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The steady recovery in sales scale demonstrates China Jinmao's market resilience and product competitiveness.
Produced by | Zhongfang Network
Reviewed by | Li Xiaoyan
Against the backdrop of a deep adjustment in the real estate industry and a continuously bottoming market, the established central enterprise real estate platform China Jinmao is undergoing a critical transformation characterized by both challenges and changes. On March 19, S&amp;P Global adjusted its rating outlook from stable to negative, confirming a BBB- long-term issuer credit rating, directly pointing to its high leverage and the uncertainty of the de-stocking process over the next 12 to 24 months. However, through an in-depth analysis of the data, China Jinmao is expected to return to the trillion-yuan club with a contracted sales amount of 113.5 billion yuan in 2025, showcasing a steady performance recovery, along with strategic renewal and core asset optimization led by the new management team, outlining a clear path for a central enterprise real estate company to navigate through cycles and achieve stable breakthroughs. This article will primarily provide a positive interpretation while also addressing objective challenges, comprehensively presenting China Jinmao's path to breaking through and its development resilience.
As a platform enterprise under China National Chemical Corporation, a Fortune Global 500 company, China Jinmao has undergone multiple rounds of industry cycles since its listing in Hong Kong in 2007, consistently adhering to its core city layout and product strength advantages. In 2024, against the backdrop of widespread industry pressure, the company was the first to achieve profitability, laying the foundation for subsequent recovery; in 2025, its performance recovery trend further highlighted, making it one of the few trillion-yuan real estate companies in the industry to achieve scale growth.
The steady recovery in sales scale demonstrates China Jinmao's market resilience and product competitiveness. In 2025, the company achieved a cumulative contracted sales amount of 113.5 billion yuan, a year-on-year increase of 15.52%, and its industry ranking rose four places compared to 2024, ranking eighth, successfully returning to the trillion-yuan club. In terms of quarterly performance, the sales amount in the first half of the year reached 53.4 billion yuan, a year-on-year increase of 20%, leading the industry into the top ten, showcasing strong recovery momentum. In terms of cities, core first- and second-tier cities became the core engines of performance, with key cities like Shanghai and Beijing contributing significantly; among them, Shanghai's annual contracted sales exceeded 22.14 billion yuan, with multiple high-end projects selling well, confirming China Jinmao's brand premium capability.
The continuous upgrade of product strength is the core support for China Jinmao's counter-cyclical sales growth. In 2025, the company upgraded its &#34;Golden Jade Full House&#34; four major product lines, focusing on improvement-oriented demand, with the value proportion of high-end product lines such as the Fu series and Pu series reaching 68%. Data shows that in the first half of 2025, the average residential sales price of the company reached 26,000 yuan/square meter, an 18.2% year-on-year increase compared to the annual average of 22,000 yuan/square meter in 2024, significantly enhancing product premium capability. Taking the Jinmao Puyuan project in Hongkou, Shanghai as an example, 99 units with an average price of 166,000 yuan/square meter sold out within 26 minutes, fully reflecting the market's high recognition of China Jinmao's high-end products
From a financial perspective, China Jinmao has maintained stable operations amid industry adjustments, with core indicators steadily recovering. In the first half of 2025, the company achieved operating revenue of 25.113 billion yuan, a year-on-year increase of 14%; net profit attributable to shareholders was 1.09 billion yuan, a year-on-year increase of 8%. Excluding the fair value gains and losses of investment properties, core profit grew by 10.3%, with profit quality continuously optimizing. Financing costs have continued to decline, with the average cost of new financing dropping to 2.70%, a decrease of 69 basis points compared to the end of 2024, and the overall financing cost controlled at 2.96%, which is at an industry-leading level. At the same time, the company continues to optimize its debt structure, with the proportion of foreign currency debt decreasing from 25% at the end of 2024 to 21%, and the proportion of low-interest development loans and operating loans increasing to 41%, further enhancing debt repayment capacity.
