China Resources Land Limited (CR Land) reported interim results for the six months ended 30 June 2026, highlighting a sharp top-line decline contrasted by marginal core-profit growth and further progress in balance-sheet resilience.
Revenue and Profitability • Consolidated revenue fell 28.50% year on year (YoY) to RMB 67.87 billion, affected by a 39.08% slide in development property sales to RMB 45.26 billion. • Core net profit (excluding fair-value changes and including realised disposal gains) rose 1.60% YoY to RMB 10.16 billion; reported attributable profit declined 17.17% to RMB 9.84 billion. • Recurring businesses (investment property rental plus asset-light management fees) generated RMB 22.61 billion in revenue, up 9.90% YoY, and contributed 65.5% of core profit versus 60.2% a year earlier. • Group gross profit margin reached 25.4%, 1.4 ppt higher YoY. Development GPM compressed to 10.0% (-5.6 ppt), while investment-property GPM improved to 73.3% (+0.4 ppt).
Segment Performance 1) Development Property: Contracted sales increased 5.6% YoY to RMB 116.50 billion on 3.16 million sqm of GFA (-23.2% YoY). Unbooked contracted sales totalled RMB 188.19 billion, with RMB 97.28 billion slated for recognition within 2026. 2) Investment Property Rental: Revenue advanced 17.0% YoY to RMB 14.16 billion; core profit reached RMB 5.62 billion (+12.7% YoY). The portfolio comprises 98 self-owned malls, 24 office properties and 18 hotels. Shopping-mall occupancy rose to 98.0%; hotel RevPAR and occupancy improved, driving a record 66.0% operating margin for malls. 3) Asset-Light Management Fee-Based Business: Revenue was stable at RMB 8.45 billion (-0.1% YoY), with CR Mixc Lifestyle contributing RMB 9.22 billion in revenue (+8.1% YoY) and RMB 2.23 billion in core net profit (+10.8% YoY). Managed commercial projects reached 138 malls and property-management area stood at 470 million sqm. Sports & cultural, rental-housing, and urban-construction consultancy combined generated RMB 1.28 billion in revenue.
Cash Flow and Balance Sheet • Cash and bank balances closed at RMB 98.91 billion. • Total borrowings were RMB 271.18 billion; net gearing rose modestly to 41.0% but remains at the lower end of the sector. • Weighted average funding cost decreased 9 bps since FY 2025 to 2.63%, the industry’s lowest tier. About 19% of debt matures within 12 months.
Investment and Land Bank • CR Land acquired 2.84 million sqm of developable land for an equity outlay of RMB 32.49 billion, with 99% located in Tier-1 and Tier-2 cities. • Total land bank measured 47.12 million sqm at 30 June 2026, including 39.23 million sqm for development properties and 7.89 million sqm for investment properties.
Capital Markets and Ratings • Domestic public-market issuance in 2026 raised RMB 11.50 billion at coupons between 1.55% and 2.00%. • Fitch upgraded the issuer rating to “A-/Stable” on 29 July 2026; S&P and Moody’s reaffirmed “BBB+” and “Baa1” (both Stable), respectively.
Dividend The board declared an interim cash dividend of RMB 0.20 per share (HKD 0.231), unchanged from 1H 2025, payable on 28 October 2026 to shareholders on record 14 September 2026.
Outlook Management targets continued high-quality growth by: – Driving efficiency in the development segment while accelerating inventory clearance. – Expanding the shopping-mall network in core cities and enhancing asset rotation. – Deepening asset-light initiatives across commercial management, REITs, sports & cultural venues, rental housing and urban-construction services.
No material acquisitions, disposals, or commitments for major capital assets were undertaken during the period.