COLI

China Overseas Land & Investment Limited (abbreviated as COLI) is a Hong Kong-listed mainland property developer belonging to China Overseas Holdings. It focuses mainly on residential development and is also engaged in investment property, planning and design, and property management. The company was founded in Hong Kong in 1979, listed on the Hong Kong Stock Exchange in 1992 (stock code: 00688.HK), and was included as a constituent of the Hang Seng Index in 2007, becoming the first mainland real estate blue-chip stock. The company adheres to the business philosophy of “integrity and excellence, enduring quality,” pursues a layout across key cities nationwide, and seeks a premium positioning among comparable products in the high-end, mid-range and mass markets. According to the 2018 Chairman’s Statement, the company’s goal is to become an international real estate development and operation group, adhering to the “three mainstreams” positioning, with about 90% of resources focused on residential development and about 10% devoted to commercial and innovative businesses.

After 1997 the company increased its investment in the mainland, shifting its assets and business northward. In 2002, pre-tax profit from mainland real estate rose 70% to HK$342 million; mainland sales turnover rose 60% to HK$2.8 billion, and the area sold rose 57% to 5.27 million square feet; in Hong Kong only 80,000 square feet were sold, realising HK$300 million. Affected by the depressed Hong Kong market, the company had to make provisions of HK$480 million and impairments of HK$130 million, and net profit was HK$61 million; excluding provisions and special items, profit attributable to shareholders rose 241% to HK$490 million. During the year it acquired 7 land parcels, and at year-end properties under development and held for development totalled about 36 million square feet, up 25%. In the first half of 2003, affected by SARS and the Iraq War, Hong Kong’s economy fell into a trough, and it rebounded in the second half with the establishment of CEPA. Annual profit increased 15.5-fold to about HK$689 million, and earnings per share were 12.74 HK cents. Total property sales were about HK$4.3 billion, up 8%; mainland sales turnover was about HK$3.2 billion, up 15%. The gross margin of mainland property development rose to 17%, and profit was HK$509 million, up 49%. During the year it acquired 9 land parcels, and at year-end properties for short-term development and under development exceeded 4.6 million square metres. The group pursues a land reserve strategy combining the short, medium and long term.

In 2004 profit rose 56% to HK$1.075 billion, and earnings per share were 17.1 HK cents; shareholders’ funds rose 29% to HK$10.43 billion, with a return of 10.3%. Total property sales were HK$5.40 billion, up 26%; mainland sales turnover was HK$5.19 billion, up 62%. During the year it acquired 12 land parcels, adding 5.55 million square metres of floor area, and at year-end properties for short-term development and under development exceeded 9.34 million square metres. In infrastructure, in December it acquired a 65% interest in the Second Yangtze River Bridge company for HK$890 million, and also invested HK$220 million to acquire the Laizhou Port project; infrastructure operating profit was HK$29 million, down 41.2%. Construction business operating profit was HK$166 million, up 2.6%. In 2005 profit rose 42.9% to HK$1.54 billion, earnings per share were 24.0 HK cents, and shareholders’ funds rose 10.0% to HK$11.08 billion, with a return of 13.9%. Sales for the year were HK$9.5 billion, up 76%; mainland sales were HK$7.5 billion, up 45%. It withdrew the A-share listing application of COLI and acquired the 21% stake held by minority shareholders to achieve full ownership. At year-end it held land reserves of 10.75 million square metres in 12 mainland cities and in Hong Kong and Macau. In June it spun off its construction business, and China State Construction Engineering Corporation Limited was listed on the Hong Kong Stock Exchange on July 8. In May it received a Baa3 rating from Moody’s and a BBB- rating from Standard & Poor’s, becoming the first mainland property developer to receive two investment-grade ratings at the same time. It ranked first in overall strength among the 2005 Top 100 Chinese Real Estate Enterprises.

