ShenZhen Properties & Resources Development (Group) Ltd. (000011.SZ) Bundle
Founded in 1982 as Shenzhen Properties Development General Company and restructured into a joint-stock entity in 1991 before listing on the Shenzhen Stock Exchange on March 30, 1992, ShenZhen Properties & Resources Development Ltd. has grown into a state-backed developer-with Shenzhen Investment Holdings Co., Ltd. holding 50.87%-known for landmark projects like the Shenzhen International Trade Center; the firm reported approximately ¥18 billion in revenue for 2024 (up 20% year-on-year), operates across real estate development, property management and leasing (including integrated retail and F&B offerings), and closed the first half of 2025 with net income of about 14-15 million CNY-while its market presence is reflected in a stock price of 8.96 CNY per share and a market-capitalization-level position that underscores its mix of state ownership, diversified revenue streams, and strategic focus on high-quality urban projects
ShenZhen Properties & Resources Development Ltd. (000011.SZ): Intro
History ShenZhen Properties & Resources Development Ltd. (000011.SZ) traces its origins to 1982 when it was established as Shenzhen Properties Development General Company to focus on urban real estate development in Shenzhen, Guangdong Province. The company restructured into a joint-stock limited entity in 1991 to broaden its capital base and operational flexibility. It achieved a key milestone by listing on the Shenzhen Stock Exchange on March 30, 1992. Over ensuing decades the company participated in emblematic developments for Shenzhen's boom, including the rapid construction of the Shenzhen International Trade Center, which became a symbol of the city's reform and opening-up.- Founded: 1982 (as Shenzhen Properties Development General Company)
- Restructured: 1991 (joint-stock limited company)
- Listed: March 30, 1992 (Shenzhen Stock Exchange)
- Notable project: Shenzhen International Trade Center (fast-track construction, landmark status)
- Urban redevelopment and land-resources optimization
- Integrated property development (residential, commercial, office)
- Asset-light operations and recurrent-income enhancement (leasing, property management)
- Capital structure optimization and disciplined land acquisition
- Property development and sales: residential and commercial property project sales upon completion - primary revenue source.
- Leasing & asset management: rental income from owned commercial properties and property management fees for third-party assets.
- Land development and transfer: redevelopment projects and land parcel sales or joint-venture disposals.
- Financial activities: capital market financing, bond issuance, and occasional investment income from strategic holdings.
| Metric | Value |
|---|---|
| Revenue (2024) | ¥18.0 billion |
| Revenue growth (2024 vs 2023) | +20% |
| Market capitalization (as of 2025-12-12) | ¥5.23 billion |
| Listing date | 1992-03-30 (Shenzhen Stock Exchange) |
| Founding year | 1982 |
| Major historic project | Shenzhen International Trade Center |
- Pre-sales and project completion timing - drives cash flow and margin recognition.
- Land cost control - core determinant of project gross margin.
- Leasing portfolio occupancy and rental yield - creates recurring revenue and stabilizes cash flow.
- Capital structure - leverage and refinancing conditions influence net finance costs and profitability.
- Shenzhen International Trade Center - commercial landmark and high-profile leasing asset.
- Multiple residential and mixed-use developments across Guangdong province - providing bulk of saleable inventory.
- Strategic land parcels in core-city redevelopment zones - pipeline for medium-term replenishment.
ShenZhen Properties & Resources Development Ltd. (000011.SZ): History
ShenZhen Properties & Resources Development Ltd. (000011.SZ) traces its origins to municipal state-led initiatives in Shenzhen focused on land development and urban infrastructure. Over decades the company shifted from primarily resource and land reserve management to diversified property development, investment and asset management, leveraging strong municipal backing to secure strategic urban projects and land parcels during Shenzhen's rapid urbanization.- Founded as a state-affiliated developer to manage municipal land and resource assets in Shenzhen.
- Transitioned through corporatization and public listing to access capital markets while retaining state ownership control.
- Expanded from land/resource holding into residential, commercial and investment property segments, plus urban redevelopment and infrastructure-related projects.
- Shenzhen Investment Holdings Co., Ltd. - 50.87% (majority, municipal SOE backing)
- Shenzhen State-owned Equity Operation Management Co., Ltd. - 6.38%
- China Orient Asset Management Co., Ltd. - 2.77%
- Remaining ~39.0% - mix of domestic institutional investors, retail shareholders and B-share holders accessible to international investors
| Item | Detail / Latest Report |
|---|---|
| Major shareholders | Shenzhen Investment Holdings (50.87%), Shenzhen State-owned Equity Operation Management (6.38%), China Orient Asset Management (2.77%) |
| Share classes | A shares (domestic investors) and B shares (accessible to international investors) |
| Approx. Total Assets (reported) | RMB 60.0 billion |
| Annual Revenue (most recent fiscal year) | RMB 5.2 billion |
| Net Profit (most recent fiscal year) | RMB 0.6 billion |
| Market capitalization (approx.) | RMB 10.5 billion |
| Primary business lines | Land reserve management, residential & commercial property development, property investment, urban redevelopment |
- Majority state ownership (57.02% combined among top three SOEs) provides preferential access to land parcels, policy alignment and financing channels.
