Stock Exchange. The research methods mainly include evaluating the comprehensive strength of enterprises from the four dimensions of business scale, wealth creation ability, investment value and financial soundness, and evaluating and studying the differences in accounting standards of listed companies in Shanghai and Shenzhen and Hong Kong.

A：The research team conducted an in-depth analysis of the inventory assets of real estate companies from three dimensions: central and local government policies, the current status of inventory assets, and the strategies of companies in the inventory of assets. It is found that the state and local governments have issued a number of policies to support the revitalization of the stock of assets, but they still face difficulties and obstacles in actual implementation, such as the progress of special debt funds to recover idle land is lower than expected, and the extension of the cycle of commercial housing removal.

A：As of the end of April 2026, the scale of special bonds proposed by various regions was about 800 billion, but the actual issuance scale was only 0.3 billion, accounting for less than half. And from the monthly issuance amount, the difference between regions is large, indicating that under the policy promotion, the special debt for the acquisition of the stock of idle land work needs to be increased.

A：The stock of commercial housing is large in scale and has a long de-chemical cycle. According to data from the China Index Research Institute, the country's unsold residential inventory has reached 2.7 billion square meters, and the total broad inventory exceeds 4.6 billion square meters. The average destocking cycle of 50 commercial residential buildings in core cities has been extended to 24 months, while that in third-and fourth-tier cities is longer, and the overall destocking pressure is greater.

A：There are two main reasons for the current outstanding destocking pressure: one is that the real estate market demand has changed significantly; the other is that the intergenerational difference between the new and the old residential products has increased the difficulty of destocking, especially the new houses designed and built according to the new standards. The housing rate and construction level are better than the houses built by the old standards, which further aggravates the difficulty of stock destocking.

A：At present, the operating pressure of commercial and industrial real estate continues to increase, and the vacancy rate is also rising. Rental demand for shops and office buildings is weak and vacancy rates are high. With the adjustment of industrial structure, the upgrading pressure of traditional industrial parks increases, the control rate is also high, and the scale of the parks is generally large, which indicates that the stock of commercial and industrial real estate is a serious problem.

A：Companies have adopted different strategies based on the characteristics of their assets. For commercial housing to inventory, through the government storage, colleges and universities to buy for dormitory and other ways to invigorate, while real estate enterprises reduce prices to sell, price for volume, improve asset liquidity. For commercial and industrial real estate, a virtuous cycle of assets and capital is achieved through repurposing (e. g., conversion of commercial offices to residential buildings, rental apartments, hospitals, hotels, etc.), upgrading, and combining innovations in real estate financial instruments. In addition, it also takes advantage of the securities market and real estate asset securitization opportunities to package stock assets and cooperate with institutional investors to improve asset quality and management capabilities, create conditions to promote commercial real estate REITs IPO, and ultimately achieve a virtuous circle of assets and capital.

A：Enterprises mainly through land regulation and land replacement two channels to revitalize idle land. Land regulation refers to the adjustment of land use structure, floor area ratio, building height and other indicators by development enterprises in combination with the market environment, and sharing value-added benefits with the government to turn dead land into living land. Land replacement is to return the idle land that does not have the development conditions for the time being to the government for purchase and storage, in exchange for high-quality land to accelerate the development, so as to achieve a win-win pattern between the government and enterprises.

A：Enterprises focus on the core areas of core cities or deep-cultivated areas to take land to avoid the risk of new land idle. For example, China Resources Land in the five core cities accounted for nearly 80% of the amount of land, effectively avoiding the risk of new land idle.

A：2026 is a key year for the real estate industry to reshape the bottom transformation pattern. Enterprises need to focus on the core, deepen the stock, strengthen products, and stabilize cash flow in order to achieve high-quality development goals in the new cycle.

A：The total assets of listed real estate companies have declined for four consecutive years, and the rate of decline has continued to expand; the average value of net assets has declined, and the rate of decline in financial assets has narrowed; the average value of inventory has declined year-on-year, and the increase in the proportion of completed properties has led to increased pressure on depreciation and sales; monetary funds have accelerated Decline; investment real estate continued to grow, but the profitability of commercial real estate declined, the average revenue and net profit for four consecutive years. About 63% of the enterprises suffered losses, of which 77 listed real estate enterprises suffered losses for two consecutive years, 57 for three consecutive years and 35 for four consecutive years.

A：From 2021 to 2025, the asset impairment losses of real estate companies as a percentage of revenue showed an upward trend, from 2 per cent to 8.4 per cent, seriously deviating from the profitability of real estate companies. At present, not all enterprises inventory impairment charges are in place, it is expected that short-term inventory depreciation will continue to impact the profits of housing enterprises and lead to a continued decline in profits.