In 2006 profit was HK$2.37 billion, up 54%; earnings per share were 35.5 HK cents. Turnover rose 62% to HK$9.5 billion, and the gross margin rose to 25.0%. Sales reached a record HK$14.2 billion, up 50%; mainland sales were HK$12.8 billion, up 71%. At year-end it held land reserves of more than 15 million square metres in 16 cities in the mainland, Hong Kong and Macau; during the year it acquired 19 new land parcels, adding 6.5 million square metres of floor area. The year-end net gearing ratio was 34%. Looking ahead to 2007, it planned to complete 30 projects with an area of 2.55 million square metres and to sell 2.1 million square metres for the year; to build a business structure with residential as the mainstay and commercial as a supplement; and to strive for net profit growth of no less than 20% per year. According to the 2007 Chairman’s Statement, the group’s annual profit rose 76% to HK$4.18 billion, earnings per share rose 60% to 56.9 HK cents, shareholders’ funds rose 70% to HK$26.28 billion, net assets per share were HK$3.4, and the average return on shareholders’ funds was 20%; the full-year dividend was 12 HK cents per share, up 20%. Mainland property turnover rose 29.4% to HK$12.30 billion, gross profit rose 79.9% to HK$4.82 billion, and the gross margin rose to 45.1%; the occupancy of the One Oasis project in Macau contributed a profit of HK$1.71 billion, and group turnover rose 52.4% to HK$16.63 billion. Property sales reached a record HK$22.30 billion (including associated projects), up 57.2%, with 2.16 million square metres sold; mainland sales were HK$21.83 billion, up 70.7%. The group’s net profit had grown by more than 40% each year for five consecutive years. At year-end it held land reserves of more than 23.58 million square metres (21.76 million square metres attributable) in 21 cities/regions in the mainland, Hong Kong and Macau; during the year it acquired 27 new land parcels in 14 mainland cities, adding 10.3 million square metres of developable floor area, and bought a residential site in Stanley, Hong Kong, for HK$525 million. Investment properties in Hong Kong and the mainland exceeded 100,000 square metres, with total rental income of HK$120 million, up 18.7%. The net gearing level fell from 34% in 2006 to about 30%.

According to the 2008 Chairman’s Statement, the group’s turnover for the year rose 14% to HK$18.892 billion, net profit rose 20.8% to HK$5.050 billion, earnings per share rose 14% to 64.8 HK cents, shareholders’ funds rose 26% to HK$33.22 billion, net assets per share were HK$4.2, and the average return on shareholders’ funds was 17%. The compound growth rate of profit over the past five years was about 48.6%, fulfilling the pledge of 20% annual net profit growth. Mainland property turnover rose 39.5% to HK$17.157 billion, with the gross margin maintained at 43.7%; Hong Kong and Macau property turnover was HK$734 million, with a gross margin of 40.5%. Property sales reached a record HK$26.611 billion (including associated projects), up 19.3%, with 2.71 million square metres sold, up more than 25.3%. At year-end it held land reserves of about 24.8 million square metres in 22 cities/regions in the mainland, Hong Kong and Macau, of which about 21.8 million square metres were attributable; during the year it acquired 10 new land parcels in 6 mainland cities, adding 2.79 million square metres of developable floor area. Total rental income was HK$202 million, up 63.2%. The net gearing level rose from 30.2% a year earlier to 46.8%. According to the 2009 Chairman’s Statement, the group’s turnover rose 98% to HK$37.32 billion, net profit rose 48% to HK$7.47 billion, earnings per share were 91.6 HK cents, shareholders’ funds rose 27% to HK$42.09 billion, net assets per share were HK$5.15, and the average return on shareholders’ funds was 19.3%. The compound growth rate of profit over the past five years (2005–2009) was 47.4%, and for seven consecutive years (2003–2009) it fulfilled its pledge of net profit growth of no less than 20% each year. Mainland property development turnover for the year rose 110% to HK$36.10 billion, with the gross margin maintained at 31.1%, and operating profit rose 62% to HK$10.27 billion; property sales reached a record HK$47.79 billion (including associated projects), up 80%, with 4.768 million square metres sold, up more than 76%. The group formed a western region, completing its layout of five major regions nationwide. At year-end it held land reserves of about 30.55 million square metres in 20 mainland cities and in Hong Kong and Macau, of which about 27.01 million square metres were attributable; during the year it acquired 11 new land parcels in 10 mainland cities, adding 12.1 million square metres of developable floor area. According to a 2010 report by Caixin Online, after receiving a capital injection of HK$5 billion from its parent company China State Construction Engineering, the company’s net gearing ratio fell from 46.8% at the end of 2008 to 22.4% at the end of 2009.

