Hong Kong, 25 August 2025 — Greentown China Holdings Limited (3900.HK) announced its 2025 interim results, reporting revenue of RMB 53.37 billion and profit attributable to shareholders of RMB 210 million for the first half of the year. Cash and bank balances reached a record RMB 66.8 billion, nearly 3x its short-term debt, while the share of short-term borrowings fell to a historic low of 16.3%.
Sales and Market Position
Greentown’s sales ranking climbed to second nationwide in H1 2025, with contracted sales totaling RMB 122.2 billion and contracted area of 5.35 million sqm. Equity sales amounted to RMB 53.9 billion, while managed projects contributed RMB 41.9 billion. The company maintained a high collection rate of 96%, supporting reinvestment and liquidity. First-launch projects achieved an average sell-through rate of 80% and an average premium rate of 104%.
Investment and Land Bank
The company added 35 new projects in H1 2025, with a total GFA of 3.55 million sqm and an estimated saleable value of RMB 90.7 billion, ranking third in the industry. About 88% of new value came from Tier 1 and 2 cities. As of June 30, 2025, Greentown held 158 land reserve projects with a total GFA of 27.24 million sqm, 80% of which was in Tier 1 and 2 cities.
Debt and Financing
Greentown continued to optimize its debt profile, lowering the weighted average cost of borrowing to 3.4%. The company issued RMB 7.71 billion in domestic bonds and successfully returned to the offshore market with a USD 500 million three-year senior note issuance, the first such transaction for a Chinese property developer since early 2023. These moves further diversified its financing channels and bolstered market confidence.
Outlook
CEO Guo Jiafeng said the market remains in a bottoming-out stage characterized by weak recovery and high differentiation. Greentown aims to continue focusing on long-term value, strengthening product quality and customer-centric innovation, while maintaining financial discipline and operational resilience. With strong support from shareholders and a diversified financing platform, the company is positioned for steady and sustainable growth.