In March 2025, China Jinmao welcomed a management change, with Zhang Zengen retiring due to age, and Tao Tianhai taking over as the company's chairman, chairman of the Strategy and Investment Committee, and chairman of the ESG Committee. Since taking office, Tao Tianhai has centered on &#34;Renewing Jinmao&#34; and proposed a three-step strategy of &#34;Survive, Thrive, and Shine,&#34; clarifying the medium- to long-term goals of achieving &#34;Thrive&#34; from 2025 to 2027 and &#34;Shine&#34; from 2028 to 2030, driving the company's comprehensive transformation.
Organizational restructuring is a key measure for Jinmao to enhance operational efficiency. In March 2025, the company abolished the original five regional companies in North China, East China, South China, Central China, and Southwest, optimizing the &#34;Headquarters-Region-City&#34; three-level management structure to a &#34;Headquarters-Region&#34; two-level management structure, reorganizing into 14 regional companies. This adjustment aims to strengthen headquarters operational control, improve decision-making efficiency, focus on expanding and optimizing core cities, and promote organizational flattening and agility. After the structural adjustment, the headquarters can directly connect with key city operations, reducing management levels and enhancing market response speed, providing organizational support for core business advancement.
The precise optimization of investment strategies further solidifies Jinmao's asset quality and development foundation. In response to the differentiated industry landscape, the company has shifted from its previous contraction in land acquisition to accelerating land purchases in core first- and second-tier cities. Since 2024, 100% of newly acquired land has focused on core cities, with the total land acquisition amount for the whole of 2025 reaching 33.9 billion yuan, ranking eighth in the industry. From the perspective of investment regions, the investment proportion in Beijing and Shanghai reached 66%, with 69% of unsold value located in economically developed areas, and the proportion of unsold value in first-tier cities increased by 9 percentage points compared to the end of 2024, significantly improving land reserve quality. In terms of project efficiency, the average initial opening cycle for newly acquired projects since 2024 is only 4.8 months, with an average initial sales rate of 81%, and the operating cash flow breakeven period shortened to 11.4 months, with project operational efficiency significantly exceeding the industry average.
Despite China Jinmao's steady performance recovery, S&amp;P has adjusted its rating outlook to negative, with core concerns still focused on the company's high leverage and the uncertainty of future deleveraging. Data shows that as of the latest reporting period, the company's total assets are 443.777 billion yuan, total liabilities are 323.012 billion yuan, with a debt-to-asset ratio of 72.79%, interest-bearing debt ratio of 38%, manageable short-term interest-bearing debt pressure, but a high proportion of long-term interest-bearing liabilities
At the same time, the company's other receivables reached 46.2 billion yuan, which occupies a certain amount of funds and poses some recovery risks.
In the face of the destocking pressure brought about by the continuous adjustment of the industry, China Jinmao is steadily advancing deleveraging and optimizing its structure through multi-dimensional measures to cope with the challenges brought by rating adjustments and to solidify the foundation for stable development. First, accelerate the revitalization of existing assets to release cash flow. The company has formulated the &#34;Striving Plan,&#34; which aims to solve 80% of the existing problems within three years, with a target of disposing of 35% of existing assets by 2025. By communicating with the government to adjust project planning conditions, optimizing land use, and transferring non-core assets, the company is accelerating the disposal of inefficient assets to recover funds for core business development and debt repayment. At the same time, it is strengthening the operation of the commercial and property sectors, with the underlying asset of ChinaAMC Jinmao Commercial REIT, Changsha Lanxiu City, achieving a rental rate of 99.03%, an average annual rent increase of 8%, and Jinmao Services' operating income growing by 20% year-on-year, making the non-development sector a stable source of cash flow.