According to the 2010 Chairman’s Statement, the group’s turnover rose 18.7% to HK$44.31 billion, net profit rose 66.6% to HK$12.67 billion (11.02 billion yuan), profit attributable to shareholders rose 65.7% to HK$12.37 billion (10.76 billion yuan), basic earnings per share were 151.4 HK cents, shareholders’ funds rose 30.0% to HK$54.73 billion, net assets per share were HK$6.70, and the average return on shareholders’ funds was 25.6%. During the year it completed three transactions, the sale of partial interests in 3 property development projects to real estate funds, the sale of the Nanjing Second Yangtze River Bridge project, and the acquisition of a controlling stake in China Overseas Grand Oceans, which together generated a net profit of about HK$1.47 billion; changes in the fair value of investment properties brought an after-tax net gain of about HK$1.10 billion. The compound growth rate of profit attributable to shareholders over the past five years (2006–2010) was 51.8%, and for eight consecutive years (2003–2010) it fulfilled its pledge of net profit growth of no less than 20% each year. Sales for the year reached a record HK$67.11 billion (including joint venture projects), up 40.4%, with 5.3 million square metres sold, up more than 11.2%. Mainland property development turnover rose 18.8% to HK$42.90 billion, the gross margin rose from 31.1% to 42.6%, and operating profit rose 54.9% to HK$16.34 billion. At year-end it held land reserves of about 35.85 million square metres in 23 mainland cities and in Hong Kong and Macau, of which about 30.38 million square metres were attributable; the net gearing level rose slightly from 22.4% at the end of 2009 to 22.8%. Moody’s and Standard & Poor’s upgraded their ratings to Baa2/stable and BBB/stable respectively.

According to the 2011 Chairman’s Statement, the group’s turnover rose 9.6% to HK$48.58 billion (up 19.0% excluding China Overseas Grand Oceans), net profit rose 19.3% to HK$15.12 billion (12.55 billion yuan), and profit attributable to shareholders rose 21.5% to HK$15.03 billion (12.47 billion yuan), of which changes in the fair value of investment properties brought an after-tax gain of about HK$2.01 billion; core profit was HK$13.02 billion (10.81 billion yuan), up 37.0%; basic earnings per share were 183.9 HK cents, shareholders’ funds rose 28.5% to HK$70.31 billion, net assets per share were HK$8.6, and the average return on shareholders’ funds was 24%. The compound growth rate of profit attributable to shareholders over the past five years (2007–2011) was 44.7%, and for nine consecutive years (2003–2011) it fulfilled its pledge of profit growth of no less than 20% each year. Sales for the year (including joint ventures and associates) reached a record HK$87.09 billion, up 29.8%, with 5.58 million square metres sold, up 5.3%; mainland sales were HK$84.66 billion, up 26.8%; contracted sales in Hong Kong and Macau were HK$2.43 billion, up 6.3-fold. Property development turnover rose 8.8% to HK$46.76 billion, of which the mainland rose 6.8% to HK$45.80 billion, and operating profit rose 13.1% to HK$18.48 billion; Hong Kong and Macau turnover was HK$960 million, with a gross margin of 64.0% and an operating profit of HK$620 million. At year-end investment properties totalled 410,000 square metres, and total rental income for the year was HK$360 million, up 24.1%. The group (excluding China Overseas Grand Oceans) acquired 18 land parcels in 16 mainland cities (including newly entered Changsha, Yantai, Nanchang, Xiamen and Wuhan), adding 9.06 million square metres of developable floor area, of which 8.64 million square metres were attributable; China Overseas Grand Oceans acquired 7 plots, adding about 1.5 million square metres; and in Hong Kong it added 2 sites for about HK$880 million. At year-end the group held land reserves of about 34.45 million square metres in 25 mainland cities and in Hong Kong and Macau, of which about 30.18 million square metres were attributable; China Overseas Grand Oceans’ land reserves were about 6.45 million square metres. The net gearing level rose from 22.8% at the end of 2010 to 33.3%; Standard & Poor’s and Moody’s maintained their Baa2 and BBB investment-grade ratings.

