Greenland HK Posts RMB 1.41 Billion Interim Loss as Revenue Drops 66%

Greenland HK reported a sharp deterioration in first-half 2026 results, underlining the continued weakness in mainland China’s property market.

Revenue fell 66.3 % year-on-year to RMB 2.34 billion, mainly on a 69.7 % slide in property sales to RMB 1.95 billion. Rental income rose 24.0 % to RMB 140.09 million, while property-management and other service income declined 39.0 % to RMB 221.59 million. Hotel and related service revenue was broadly flat at RMB 29.07 million.

A gross loss of RMB 552 million replaced the prior-year gross profit of RMB 711 million as weaker pricing and project mix weighed on margins. The net loss attributable to shareholders widened to RMB 1.41 billion from RMB 538 million. Basic loss per share increased to RMB 0.51.

Fair-value losses on investment properties reached RMB 310 million, versus a RMB 302 million loss a year earlier. Finance costs climbed 72.0 % to RMB 267 million after lower capitalisation of interest expenses.

Contracted sales were RMB 2.97 billion on 364,398 sq m of gross floor area, with an average selling price of RMB 8,156 per sq m. Delivered floor area dropped 57.2 % to 223,686 sq m, generating an average recognised price of RMB 8,705 per sq m.

Total assets slipped 4.0 % since end-2025 to RMB 104.09 billion, while equity fell 10.6 % to RMB 13.10 billion. Net gearing rose to 94 % from 87 % as cash and restricted cash stood at RMB 762 million against total interest-bearing loans of RMB 13.13 billion. The company had RMB 17.46 billion of guarantees on buyers’ mortgages and RMB 13.84 billion of committed but unprovided capital expenditure.

Given the loss position, the board declared no interim dividend.

Management said it would continue to prioritise liquidity management, sales conversion and asset revitalisation, while accelerating diversification into commercial operations, property services, long-term rentals and agency construction.