Increasing revenue does not increase profit Net profit margin decline significantly
Flush data show that as of March 30, Shenyin Wanguo industry classification, there have been 35 real estate enterprises released 2020 annual report. 35 real estate enterprises 2020 total operating income of 1019.893 billion yuan, an increase of 20.85% compared with the 2019; net profit of 98.403 billion yuan, an increase of 10.538 billion yuan over 105.038 billion yuan in 2019, a decrease of 6.31%. From the point of view of net profit margin, 25 out of 35 real estate enterprises showed a decline, accounting for 71.4%.
Specifically, China Merchants Shekou's 2020 operating income of 129.62 billion yuan, an increase of 32.71% compared with 2019; however, the net profit attributable to shareholders of listed companies was 12.253 billion yuan, a decrease of 23.58% compared with 2019. Cinda Real Estate realized operating income of 25.864 billion yuan in 2020, an increase of 32.79% year-on-year; net profit of 1.744 billion yuan, down 31.77% year-on-year; net profit attributable to the parent company of 1.502 billion yuan, down 35.12% year-on-year.
For the decline in profits, China Merchants Shekou said that the company's scale expansion, the scale of real estate project carry-over income during the reporting period increased accordingly. However, affected by the decline in industry profit margins and different types of products carried over from the real estate business, the gross profit margin of real estate business carry-over declined compared to the previous year.
The net profit of Joy City was a loss. Grand Joy City 2020 operating income of 38.445 billion yuan, an increase of 13.76% over the adjusted income of 2019; however, the net profit attributable to shareholders of listed companies was a loss of 387 million yuan, a sharp decline of 118.88% compared with 2019; the net profit attributable to shareholders of listed companies deducted from the net profit of 501 million yuan, a year-on-year decline of 140.72%.
Grand Joy City said that the decline in net profit attributable to the parent company, on the one hand, is due to the increase in the proportion of low-margin projects in the current year's settlement projects, the gross profit margin of commercial real estate sales decreased by about 10 percentage points compared with the 38% in 2019; on the other hand, due to the impact of macroeconomic control and the epidemic, the company's part of the sales price of the projects under construction and on sale did not meet expectations, the individual projects due to the epidemic construction period delays, the cost increased, the company The corresponding assets were impaired.
Rongan Real Estate realized operating income of 11.178 billion yuan in 2020, an increase of 67.77% compared with 2019, but the profit did not increase. The data showed that the net profit attributable to the parent company in 2020 was 1.742 billion yuan, down 7.75% from 1.889 billion yuan in 2019.
Regulatory tautness to reduce leverage into a "must option"
"Three red lines" policy impact is deepening. China Real Estate Industry Association, Shanghai E-House Real Estate Research Institute released a relevant report shows that the average value of the assets and liabilities of the top 500 real estate enterprises in 2020 was 78.77%, a year-on-year decline of 0.89 percentage points, the first time since 2012; the average value of the net debt ratio was 85.08%, a year-on-year decline of 11.62 percentage points, compared with the 2019 has improved significantly.
In August 2020, the Ministry of Housing and Construction and the Central Bank jointly convened a symposium on real estate enterprises, and set "three red lines" for the scale of interest-bearing liabilities of the 12 pilot real estate enterprises, including the asset-liability ratio of more than 70% after excluding the advance receipts, and the net debt ratio of more than 100%, and the cash-to-short-debt ratio of less than 1 times. According to the "three red lines" touchline situation, real estate companies will be divided into red, orange, yellow, green four gears, set the interest-bearing liabilities growth rate threshold, four gears of interest-bearing liabilities scale annual growth rate were set as 0%, 5%, 10% and 15%.
In addition, in addition to China Merchants Shekou, Overseas Chinese Town, Shui On Land, Lujin, Hersen Development, SOHO China, Joy City, Longhu, Cinda Real Estate, China Overseas Land, China Resources Land, etc., still maintain a "zero stepping on the line", Yuexiu Real Estate, Jinhui Holding, China Jinmao, Sino-Ocean, Minmetals Real Estate, Lung Kwong Properties, Jianfa International, Mingfa Group, Hongyang Real Estate, Jiayuan International, Shimao Group, Zhongjun Group, through the adjustment of structure, upgrading the green, among the "zero stepping on the line" real estate enterprises.