According to the 2012 Chairman’s Statement, the group’s turnover rose 25.8% to HK$64.58 billion, net profit rose 21.0% to HK$18.83 billion (15.25 billion yuan), and profit attributable to shareholders rose 21.1% to HK$18.72 billion (15.16 billion yuan), of which changes in the fair value of investment properties brought an after-tax unrealised gain of about HK$2.92 billion; core profit was HK$15.80 billion (12.80 billion yuan), up 21.4%; basic earnings per share were HK$2.29, shareholders’ funds rose 21.8% to HK$87.24 billion, net assets per share were HK$10.7, and the average return on shareholders’ funds was 23.6%. The compound growth rate of profit attributable to shareholders over the past five years (2008–2012) was 34.7%, and for ten consecutive years (2003–2012) it fulfilled its pledge of profit growth of no less than 20% each year. Sales for the year (including joint ventures and associates) reached a record HK$111.52 billion, up 28.1%, exceeding the target that had been raised in August to HK$100 billion, with 7.29 million square metres sold, up 30.6%; mainland sales were HK$104.32 billion, up 23.2%; contracted sales in Hong Kong and Macau for the year were HK$7.2 billion, an increase of about twofold. Property development turnover rose 24.2% to HK$61.41 billion, of which the mainland rose 22.6% to HK$59.44 billion, and operating profit rose 16.8% to HK$21.58 billion; Hong Kong and Macau turnover was HK$1.97 billion, with a gross margin of 54.8%, and operating profit rose 50.0% to HK$930 million. At year-end completed investment properties totalled 520,000 square metres, and total rental income for the year was HK$580 million, up 56.8%. During the year the group (excluding China Overseas Grand Oceans) acquired 19 land parcels in 14 mainland cities (including newly entered Kunming), adding 6.62 million square metres of developable floor area; China Overseas Grand Oceans acquired 6 plots in 6 cities, adding about 3.68 million square metres; and in Hong Kong it acquired an Ap Lei Chau site for about HK$2.5 billion and in July won the right to co-develop the Pak Tai Street project in To Kwa Wan with the Urban Renewal Authority. At year-end the group held land reserves of about 35.1 million square metres in 26 mainland cities and in Hong Kong and Macau, of which about 31.57 million square metres were attributable; China Overseas Grand Oceans’ land reserves were about 9.13 million square metres. The net gearing level fell from 32.7% at the end of 2011 to 20.5%; Moody’s and Standard & Poor’s maintained their Baa2 and BBB investment-grade ratings, and in November it became the first mainland property company to issue a thirty-year long-term bond, with an annual coupon of less than 5.5%.

According to the 2013 Chairman’s Statement, the group’s turnover rose 27.7% to HK$82.47 billion, net profit rose 23.1% to HK$23.18 billion, profit attributable to shareholders rose 23.1% to HK$23.04 billion, basic earnings per share were HK$2.82, shareholders’ funds rose 26.0% to HK$109.97 billion, net assets per share were HK$13.5, and the average return on shareholders’ funds was 23.4%. The company had achieved net profit growth of more than 20% for 11 consecutive years (2003–2013), and the compound growth rate of profit attributable to shareholders over the past five years was 34.7%. Contracted sales for the year reached a record HK$138.52 billion, corresponding to 9.23 million square metres sold, of which the mainland accounted for HK$136.94 billion and Hong Kong and Macau for only HK$1.58 billion. During the year the group acquired 23 land parcels in 16 mainland cities, adding 12.03 million square metres of developable floor area; China Overseas Grand Oceans acquired 13 land parcels in 8 cities, adding about 4.56 million square metres; and in Hong Kong it acquired two “Hong Kong Property for Hong Kong People” sites for about HK$4.54 billion. At year-end the group held land reserves of about 38.77 million square metres in 29 mainland cities and in Hong Kong and Macau, and the net gearing ratio was 28.4%. According to the 2014 Chairman’s Statement, the group’s turnover rose 45.5% to HK$120.00 billion, net profit rose 21.7% to HK$28.21 billion, profit attributable to shareholders rose 20.1% to HK$27.68 billion, and core profit was HK$23.83 billion, up 25.6%; basic earnings per share were HK$3.39, and the average return on shareholders’ funds was 22.8%. The company had achieved net profit growth of more than 20% for 12 consecutive years. Contracted sales for the year reached a record HK$140.81 billion, corresponding to 9.4 million square metres sold. At year-end it held land reserves of about 37.35 million square metres in 31 mainland cities and in Hong Kong and Macau. The year-end net gearing ratio was 32.4%.

