China’s real estate market continues to struggle, with the traditional peak season for housing sales, known as “Golden September,” failing to boost sales for China Resources Land. The real estate giant under the state-owned China Resources Group saw a 11.9% year-on-year decrease in total contracted sales amount in September, with a significant 31.5% reduction in contracted sales building area. Meanwhile, the project company that acquired the Hefei Suning Plaza project in June saw the property listed for transfer less than 4 months later.
According to unaudited operational data released by China Resources Land on October 13th, the company achieved a total contracted sales amount of approximately 15.5 billion yuan in September, with a total contracted sales building area of about 418,000 square meters, representing declines of 11.9% and 31.5% respectively compared to the previous year.
In the first nine months of this year, China Resources Land accumulated a total contracted sales amount of approximately 164.6 billion yuan, a 6.6% year-on-year increase, while the total contracted sales building area decreased by 22% to about 4.471 million square meters.
As the sales performance faces pressure, another asset movement of China Resources Land has recently attracted attention.
According to reports by “The Paper,” on October 9th, the Shanghai United Property Rights Exchange disclosed that 100% equity of Hefei Runyu Business Management Co., Ltd. was listed for transfer, with the transfer base price yet to be revealed.
Records show that the company was established on July 6, 2026, with a registered capital of 968 million yuan, Hu Chuanchang as the legal representative, and 17 employees. The transferor is Shanghai Hongzhe Real Estate Development Co., Ltd., a wholly-owned subsidiary of China Resources Land.
It was reported that on June 14, Shanghai Hongzhe Real Estate Development Co., Ltd., at a cost of 657 million yuan, won the bid for the Hefei Suning Plaza project, of which Hefei Runyu is the main company. The timeline from winning the bid to listing for transfer is less than 4 months.
According to the bidding rules at that time, the winning party was required to commence construction within 12 months after the ruling and achieve full operation within 30 months, as well as pay a performance bond of 50 million yuan.
Previously developed by Suning Real Estate, the Hefei Suning Plaza project was once stalled due to debt crisis of related companies. After winning the bid with 657 million yuan, China Resources Land was expected to take on the responsibility for continuing construction and operating the project.
Currently, public information has not revealed the specific reasons for this equity transfer, the ultimate transferee, and the transaction price. It is still unclear if China Resources Land withdrew from the project due to financial pressure.
China Resources Land is a real estate developer under the state-owned China Resources Group, mainly engaging in real estate development in first and second-tier cities in China. The company went public on the Hong Kong Stock Exchange in 1996.