China Resources Land Limited (01109.HK) has released its interim results for the 2026 fiscal first half, revealing that total consolidated revenue reached RMB 67.87 billion, with net profit attributable to shareholders hitting RMB 9.84 billion and core net profit climbing to RMB 10.16 billion. The contribution share from recurring businesses to overall performance continued its steady ascent during this period.
Confronting both challenges and prospects in the industry's transitional phase, China Resources Land has methodically advanced the coordinated and synchronized growth of its "three growth curves," persistently steering toward comprehensive, high-caliber development. Additionally, the board of directors has proposed an interim dividend of RMB 0.20 per share, holding flat year-on-year.
Consolidating the Core Development Sales Foundation
In the first half of 2026, the company's development and sales segment recorded contracted sales of RMB 116.50 billion, up 5.6% from a year earlier, keeping its sales scale at the forefront of the industry. Among these results, the company secured the leading market share position in six cities including Shenzhen and Shanghai, while ranking among the top three in 15 other cities, further cementing its sector dominance. Amidst a diverging market landscape, China Resources Land continues to leverage product strength as a pivotal competitive edge for its development business, focusing on creating benchmark projects and ensuring that new developments achieve success upon launch. Notably, Shenzhen Bay Yunxi and Shanghai Yunqi Binjiang both surpassed RMB 10 billion in sales during the period, clinching the top two spots nationally among single-project sales. Overall, 13 projects led their respective city sales rankings, underscoring strong market endorsement of the company's product development expertise.
Alongside establishing new benchmarks, China Resources Land has accelerated the enhancement of existing asset quality and efficiency. Through upgrades in supporting facilities, product iterations, and refined community operations, the company has revitalized older projects via a "renewing established properties" strategy. For instance, Beijing Runfu achieved simultaneous gains in both volume and pricing, Hangzhou Wangyun Runxi Court reached full sell-out status, and Shunde Yunjing exceeded its performance targets. This approach has expedited the sell-through of tail-end inventories and accelerated the clearing of old stock. Concurrently, the company has concentrated efforts on "resource repositioning," resulting in further optimization of its resource portfolio during the period.
Stable Expansion in Operational Properties
While the development sales segment solidifies the earnings base, operational properties—encompassing shopping malls, office towers, and hotels—are increasingly providing stable, sustainable long-term support for China Resources Land's growth. In the 2026 first half, the rental-based operational property business maintained steady expansion, posting revenues of RMB 14.16 billion, a 17.0% increase, and core net profit of RMB 5.62 billion, up 12.7%, thereby boosting its contribution and support to the company's overall performance. Within this framework, the shopping mall segment has continued to widen its competitive moat. Retail sales from self-owned shopping malls reached RMB 128.19 billion in the first half, a 16.4% rise. As of June 30, the company operated 98 self-owned shopping malls, achieving an operating margin of 66.0%—a fresh record high in recent years. The successful opening of the second phase of Xiamen MixC further refined the company's commercial project layout.
The office property segment has improved its quality against market headwinds, concentrating on high-end corporate clients, optimizing leasing strategies and tenant composition, and aggressively pursuing new leasing areas. By employing tailored approaches for key projects, the company has managed to maintain stable average occupancy rates through meticulous asset management and premium services. In the hotel segment, operational efficiency has been enhanced through optimized guest demographics and upgraded service systems, resulting in steady growth in room revenues and their share of total revenue, with occupancy rates and revenue per available room (RevPAR) outperforming regional peers.
Strengthening Full-Value-Chain Asset Management Capabilities
In the first half of 2026, China Resources Land's asset-light, fee-based business segments witnessed steady improvement in operational quality and brand recognition, with competitive advantages deepening across commercial operations, property management, asset management, cultural and sports operations, rental housing, and urban construction management and consulting. During the period, the company's subsidiary, China Resources Mixc Lifestyle, generated revenues of RMB 9.22 billion, an 8.1% increase, and core net profit of RMB 2.23 billion, up 10.8%. In the commercial sector, its competitive lead was maintained: as of June 30, Mixc Lifestyle managed 138 shopping malls, adding three during the period, with 116 projects ranking among the top performers in their local markets. These malls collectively achieved retail sales of RMB 148.48 billion, raising their share of total national retail sales of consumer goods to 0.6%. The property management division also saw gains in scale and efficiency, with managed area reaching 440 million square meters and contracted area at 470 million square meters by period-end. Revenue and gross profit maintained growth, while third-party satisfaction levels stayed at industry-leading standards.
As various business scenarios become more interconnected, the value of the company's membership traffic is being unlocked at a faster pace. By June 30, the total number of "Mixc Star" members surpassed 93 million, an increase of 12.3% year-on-year. Points issued under the program grew 18.6% to RMB 700 million, while cross-business member redemptions rose 26.9% compared to a year ago, significantly enhancing the traction and monetization impact of this traffic. In asset management, China Resources Land successfully listed the Chengdu MixC Inter-institutional REIT during the first half and made orderly progress in filing commercial property REITs, thereby refining its multi-tiered REITs platform. As of June 30, the Group's total AUM had expanded to RMB 524.3 billion, up RMB 22.1 billion from the end of last year. Specifically, the China Resources Consumer REIT delivered turnover of RMB 406 million, up 10.6%, and EBITDA of RMB 229 million, up 12.9%, all while maintaining the top market capitalization among C-REITs. Since listing, it has distributed cumulative cash dividends of RMB 771 million. Meanwhile, the China Resources Youchao REIT achieved turnover of RMB 68.85 million and EBITDA of RMB 45.13 million, both up 75% year-on-year. It also successfully completed the expansion of the Shanghai Maqiao project and has been actively advancing the establishment of Pre-REITs funds to facilitate the capital cycle for affordable rental housing.
Additionally, the cultural and sports operations segment expanded to 24 managed projects covering 5.56 million square meters, with a total scale of RMB 76.3 billion. Revenue reached RMB 600 million, up 18.1%, and the operating margin stood at 25.1%, with comprehensive progress in high-quality venue expansion and operational standardization. The rental housing business posted full-caliber revenue of RMB 470 million for the period, up 14.4%, and operating profit of RMB 290 million, up 16.4%. Operating across 15 cities nationwide with 99,000 rooms under management, the business maintained its top-six industry position. Finally, the urban construction management and consulting business served 242 projects representing 62.23 million square meters, earning the highest "triple-star" qualification for agency construction capabilities and firmly holding its spot in the industry's leading tier.
Looking ahead to the second half of the year, China Resources Land stated that 2026 marks both the inaugural year of the country's 15th Five-Year Plan and a significant milestone—the 30th anniversary of its listing on the Hong Kong Stock Exchange. Standing at this new historical juncture, the company remains dedicated to its strategic vision of establishing itself as a world-class urban investment, development, and operations entity. It plans to deepen the coordinated, high-quality advancement of its three growth curves: the development sales business will persist in "enhancing efficiency and safeguarding profits" to solidify the earnings base; the rental-based operational property business will focus on "optimizing both volume and quality to raise profits," serving as a powerful engine; and the asset-light, fee-based management business will strive for "innovation and quality enhancement to boost profits," cultivating new drivers for growth. This integrated approach is designed to foster long-term, sustainable value creation for the company and its stakeholders.