According to the 2015 Chairman’s Statement, the group’s revenue rose 6.9% to HK$148.07 billion, profit attributable to shareholders rose 22.5% to HK$33.31 billion, basic earnings per share were HK$3.61, and the average return on shareholders’ funds was 20.5%. Contracted sales for the year reached a record HK$180.63 billion, corresponding to 17 million square metres sold. On May 7 it completed the acquisition from China State Construction Engineering of its China real estate business and three investment properties in London; China Overseas Property Holdings was listed on October 23. At year-end it held land reserves of about 41.44 million square metres in 32 mainland cities and in Hong Kong and Macau. The net gearing ratio fell to 6.8%. According to the 2016 Chairman’s Statement, the group’s revenue was HK$164.07 billion, profit attributable to shareholders rose 6.9% to HK$37.02 billion, basic earnings per share were HK$3.64, and the average return on shareholders’ funds was 17.1%. Contracted sales for the year reached a record HK$210.6 billion, corresponding to 13.04 million square metres sold. In March it announced the acquisition of CITIC assets, which was completed after six months, and CITIC Limited became its strategic second-largest shareholder. At year-end it held land reserves of about 56.77 million square metres in 33 mainland cities and in Hong Kong and Macau. The net gearing ratio fell to 7.5%. The year 2017 marked the 25th anniversary of the company’s listing in Hong Kong. Group revenue was HK$166.04 billion, the gross margin rose to 32.9%, profit attributable to shareholders rose 10.1% to HK$40.77 billion, basic earnings per share were HK$3.72, and the average return on shareholders’ funds was 16.7%. Contracted sales of the series companies reached a record HK$232.07 billion. Total revenue from commercial properties held was 2.94 billion yuan, up 13.1%. At year-end the series companies’ combined land reserves totalled 82.78 million square metres. Financing costs fell to 4.27%, and the net gearing ratio was 27.9%. The group set a target of sales exceeding HK$400 billion by 2022.

In 2018 group revenue was 171.46 billion yuan, up 3.3%; profit attributable to shareholders rose 10.1% to 44.90 billion yuan, and core net profit was 37.09 billion yuan, up 8.3%; basic earnings per share were HK$4.10, and the average return on shareholders’ funds was 16.4%. Contracted sales of the series companies were 301.24 billion yuan, up 29.8%. During the year 63 land parcels were added to the land reserves, with new total floor area of 17.64 million square metres. At year-end the series companies’ total land reserves were 91.44 million square metres. Total commercial property revenue was 4.06 billion yuan, up 38.1%. It maintained the highest credit rating in the industry, and the net gearing ratio was 33.7%. In 2019 contracted sales of the series companies were 377.17 billion yuan, up 25.2%, far above the 7% average of the top 100 developers; profit attributable to shareholders was 41.62 billion yuan, up 10.3%, and core net profit was 34.30 billion yuan, up 10.1%; basic earnings per share were 3.80 yuan, and return on equity was 15.8%. At year-end the series companies’ land reserves were 89.23 million square metres, more than 80% of which were located in first- and second-tier cities. The group allocated resources according to “today, tomorrow and the day after tomorrow,” investing 90%, 8% and 2% respectively in residential development, commercial asset management and new industries. The net gearing ratio was 33.68%.

