Yuexiu Property's sales in Beijing, Shanghai, and Guangzhou exceeded 80 billion yuan last year, solidifying its position in the top tier of the industry.

On March 31, Yuexiu Property (00123.HK) released its 2025 results. For the full year, the company achieved RMB 106.21 billion in total-scope contracted sales, ranking No. 9 on the 2025 property developers sales chart by CnRui. What’s worth noting is that in 2025, only 10 thousand-billion-yuan property developers remained nationwide, and Yuexiu Property held its ground in the first-tier camp during the industry adjustment cycle.

At present, the real estate market is deeply bifurcated. In 2021, the year that marked the start of the “14th Five-Year Plan,” Yuexiu Property was still in the mid-tier group ranked 37th in the industry. Now it has risen to No. 9 nationwide on CnRui’s 2025 total-scope sales chart, with a huge jump within the industry.

From Yuexiu Property’s performance report, it can be seen that the value base in first-tier and strong second-tier core cities is solid, and its resilience through the cycle is outstanding. The proportion of performance contributed by core cities has become a key support for property developers to maintain core competitiveness. In 2025, six core cities—Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, and Chengdu—contributed 85.6% of Yuexiu Property’s sales performance. Among them, sales in first-tier cities exceeded RMB 80 billion, accounting for roughly 78%.

Meanwhile, Yuexiu Property’s market share in Beijing, Shanghai, and Guangzhou is also firmly in the leading ranks. In its Guangzhou stronghold, the company sold RMB 29.1 billion, ranking No. 2 on the local sales chart. In Beijing, it also broke through RMB 30 billion to enter the local chart’s TOP 2. Shanghai recorded RMB 22.2 billion to rank TOP 7, forming a layout pattern of “multi-point support and balanced coverage across the entire region,” firmly establishing the company’s development growth base in the most fiercely competitive core markets nationwide.

In addition to its real estate development business, its operating businesses such as Yuexiu REIT, Yuexiu Services, and Yuejian Ke (entrusted construction business) have continued to gain momentum, providing stable cash flow. Data show that Yuexiu Property Fund recorded total revenue of RMB 1.856 billion in 2025, with an average interest payment rate of 3.77%, the lowest level in the past three years. Yuexiu Property Fund’s four major core business segments—including office buildings and retail malls—have progressed side by side. The property’s overall occupancy rate at period-end reached 82.1%, maintaining stable rental income.

Yuejian Ke (entrusted construction business), meanwhile, achieved revenue of RMB 220 million. The managed area increased year over year by 23%. Yuexiu Services’ revenue during the reporting period reached RMB 3.902 billion, of which basic property management services contributed revenue of RMB 1.499 billion, up 21.3% year over year, with the share of total income rising to 38%.

What’s worth noting is that recently, Yuexiu Group successfully acquired the Ma’chang land plot in the core area of Guangzhou Zhujiang New Town with a total price of RMB 23.6 billion, which is also one of the highlights. As one broker analyst said, once the Ma’chang project meets conditions for sale, it may be injected into the listed company. This model has already been validated in the Guangzhou market through the benchmark project “Pazhou South TOD.”

The Ma’chang project has a sizable value pool. After entering the market, it may continue to drive the company’s sales and profit performance over the coming years. It could also become a core support for consolidating its industry position—an important “war chest” for the company’s future development.

By [Reporter] Fan Han Yue and Chen Yuxia

Photo/Caption: Provided by the interviewee