Second, optimize the debt structure and broaden financing channels. The company continues to optimize the debt maturity structure, increasing the proportion of long-term financing and reducing short-term repayment pressure; at the same time, it fully relies on the support of its central enterprise background and resources from its parent company Sinochem Holdings to expand financing channels. In addition to traditional bond issuance and bank loans, it actively utilizes accounts receivable financing, equity pledges, trusts, and other diversified financing methods to ensure the stability of the capital chain. As of now, the company's total bank credit is sufficient, with unused credit limits of 87.381 billion yuan, strong liquidity coverage for short-term debt, and controllable short-term repayment risks.
Third, focus on core businesses and improve profitability. Guided by &#34;extreme optimization of increment and extreme revitalization of stock,&#34; the company is accelerating the destocking of new projects in core cities, improving sales collection speed, and ensuring stable cash flow on one hand; on the other hand, it is deepening lean management, with sales expenses, management expenses, and financial expenses decreasing by 15%, 5%, and 4% year-on-year in the first half of the year, and the centralized procurement utilization rate increasing to 94.9%, continuously reducing costs and increasing efficiency. By enhancing project profitability and capital utilization efficiency, the company strengthens its self-sustaining ability, providing continuous support for deleveraging.
As a central enterprise supervised by the State-owned Assets Supervision and Administration Commission of the State Council, China Jinmao always adheres to the mission of central enterprises, actively fulfills social responsibilities while operating steadily, promotes high-quality urban development, and builds a solid foundation for long-term value.
In the field of urban operation, Jinmao has been deeply engaged in urban operation for many years, forming a &#34;real estate development + urban operation&#34; dual-drive model, having developed and operated 56 cities in total, creating several benchmark projects such as Changsha Meixi Lake International New City and Nanjing Qinglongshan International Ecological New City. These projects not only promote regional industrial upgrading and urban functional improvement but also drive local economic development and employment growth, demonstrating the social value of central enterprises. In 2025, the company's urban operation segment is expected to achieve a year-on-year revenue growth of 17%, becoming one of the core pillars of revenue.
In terms of ESG and sustainable development, the company continues to promote green buildings and low-carbon operations, with multiple projects obtaining green building certifications. The property service sector actively promotes energy conservation and emission reduction, contributing to the achievement of the &#34;dual carbon&#34; goals. At the same time, it adheres to the bottom line of compliance operations, maintaining a &#34;three red lines&#34; full green status for several consecutive years, ensuring financial market stability through steady operations and fulfilling the social responsibilities of central enterprises
The adjustment of the rating outlook is an objective reflection of the industry cycle and corporate operations, and it is also an opportunity for China Jinmao to face challenges and accelerate transformation. From the impressive performance of returning to the trillion-yuan club by 2025 and steadily repairing its performance, to proactive changes such as management renewal, organizational structure optimization, and precise upgrades in investment strategies, as well as robust measures to reduce leverage and optimize structure, China Jinmao is navigating the industry cycle with the responsibility and commitment of a state-owned enterprise, demonstrating resilience and wisdom.
In the future, as the core city markets gradually stabilize, the revitalization of existing assets continues to advance, the process of reducing leverage steadily takes shape, and the in-depth implementation of the &#34;live well and live brilliantly&#34; strategy unfolds, China Jinmao is expected to further consolidate its core competitiveness, resolve short-term challenges, and achieve high-quality sustainable development. As the company's leader Tao Tianhai stated, &#34;High-quality enterprises will face more opportunities than challenges in the future, and Jinmao will respond to market uncertainties with its own certainties.&#34; In this critical battle of industry transformation, China Jinmao is writing a new chapter for established state-owned real estate enterprises with steady steps

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Under the leadership of the new management team, China Jinmao is undergoing a critical transformation, with sales steadily rebounding. The contracted sales amount reached 113.5 billion yuan in 2025, a year-on-year increase of 15.52%, ranking eighth in the industry. Despite facing high leverage and market uncertainties, Jinmao demonstrates market resilience and competitiveness through its layout in core cities and enhancement of product strength. The company achieved profitability in 2024, with significant performance recovery in 2025, particularly in core first- and second-tier cities, enhancing its brand premium capability

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