In 2020 the group’s contracted sales were 360.72 billion yuan, up 12.5%; profit attributable to shareholders was 43.90 billion yuan, up 5.5%, and core net profit was 38.03 billion yuan, up 10.9%; basic earnings per share were 4.01 yuan, and return on equity was 14.8%. The year-end net gearing ratio was 32.6%; it did not breach any of the “three red lines” and was a “green tier” company. During the year it added 64 land parcels to its reserves, with attributable investment of 131.84 billion yuan. About 90% of resources were focused on residential development, and it advanced its “blue ocean strategy,” with new attributable investment of 32.73 billion yuan that year, accounting for 24.8%. Commercial asset management revenue was 4.40 billion yuan. In 2021 group revenue was 242.24 billion yuan, profit attributable to shareholders was 40.16 billion yuan, or 36.38 billion yuan after excluding changes in the fair value of investment properties, and basic earnings per share were 3.67 yuan. Contracted sales of the series companies were 369.50 billion yuan, up 2.4%, and its sales ranked in the top three locally in 31 cities. The series companies added 98 land parcels, with attributable land purchases of 161.02 billion yuan. Commercial property revenue was 5.17 billion yuan, up 17.4%. The year-end net gearing ratio was 32.3%, it did not breach any of the “three red lines,” and its weighted average financing cost was 3.55%.

In 2022 the property market continued to decline, and total sales of the top 100 developers fell 42.2%. Group revenue was 180.32 billion yuan, down 25.6% year on year; profit attributable to shareholders was 23.26 billion yuan, down 42.1% year on year, the largest decline in net profit in nearly 20 years; excluding changes in the fair value of investment properties and exchange gains and losses, it was 24.42 billion yuan. Contracted sales of the series companies were 294.76 billion yuan, their share of national commercial housing sales rose to 2.21%, and attributable sales rose to third in the industry. The series companies added 50 land parcels, with land purchases of 120.87 billion yuan. Commercial property revenue was 5.26 billion yuan. The net gearing ratio was 45.2%. In 2023 national commercial housing sales fell 6.5%. Contracted property sales of the series companies were 309.81 billion yuan, up 5.1%, and attributable sales rose to second in the industry. Group revenue was 202.52 billion yuan, up 12.3%; profit attributable to shareholders was 25.61 billion yuan, up 10.1%; core profit attributable to shareholders was 23.65 billion yuan. During the year it acquired 43 land parcels in 23 mainland cities and Hong Kong, with attributable land purchases of 126.26 billion yuan, up 42.0%, of which first-tier cities accounted for 60%. Commercial property revenue was 6.36 billion yuan, up 20.9%. The net gearing ratio was 38.7%, and it remained in the “green tier.” According to a Caixin report in November 2023, against the backdrop of private developers having generally lost the ability to acquire land, central and other state-owned enterprises had replaced local state-owned capital as the main land buyers, and COLI, together with China Resources Land Limited, China Merchants Shekou and others, had become large nationwide central state-owned enterprises acquiring land on a relatively large scale.