Not all real estate enterprises have realized the downgrade. Currently, Time China, Midea Land, Asahui, Huayan, Zhengrong Real Estate, Xincheng Holdings, SRE Group, Yuzhou Group, Xinli Holdings, China Aoyuan, etc. maintain the yellow gear, Shouchuang Property maintains the orange gear, R&F Real Estate, Sunshine 100 China is still among the red gear.
According to Sino-Ocean, the introduction of the "three red lines" policy will have a profound impact on the development trend of the industry and the competition strategy of real estate enterprises. In the medium to long term, the industry will still face a series of tests. Although the market scale has some room for growth, the industry will enter a slow growth cycle, moving from financial leverage-driven high-speed growth to stable and balanced high-quality growth. Under the clear trend of accelerated increase in industry concentration and phased decline in profitability, cash-rich, financially sound real estate companies will have access to more high-quality market resources and development opportunities, focusing on the endogenous force of the enterprise, steady operation, and create the ultimate product and service advantages of real estate companies will be further highlighted.
From the point of view of Fortune Real Estate, the company increased the realization in 2020 to accelerate the deleveraging, although the net debt ratio fell 68.7 percentage points year-on-year, but the net debt ratio is still as high as 130.2%. Li Silien, chairman of Fortune Real Estate, said the group will continue to seek partners, *** with investment or cooperation to mitigate project risks, further reduce the total debt level and improve the capital position.
"In the next step, Capital Land will continue to control its debt, reduce leverage and ensure robust cash flow." Fan Shubin, vice president and chief financial officer of Capital Land, said that in the long run, the "three red lines" have a positive effect on the real estate industry and real estate enterprises, which is conducive to real estate enterprises to pay more attention to the improvement of risk-resistant ability, optimize the asset structure, and achieve healthy and sustainable development.
Fan Shubin said that Capital Land has launched a debt reduction program to reduce the level of leverage and strictly control the scale of debt. In the future, the company will continue to improve the "three red lines" indicators, and strive to meet the standards as soon as possible.
Centralized land supply landing capital advantage is the key
In February this year, the Ministry of Natural Resources issued a letter to the key cities to implement the land supply of two centralized policy, that is, focused on the release of the transfer announcement, focused on the organization of transfer activities, in principle, the announcement of the announcement of no more than three times a year. Industry sources said that the above key cities cover four first-tier cities and 18 hot second and third-tier cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Chongqing, Nanjing, Hangzhou, Xiamen, Hefei, Jinan, Wuhan, Chengdu, Fuzhou, Zhengzhou, Wuxi, Suzhou, Shenyang, Changchun, Ningbo, Qingdao, Changsha.
Subsequently, Qingdao, Zhengzhou and other places issued documents to confirm the policy details, Tianjin, Changchun, Fuzhou, Nanjing and other cities to clarify the specific time of the three centralized listing within the year. on March 15, Changchun centralized listing 51 first batch of operational land, covering a total area of 4 million square meters.
Liu Shui, deputy director of research at the Enterprise Division of the China Index Research Institute, said that the 22 key cities mentioned above are all core first- and second-tier cities, which are the most economically developed areas in China with the most attractive industrial structure and population size, and have a strong demand for housing. According to statistics, in 2020, the 22 cities of commercial housing sales accounted for 39.9% of the proportion of national commercial housing sales, 22 cities of residential land concessions accounted for 37% of the proportion of national residential land concessions, accounting for nearly 40%.
Liu Shui said, from the previous data, in 2020, the top 100 TOP30 real estate enterprises in 22 cities in the amount of land acquisition accounted for 56.5% of the total amount of land acquisition of the enterprise. 22 key cities, Hangzhou, Beijing, Suzhou, Guangzhou, Shanghai and other cities are more favored by the TOP30 real estate enterprises.
Wang Ocean, vice president of Agile Group, said that the centralized land supply policy is one of the long-term mechanisms for real estate regulation and control in China. Agile will strengthen the analysis of the market and plan the city investment layout and land acquisition direction in advance in order to invest in more quality land.
Mr. Xu Shitan, Vice Chairman of the Board and President of Shimao Group, said that the policy of centralized land supply in 22 cities for three times is an important measure to stabilize land price and house price, and the enterprises can acquire more quality projects at a stable and rational land price.
Liu Shui said that the centralized land supply policy makes the short-term capital pressure of enterprises increase, and in the face of a single large number of land supply, enterprises need to conduct scientific research and judgment on the development trend of the city and the value of the plate.
