China’s real estate industry continues to slump. Data released by Shenzhen Holdings (00604.HK) shows that the total unaudited contract sales for the group in 2024 were approximately 16.967 billion yuan, a decrease of 36.18% compared to the previous year.
On January 23, Shenzhen Holdings Limited (hereinafter referred to as “Shenzhen Holdings”) announced the progress of its real estate sales business in the fourth quarter of 2024.
The announcement revealed that Shenzhen Holdings’ unaudited contract sales for the fourth quarter of 2024 were around 9.036 billion yuan, with a contract sales area of approximately 289,311 square meters.
In the entire year of 2024, Shenzhen Holdings’ total unaudited contract sales amounted to about 16.967 billion yuan, down 36.18% from the 26.586 billion yuan in 2023. The total contracted sales area was about 603,389 square meters, a 15% decrease compared to the previous year, with an average selling price per square meter of approximately 28,120 yuan, down by 24.47%.
Established on December 15, 1992, Shenzhen Holdings Limited’s core businesses include property development, property investment, and management. It was listed on the main board of the Stock Exchange of Hong Kong Limited in 1997. Its controlling shareholder, Shenzhen Yed Group, is a large comprehensive enterprise group directly managed by the Shenzhen SASAC (State-owned Assets Supervision and Administration Commission).