In 2024 national sales of newly built commercial housing fell 17.1%. S&P Global upgraded the group’s rating to A–/stable, making it the only Chinese property developer with dual A international credit ratings. Contracted property sales of the series companies were 310.69 billion yuan, up 0.3%, the only top-ten developer to grow, and its market share rose to 3.21%; attributable sales ranked first in the industry. Group revenue was 185.15 billion yuan, and profit attributable to shareholders was 15.64 billion yuan. It focused on first-tier cities, with five cities accounting for 60.6% of contracted sales. Commercial revenue was 7.13 billion yuan, up 12.1%. The net gearing ratio was 29.2%, and the financing cost was 3.1%. According to the 2025 Chairman’s Statement, the property market continued to decline during the year; group revenue was 168.09 billion yuan, profit attributable to shareholders was 12.69 billion yuan, and core profit was 13.01 billion yuan; it proposed a final dividend of 25 HK cents per share, keeping the payout ratio stable. Contracted sales of the series companies were 251.23 billion yuan, and according to China Index Academy data, attributable sales ranked first in the industry. The series companies (excluding China Overseas Grand Oceans) achieved contracted sales of 125.44 billion yuan in the five cities of Hong Kong, Beijing, Shanghai, Guangzhou and Shenzhen, accounting for 57.3% of their contracted sales; in 15 cities including Beijing, Shenzhen, Tianjin and Jinan, sales ranked first locally, including 50.26 billion yuan in Beijing and 22.23 billion yuan in Hong Kong, where sales rose to fifth place in the market for the first time. The Shenzhen Bay Yunxi project achieved opening sales of more than 10 billion yuan, setting a national record for a single launch in a year; the group was the first to release the “China Overseas Good Home Living OS” system, and the first batch of projects, such as Beijing Wanji Jiuxu and Shanghai Yundi Jiuzhang, were launched for sale; it delivered 46,000 high-quality homes during the year. Commercial property revenue was 7.2 billion yuan, six commercial projects newly began operation, and total operating gross floor area increased by 280,000 square metres; the ChinaAMC China Overseas Commercial Asset Closed-end Infrastructure Securities Investment Fund, “China Overseas Commercial REIT” (180607.SZ), was listed on the Shenzhen Stock Exchange, the first consumer REIT in the mainland implemented under the “acquire, renovate, upgrade, revitalise” model. The group acquired 35 land parcels in 15 mainland cities and Hong Kong, with total land purchases of 118.69 billion yuan and attributable land purchases of 92.42 billion yuan; its new land purchases remained first in the industry, and the five cities of Hong Kong, Beijing, Shanghai, Guangzhou and Shenzhen accounted for about 73.9% of attributable land purchases. At year-end the debt-to-asset ratio was 54.1%, the net gearing ratio was 34.2%, and net operating cash inflow was 16.73 billion yuan; the average financing cost fell to 2.8%, total interest expenses decreased by 2.04 billion yuan, and commercial property revenue fully covered total interest expenses for the first time. The group is the only listed mainland property company rated A- by two of the three major international rating agencies, S&P Global, Moody’s and Fitch. The year 2026 is the group’s 48th year of operation and development, and the company said it would adhere to its main course of real estate development and operation and strengthen the twin engines of residential development and operating businesses.

According to the company profile, in 2025 the company’s contracted sales were 251.23 billion yuan, its attributable sales continued to rank first in the industry, and its core net profit attributable to shareholders was 13.01 billion yuan; at year-end total assets were 915.7 billion yuan and net assets 419.9 billion yuan. The company has been named a Sustainable Blue-Chip Real Estate Enterprise for 21 consecutive years and a Leading Brand of China’s Real Estate Industry for 22 consecutive years; Fitch and S&P Global rate it A-, and Moody’s rates it Baa2. Its business spans Hong Kong, Macau and more than 60 cities on the mainland, as well as several countries and regions including the United States, the United Kingdom, Australia and Singapore. It has built three industry clusters, “residential development”, “operating businesses” and “ecosystem businesses”, owns specialist subsidiaries such as Hua Yi Design, China Overseas Property Management and Tianshan Development, and has created brands such as China Overseas Healthcare and China Overseas Education. According to a 2010 report by the Economic Observer, Vanke president Yu Liang once acknowledged that Vanke’s real rival was China Overseas; on operating-efficiency indicators such as net profit, debt-to-asset ratio, return on equity, profit margin on revenue and cost control, China Overseas outperformed Vanke. In 2009 China Overseas’s net profit was HK$7.47 billion versus 5.33 billion yuan for Vanke; in 2008 China Overseas’s net profit margin was 26.73% versus 9.8% for Vanke. China Overseas’s annual selling, administrative and other expenses together amounted to less than 5% of total revenue, whereas Vanke’s two expense categories accounted for 6% of revenue in 2009. In 2009 China Overseas had a cash balance of HK$23.89 billion and a net gearing ratio of 22.4%. From 2005 to 2007, its debt-to-asset ratio was 42%, 45% and 52% respectively. According to a January 2025 report by The Wall Street Journal, COLI’s sales have fallen by only 10% since 2019, while many private developers fell into difficulty over the same period; state-owned developers’ market share among the top 100 developers rose from 32% in 2019 to 70% in 2024.

Yan Jianguo graduated from the Chongqing Institute of Architecture and Engineering in 1989 and received an MBA from Peking University’s Guanghua School of Management in 2000. He joined China State Construction Engineering in 1989, was twice seconded to work at the company, and held positions in several regional companies and regions of COLI; he joined Longfor in June 2014 and left in December 2016. He has served as executive director and chief executive officer of the company since January 1, 2017, and as chairman of the company since June 13 of the same year, while continuing to serve as chief executive officer.