Yu Liang, Chairman of the Board of Directors of Vanke, said that the biggest change for the industry in the policy of "two focuses" and "three red lines" is that the return of housing to the residential property and the return of real estate to the industrial property has been a clear and definite trend.
CRIC Research Center report pointed out that in the "housing without speculation" long-term mechanism, the direction of development of the real estate industry has become clear, and is expected to enter the era of no growth in the future. From the point of view of corporate performance expectations, since 2018, real estate enterprises sales targets are generally cautious, the target growth rate fell, the industry's average target growth rate of 41% in 2018 fell back year by year to 12% in 2020.
On the whole, under the pressure of the industry downturn superimposed on the new regulations of the "three red lines", the pressure of real estate enterprises to control liabilities and reduce leverage has increased, and the performance targets of large-scale real estate enterprises will be formulated more cautiously, and the overall target growth rate will be stabilized. It is expected that with the reduction of the kinetic energy of the real estate enterprises' investment and scale expansion, the growth rate of large-scale real estate enterprises will slow down to become the norm.
Shimao Group: continue to plough into the Greater Bay Area, targeting 330 billion yuan
On March 30, Shimao Group released its 2020 performance report, realizing revenue of 135.35 billion yuan in 2020, up 21.4% year-on-year; gross profit of 39.67 billion yuan during the period, up 16.2% year-on-year, with a gross margin of 29.3%; and profit from its core businesses of 19.14 billion yuan, up 24.9% year-on-year.
Mr. Xu Shitan, Vice Chairman of the Board of Directors and President of Shimao Group, said that Shimao's saleable resources in 2021 will be over RMB 550 billion, and based on a 60% demutualization rate, the sales target will be RMB 330 billion, with the expectation of an increase of over 10%.
Sales exceeded expectations and cautious land acquisition
In 2020, Shimao Group's annual contracted sales amounted to 300.3 billion yuan, a year-on-year increase of 15.5%; and the cumulative contracted sales area was 17.126 million square meters, a year-on-year increase of 16.8%. It is worth mentioning that the overall disposals of saleable value reached 63% during the period, achieving high-quality growth for 4 consecutive years.
In terms of land reserve, as of December 31, 2020, Shimao Group's land reserve is about 81.75 million square meters, of which 15.35 million square meters will be added in 2020.
"It is prudent to replenish high-quality land reserves." The relevant person in charge of Shimao Group said that for land acquisition, Shimao Group pursues a prudent and active investment strategy. in the first half of 2020, affected by the epidemic, the land market transaction cooled down, Shimao Group actively grasped the opportunity to increase the land reserve of 12.32 million square meters, which accounted for 80% of the year's new land reserve. With the control of the epidemic and the looser monetary environment, the land market continued to heat up in the second half of 2020 with high land prices, Shimao Group tended to be prudent in replenishing its land reserves.
As of today, Shimao Group owns 434 projects in over 100 core cities across China. The value of the land reserve has reached RMB 1.38 trillion, a year-on-year increase of 6%, which can meet the development demand for more than 3 years. In terms of the distribution of value, the first and second tier accounted for 72%, and the strong third and fourth tier accounted for 18%. Specifically, the value of goods in the Greater Bay Area is 395 billion yuan, the value of goods in the Yangtze River Delta is 345 billion yuan, the value of goods in North China is 250 billion yuan, and the value of goods in Fujian is 240 billion yuan, with high-quality and balanced land reserves and a strong anti-risk capacity.
For the previous 22 cities to take the new policy of centralized land supply, Xu Shitan said, in the context of the real estate market heating, from the fourth quarter of 2020 to the first quarter of this year, the Yangtze River Delta, Guangdong, Hong Kong and Macao Greater Bay Area two regional land prices increased significantly, the competition for land is obvious. 22 cities to concentrate on three times the land supply policy is to stabilize the land price, stabilize the price of housing is an important measure that will give the well-funded, stable and more channels of real estate enterprises more The company can acquire more quality projects at a stable and rational land price.
Mr. Tang Bo, Executive Director of Shimao Group and Head of Financial Management Center of Shimao Group, said that Shimao Group has been adhering to the stable financial policy for a long time, insisting on the positive cash flow management, and has more abundant funds. At the same time, Shimao Group has been exploring the real estate fund model with many banks and financial institutions, and believes that Shimao Group has the advantage of land acquisition in the subsequent centralized land supply.