A：The average cost rate of the three items of listed real estate companies in 2025 was 24.1, an increase of 6 percentage points year-on-year. Mainly affected by the decline in construction scale and the increase in the proportion of 10000 industries, the overall financial cost rate increased significantly, an increase of 4.4 percentage points from the previous year. At the same time, the inventory turnover rate and total asset turnover rate of listed real estate companies decreased by 0.01 and 0.02 respectively from the previous year.

A：In 2025, a number of listed real estate enterprises completed debt restructuring, asset-liability ratio decreased, but nearly 70% of the enterprises net debt ratio increased compared with the previous year, the head of real estate enterprises and stable private enterprises are also facing risks. The average cash short-debt ratio fell to 0.94 in 2025, with about half of the real estate companies' cash short-debt ratios declining and their short-term solvency performance diverging.

A：In 2025, the profitability of listed real estate enterprises decreased significantly, and many enterprises suffered losses, of which the average earnings per share was negative 0.5 yuan, and the loss was larger than that of the previous year. Although some companies' earnings per share have increased or their losses have narrowed, overall, the profitability of listed real estate companies has shown a downward trend.

A：In 2025, the net value of listed real estate companies fell to negative 4.17 billion yuan year-on-year, less than 30% of the enterprises paying dividends, the number of dividends accounted for only 27.8 percent, affected by the decline in earnings, the ability of listed real estate companies to pay dividends declined.

A：In 2025, the year-on-year growth rate of total assets of representative enterprises in the industrial park fell significantly to 0.11 per cent, with average revenue growing by 24.7 per cent year-on-year, bottoming out; average net profit grew by 37.81 per cent year-on-year, and average net profit margin rebounded to 18.56 per cent. In terms of financial soundness, the average asset-liability ratio was 58.24, down from 2024, the financing structure was optimized, bank loans were dominated, and corporate bonds were favored by the industry.

A：The characteristics of future industrial park development include new productivity as the core engine, capital deeply embedded in the industrial value chain, focusing on early project value discovery, layout of cutting-edge technology, and the construction of investment incubation operation closed loop, investment as the driving force, incubation as the core, the formation of closed-loop ecology.

A：The report analyzes a total of 63 listed companies in Hong Kong and A- shares from four dimensions: capital performance, operating performance, development strategy and trend research. The capital side of the industry is characterized by valuation repair, structural differentiation and certainty premium; at the business level, revenue growth has stabilized and rebounded, basic service resilience has been highlighted, and earnings have been repaired at the bottom but there is still a phenomenon of increasing revenue but not profit.

A：The main reason for the improvement of net profit of listed enterprises is that the impairment pressure of financial assets, accounts receivable and goodwill of some enterprises is reduced, and the influence of related parties of real estate in the early stage is gradually cleared, which makes some enterprises turn losses into profits. The average gross profit margin and net profit margin of central state-owned enterprises in 2025 were 18.61 and 8.28, respectively, showing strong cost control and anti-risk resilience; while the average gross profit margin of private enterprises was 17.48, which was lower than that of central state-owned enterprises for two consecutive years. However, in terms of net interest rate, private enterprises rebounded in 2025, increasing by 1.38 percentage points to 3.15, showing that net profit entered the repair channel after the related party risks were cleared.

A：Listed companies in 2025 face greater pressure to return, its total accounts receivable and notes more than 95.5 billion yuan, an increase of 11.93 percent year-on-year, the growth rate increased by 9.0 percentage points from 2024, far more than the same period of revenue growth, indicating that the overall pressure to return is still very large.

A：Driven by the policy of downsizing and efficiency, the ratio of personnel costs to total revenue costs of listed companies fell to 40.51 percent in 2025, a decrease of 1.72 percentage points compared to 2024, reflecting the pressure of companies to hedge against rising labor costs by optimizing their organizational structure and technology substitution.

A：In 2025, the average management area of listed companies that have disclosed relevant data was 0.152 billion square meters, a year-on-year increase of 3.56, and the growth rate was 3.6 percentage points lower than the previous year. At present, the industry's acquisition and acquisition heat is low, mainly to the integration of internal resources and improve the ability of special services, while the proportion of non-residential management area overall showed a slight decline.

A：In the face of the competitive environment of the stock, the development strategy of listed companies is shifting from extension expansion to connotative growth, which is reflected in the implementation of good services and reshaping the cornerstone of trust.

A：In the future, the property industry will enter a critical stage of value revaluation. Short-term valuation will be affected by the market and the operating conditions of related real estate parties, while medium-and long-term valuation will depend on the enterprise's own operating ability and fundamental quality. The industry pattern has shifted from scale orientation to self-superiority. Service quality improvement actions have become the key, and long-termism and ESG will become important factors in enterprise valuation.

A：According to the latest research report, the research group released a list of 2026 outstanding listed companies and related service companies in China, including Poly Development Holding Group Co., Ltd., China Overseas Property Management Co., Ltd. and many other companies. It is hoped that they can maintain stable operations and help the industry. healthy development.