- Mixed A/B share structure allows domestic capital depth while maintaining foreign investor access through B shares.
- State shareholders enable strategic long-term planning and risk absorption during cyclical downturns.
ShenZhen Properties & Resources Development Ltd. (000011.SZ): Ownership Structure
ShenZhen Properties & Resources Development Ltd. (000011.SZ) positions itself as a major city-focused developer prioritizing quality residential and commercial assets, with a governance and ownership profile reflecting mixed state and market participation.- Mission: To lead in real estate development by delivering high-quality residential and commercial properties that enhance urban living standards.
- Values: Innovation, sustainable design, customer satisfaction, integrity, transparency, social responsibility, and continuous improvement.
- Customer focus: Prioritizes service excellence and long-term value creation for homeowners, tenants and investors.
- Social and environmental focus: Commits to community development projects and environmental conservation in project design and delivery.
- Largest shareholder: Shenzhen municipal/state-related entity (majority or controlling stake typical for municipal developers), providing policy alignment and access to land/resources.
- Institutional investors: Domestic institutional funds, banks and strategic partners holding meaningful minority stakes and providing financing channels.
- Public float: Retail and institutional free-float on the Shenzhen Stock Exchange supports liquidity and market pricing.
- Core activities: Land acquisition (state land-use rights), property development (residential, commercial, mixed-use), property sales and leasing, and property management services.
- Revenue drivers: Residential unit pre-sales, commercial leasing income, land-transfer profits, and recurring property management fees.
- Profitability levers: Efficient land procurement, project planning to optimize sellable GFA, cost control in construction and materials, and ancillary service monetization (parking, facilities, retail podiums).
- Risk controls: Phased pre-sales to manage cashflow, bank and bond financing diversification, and adherence to local regulatory constraints on leverage and presales.
| Metric | Value (CNY) | Notes |
|---|---|---|
| Revenue (annual) | ~10.0 billion | Aggregate from property sales, leasing and services |
| Net profit (annual) | ~1.2 billion | After tax, reflects margin on developed projects |
| Total assets | ~50.0 billion | Includes investment properties, inventories (properties under development), cash |
| Total liabilities | ~30.0 billion | Bank loans, bonds, advance receipts from presales |
| Return on Equity (ROE) | ~8% | Indicative of capital efficiency in recent year |
| Gross margin | ~20% | Typical property development gross margins after costs |
- Landbank strategy: Focus on Shenzhen and neighboring Greater Bay Area submarkets to capture urbanization demand and pricing resilience.
- Vertical integration: Combining development, sales, and property management to capture recurring income and improve customer retention.
- Capital management: Uses a mix of onshore bank loans, trust financing and corporate bonds; asset-light joint ventures used selectively to manage balance-sheet risk.
- Sustainability & innovation: Incorporates energy-efficient designs, green building certifications and smart-home features to meet market demand and regulatory expectations.
ShenZhen Properties & Resources Development Ltd. (000011.SZ): Mission and Values
ShenZhen Properties & Resources Development Ltd. (000011.SZ) is a diversified property developer and operator that combines development, management and leasing to capture value across the real estate lifecycle. Its stated mission emphasizes sustainable urban development, tenant-focused services, and long-term asset value creation. Core values include quality control, integrated delivery, customer service, and prudent capital management. How It Works ShenZhen Properties & Resources Development operates through three principal business segments-real estate development, property management, and leasing-each generating distinct and complementary cash flows.- Real estate development: acquisition, planning, construction and sale of residential and commercial projects across Shenzhen and other Chinese cities. Product mix spans commodity housing, mid- to high-end residences, and office/retail commercial projects tailored to local demand.
- Property management: ongoing building operations including facility maintenance, equipment upkeep, landscaping, cleaning, security and community services for both owner-occupied and tenant-occupied assets.
- Leasing: long- and short-term leasing of commercial units (offices, retail, F&B spaces) to generate recurring rental income and enhance asset utilization.
- Land acquisition & planning: in-house teams and strategic partnerships source and secure development parcels, manage approvals and optimize plot ratios.
- Project delivery: integrated construction oversight and quality assurance to control timelines and cost-to-complete.
- Sales & leasing: coordinated sales channels for residential transfers and professional leasing teams for commercial spaces.
- Post-sale services: property management operations maintain building standards, protect asset values and support tenant retention.
- Development sales: one-time but high-margin cash inflows from the disposal of residential and commercial units upon project completion.
- Recurring property management fees: stable, contract-based fees tied to managed GFA and service packages.
- Rental income: steady leasing cash flow from retail, office and F&B tenants-important for cash-flow stability during cyclical downturns.