Continuous optimization of capital structure
Regarding the "three red lines" proposed by the regulators, Shimao Group said that by the end of 2020, Shimao Group has fully achieved the "three red lines" target, and the "three red lines" will be achieved by the end of 2020. By the end of 2020, Shimao Group has fully met the requirements of the "Three Red Lines" financial indicators, and has successfully reduced from "yellow" to "green".
Specifically, Shimao Group's net debt ratio will be 50.3% in 2020, a significant decrease of 7.1 percentage points from 57.4% in 2019. The gearing ratio excluding pre-sales is 68.1%, down 2.5 percentage points year-on-year; the cash-short debt ratio reaches 1.16 times.
The report pointed out that Shimao Group has actively optimized its capital structure, expanded its shareholder base and enriched its equity through timely and appropriate share placement and spin-off of its property management business for independent listing. In addition, Shimao Group has a healthy debt structure with a high proportion of cash-covered short-term debt and stable financing channels. The interest rate of Shimao Group's domestic 5-year corporate bonds is as low as 3.2%, and the interest rate of overseas 10-year USD senior notes is as low as 3.45%.
"The 'three red lines' indicators have become the group's financial internal management indicators." Tang Bo said that Shimao Group has always adhered to a sound financial policy and quality growth. In recent years, Shimao Group has launched a series of measures to control leverage, protect revenue and increase returns, and actively control the scale of debt ratio. At present, although Shimao Group has been reduced to "green gear", it will still strictly control the debt scale, optimize the debt structure and reduce the financing cost in the future.
According to Mr. Tang, in 2021, Shimao Group will continue to strengthen its control by enhancing sales realization, ensuring mortgage repayment, and promoting capital recovery, and at the same time, rationalize its investment plans and budgets to achieve a positive operating cash flow.
Continuing to plough into the Greater Bay Area
The report pointed out that, in order to prevent potential financial risks and promote the stable and healthy development of the real estate and financial markets, the regulators will continue to accelerate the promotion of real estate financial regulation and further tighten the credit for the real estate industry. Meanwhile, the main tone of "housing without speculation" remains unchanged, and under the goal of stabilizing land prices, housing prices and expectations, it is expected that the real estate market regulation and control policies will continue, and the pace of sales of commercial properties across the country will slow down slightly. In addition, with the continued promotion of new urbanization, the real estate market in first and second-tier cities will remain stable overall, and the downward pressure on the real estate market in third and fourth-tier cities will increase, and urban differentiation will be more obvious.
Based on the above reasons, Shimao Group will continue to y cultivate key regions. Mr. Xu Shitan said that the Greater Bay Area has become the largest land reserve area of Shimao Group, with land reserve accounting for nearly 30% of all land reserve of Shimao Group. At the same time, Shimao Group's land reserves in the Greater Bay Area are mostly high-capacity reserves, of which nearly 60 billion yuan of land reserves are located in Hong Kong, and there are several projects in the core area of Guangzhou, which will have better profits and prospects, although some of the investment cycles are longer.
China Jinmao: Core Financial Indicators Achieve High Growth
China Jinmao recently released its 2020 annual performance report. 2020, China Jinmao's operating income of about 60.054 billion yuan, an increase of 39% year-on-year; to achieve a profit of 12.114 billion yuan.
Specifically, although the hotel revenue declined due to the impact of the epidemic, but real estate sales grew against the market. The annual report shows that in 2020, China Jinmao realized sales of 231.1 billion yuan, up 44% year-on-year, which is also the first time that China Jinmao's sales revenue exceeded 200 billion yuan. In terms of sales area, China Jinmao contracted to sell 11.291 million square meters in 2020, up 50.9% year-on-year.
From 2016 to 2020, China Jinmao's year-on-year sales growth rate reached 61.1%, 42.8%, 85%, 25.6%, and 44%, respectively, and ranked first in the sales growth rate ranking of the industry's TOP 20 real estate enterprises for five consecutive years.
Pan Hao, a senior analyst of Shell Research Institute, said that China Jinmao has more obvious advantages in the same echelon of real estate enterprises in terms of financing level and land resources. China Jinmao proposed short-term performance targets of 300 billion yuan, 250 billion yuan and 300 billion yuan for the three years from 2020 to 2022, and the momentum of impacting the scale remains strong.
In terms of liabilities, the annual report shows that as of December 31, 2020, the company's short-term interest-bearing liabilities amounted to 27.77 billion yuan, and money funds amounted to 52.08 billion yuan, excluding restricted funds, and disposable money funds amounted to 43.46 billion yuan, which can fully cover short-term interest-bearing liabilities, and the risk of short-term debt repayment is relatively low. In addition, the company realized a net gearing ratio of 41.1%, and the gearing ratio excluding advance receipts was 66.7%, which is lower than the red line of 70%.
China Jinmao has met the red line requirement in all three indicators, and successfully entered the "Green Class Real Estate Enterprises". After the optimization of debt structure, the average cost of financing of the company has further decreased from 4.9% in 2019 to 4.42%, of which the interest rate for the issuance of 2.2 billion yuan of Sinochem Mansions CMBS is as low as 2.65%, and the interest rate for 2.5 billion yuan of medium-term notes is as low as 3.1%.
Pan Hao said that China Jinmao's debt servicing capacity has risen significantly. Data show that as of the end of 2020, China Jinmao's cash and bank balances (excluding restricted cash balances) amounted to about 43.456 billion yuan, a sharp increase of 142.1% year-on-year, and the company utilized the issuance of new shares, the sale of equity, bond financing and other means to achieve rapid replenishment of capital liquidity. At the same time, through associations and joint ventures and other ways to reduce the table debt, the company's unrestricted cash short-term debt ratio of 1.56 in 2020, compared with the same period last year to improve the improvement of about 0.89, the effect of cash flow management is remarkable.
China Jinmao said that the company has always followed the logic of urban operation of gathering people with the city and promoting production with the city, and actively promoted the landing of the two supporting facilities and the two synchronization to improve the city image and upgrade the city functions, and the effectiveness of urban operation has been fully recognized.
By the end of 2020, together with the 7 newly acquired urban projects in that year, the total number of urban projects operated by China Jinmao reached 27. It is worth mentioning that for the full year of 2020, projects from city operations contributed 21% of current sales for China Jinmao, a significant increase from 14% in 2019. China Jinmao said that the advantages of urban operations are gradually emerging, effectively helping the company to acquire high-quality land resources. Meanwhile, the company successfully entered four new cities in 2020, namely Taiyuan, Yantai, Shijiazhuang and Taizhou. Against this backdrop, China Jinmao has entered a total of 51 cities across the country and holds about 270 projects.
On the other hand, in 2020, China Jinmao further occupied a leading market position in the first and second tier core cities, with the company's annual sales exceeding RMB 10 billion in 7 cities, including Beijing, Shanghai, Nanjing, Changsha, Suzhou, Qingdao and Wenzhou.
In addition to its real estate business, China Jinmao has further improved its innovation mechanism and created an atmosphere to support operational innovation through the establishment of the "Real Estate Technology" Innovation Acceleration Camp, streamlining the process of innovation and investment, building a scientific research and management platform, and establishing a professional sequence of innovation management, etc., so as to continuously enhance its competitiveness in green strategy. By the end of 2020, China Jinmao has obtained a total of 219 certifications or labels in green building category, and has made extensive layout in green intelligent energy, having landed 10 regional intelligent energy projects and two major data centers.
Mr. Ning Gaoning, Chairman of the Board of Directors of China Jinmao, said that in the new stage of signing sales amounting to RMB 200 billion, China Jinmao will adhere to the development concept of science first and city operation, and in the next five years, under the guidance of the new two-wheel and two-wing strategy, strengthen scientific and technological innovations, pay close attention to quality improvement and efficiency enhancement, and build a new pattern of development in the company's "14th Five-Year Plan". The new development pattern of the company will be constructed in the "14th Five-Year Plan".
China Resources Land: realizing high-quality growth against the cycle
On March 30, China Resources Land disclosed the 2020 performance report. 2020 full year, China Resources Land realized operating income of 179.59 billion yuan, an increase of 21.2% over 2019. Among them, the operating income from development properties was 157.14 billion yuan, up 23.5% year-on-year; the rental income from investment properties was 12.79 billion yuan, up 4.5% year-on-year, exceeding the annual target.
CR Land achieved a core net profit of RMB 24.14 billion, an increase of 11.6% from 2019. The company declared a final dividend of RMB1.102 per share, an increase of 17.5% year-on-year; full-year dividend totaled RMB1.252 per share, an increase of 17.4% year-on-year; and full-year dividend payout ratio of 37.0%, an increase of 2 percentage points from 2019.
CR Land's long-term steady development reflects the anti-risk and counter-cyclical growth strength of a core real estate enterprise, and at the same time demonstrates the big blue chip's commitment to creating long-term value returns for shareholders.
Stability and Prosperity Leading Comprehensive Competitive Advantage
In 2020, CR Land will achieve contracted sales amount of approximately RMB285.03 billion, representing an increase of approximately 17.5% compared to 2019, with a growth rate of 2.4 percentage points higher than that of 2019; and contracted sales area of 14,187,000 square meters, representing a year-on-year increase of 7.1%. Based on the annual sales target of RMB262 billion, the achievement rate was 109%.
According to Shell Research Institute statistics, in accordance with the "three red lines" of the new financing regulations, as one of the first batch of 12 key real estate enterprises interviewed by China Resources Land, excluding the advance receipts, the asset-liability ratio of 59.7%, an increase of about 3.3 percentage points compared with the previous year; the net gearing ratio of 29.5%, basically unchanged from the previous year; the cash The short-term debt ratio was 2.50, a decrease of about 0.53 compared to the previous year. As a result, CR Land's 2020 targets have all been met, and it continues to remain in the "green gear" camp of zero stepping on the line.
As of the end of 2020, CR Land's cash and bank balance of about 89.45 billion yuan, an increase of 38.3% year-on-year, cash to short-term debt ratio of 2.50, liquidity is more adequate, strong debt servicing ability. Meanwhile, CR Land is more likely to obtain multi-channel and low-cost financing by virtue of its good credit rating and development scale, with a weighted average financing cost of 4.08% in 2020, a decrease of 37 basis points from 2019.
In recent years, the relevant departments have been committed to establishing and improving the long-term mechanism of the real estate market, the "three red lines" of the regulatory indicators in this context, the new regulation will change the real estate market operating mechanism.
The competitive advantage of the enterprise is reflected in the business model, and will eventually be verified in the profitability and financial indicators. From the point of view of the industry's major core real estate enterprises, in 2020, the profitability of China Resources Land was further improved, the company's comprehensive gross profit margin of 30.9%, of which the gross profit margin of the development of the property 29.1%, the gross profit margin of the investment property (including hotels) 66.4%.
An integrated and diversified business eco-strategy releases value
In order to adapt to the changes of the times, real estate companies try to diversify and break out of the transition.
At present, CR Land has formed a "3+1" business model of organic linkage and integrated development of the three main businesses of development and sales business, operational real estate business, and light asset management business, as well as the ecosystem elemental business, to create an ecosystem of urban investment, development and operation.
From the "2+X" business model in the 13th Five-Year Plan to the "3+1" business model in the 14th Five-Year Plan, there have been significant changes. From the "2+X" business model in the "13th Five-Year Plan" to the current "3+1" business model in the "14th Five-Year Plan", an important change is to emphasize the importance of the asset-light management business (i.e., CR Vientiane). CRC Vientiane Life was successfully spun off in December 2020 for listing.
On the other hand, in recent years, CR Land has continued to develop its construction and operation business. By the end of 2020, CR Land has been awarded a total of more than 140 construction and operation projects in lieu of construction and operation, and has landed more than 10 projects in synergy with its main business, which include a number of iconic buildings at the level of the Beijing Daxing International Airport Comprehensive Service Building.
In terms of property development, CR Land further strengthened its ability to acquire diversified resources, acquiring 69 new projects during the year, focusing on the four major regions of Guangdong, Hong Kong and Macao, the Yangtze River Delta, Beijing, Tianjin and Hebei, and the Chengdu-Chongqing Economic Circle, as well as first- and second-tier cities such as the nine national center cities. The company's total land reserve area of 68.09 million square meters, equity land reserve area of 48.01 million square meters, land reserve layout and structure of high quality.
As a key direction of the "14th Five-Year Plan", urban renewal is ushering in a period of rapid development dividends. CR Land has stepped up its efforts in urban renewal, leading a number of urban renewal projects in the Greater Bay Area, involving a variety of transformation types such as old industrial zones, urban villages, old residential areas, and large-scale regional integration, and assuming various roles such as implementation main body, pre-service provider, and consultant for urban renewal projects.
In addition, CR Land is also the strongest leader in the domestic TOD field, and up to now has landed 76 TOD complexes in 31 metro cities, covering more than 90 metro lines, with a building scale of more than 35 million square meters and nearly 3,000 kilometers of metro mileage. Some analysts believe that as a transportation hub where the commercial value of major cities converges, CR Land can undoubtedly reap rich dividends from China's economic development in the long run. (Economic Reference Daily)