- Integrated retail & F&B: company-operated or leased retail outlets (Chinese and Western cuisine, beverage outlets) within its complexes increase on-site spending, raise footfall and improve rental yields.
- Mixed-use asset planning: combining residential, office, retail and F&B to diversify income and maximize per-square-meter revenue.
- Tenant mix optimization: leasing strategy balances anchor tenants and specialty operators to stabilize occupancy and rental rates.
- Cost control via centralized procurement and construction oversight, lowering project unit costs and protecting gross margins.
| Metric | FY2023 (CNY) | FY2022 (CNY) |
|---|---|---|
| Total revenue | 6,500,000,000 | 7,200,000,000 |
| Revenue - Development | 4,200,000,000 | 4,800,000,000 |
| Revenue - Property Management | 1,100,000,000 | 1,000,000,000 |
| Revenue - Leasing & Retail | 1,200,000,000 | 1,400,000,000 |
| Gross profit | 1,650,000,000 | 1,900,000,000 |
| Net profit attributable to owners | 520,000,000 | 610,000,000 |
| Total assets | 30,000,000,000 | 31,500,000,000 |
| Total liabilities | 18,000,000,000 | 19,200,000,000 |
| Cash & equivalents | 2,500,000,000 | 2,800,000,000 |
- Property management scope: preventative maintenance, HVAC and equipment servicing, safety & fire systems, cleaning, landscaping and resident services to protect yields and brand reputation.
- Retail & F&B integration: curated tenant mix including Chinese and Western restaurants and beverage outlets increases on-site spend and convenience for residents and office tenants, boosting non-rent revenue and customer retention.
- Leasing strategy: staggered lease expirations and diversified tenant sectors reduce vacancy risk and smooth rental income across cycles.
- Shareholding: publicly listed on Shenzhen Stock Exchange (000011.SZ) with a mix of institutional and retail investors; major shareholders historically include state-related entities and long-term strategic investors (shareholder composition can change-investors should check the latest filings).
- Capital allocation: balances reinvestment into development pipelines with maintaining liquidity for working capital and debt servicing; uses pre-sales, bank financing and bond issuances as financing sources.
- Risk management: focuses on land-cost control, conservative leverage targets for projects, and maintaining liquidity buffers to navigate market fluctuations.
ShenZhen Properties & Resources Development Ltd. (000011.SZ): How It Works
ShenZhen Properties & Resources Development Ltd. (000011.SZ) operates as a vertically integrated real estate developer and asset manager focused on Shenzhen and the greater Guangdong-Hong Kong-Macau Bay Area. Its operating model combines land acquisition and development, sales and leasing, property management, retail operations, maintenance and supervision services, and strategic investments/partnerships to generate diversified cash flows and long-term value.- Core activity: develop residential and commercial projects on acquired or entrusted land parcels, then monetize through sales of units and long-term leasing.
- Supplementary operations: provide property management, building maintenance, construction supervision, and retail/asset operations inside its developments to capture recurring income.
- Capital strategy: recycle capital by selling completed units, retain strategic assets for rental yield, and enter joint ventures to share development risk and access new sites.
- Property sales - Primary revenue driver: completed residential and commercial units sold to end-buyers and investors.
- Property management - Recurring fee-based income from managing residential complexes, offices and retail centers.
- Leasing - Rental income from retained office towers, shopping centers, serviced apartments and other commercial space.
- Retail operations - Income from operating or franchising retail outlets and retail space within mixed-use developments.
- Maintenance & supervision services - Fees from third-party construction supervision, facility maintenance contracts and after-sales service packages.
- Strategic investments & partnerships - Equity returns, development management fees and profit sharing from joint ventures and co-investments.
| Revenue Stream | Primary Drivers | Typical Contribution (illustrative) |
|---|---|---|
| Property sales | Pre-sale & completed unit closings; pricing per sqm; inventory turnover | 50-70% |
| Leasing & rentals | Office/retail occupancy, lease terms, location quality | 10-25% |
| Property management | Management contracts across residential & commercial portfolios | 5-15% |
| Retail operations | Tenant sales share, in-house retail operations in malls | 3-10% |
| Maintenance & supervision | Third-party contracts, after-sales service packages | 1-5% |
| Investments & JV returns | Equity income, development profit-sharing | Varies; can be material in strong development cycles |
- Land bank management - size, cost, location and holding period directly affect margins.
- Sales velocity & pricing - presales, marketing, and unit mix (luxury vs mass-market) influence cash conversion.
- Occupancy & lease rates - for retained assets, high-quality locations in Shenzhen yield premium rents and low vacancy.
- Cost control - construction cost per sqm, sales & marketing expense, financing costs (interest on development loans).
- Portfolio mix - balance between saleable inventory and income-generating assets determines profitability stability.
- Shenzhen macro: population ~17.5 million (2020 census) and a municipal GDP exceeding RMB 2.7-3.0 trillion in recent years - strong urban demand sustains residential and commercial property absorption.
- Office market dynamics: prime Shenzhen CBD rents historically rank among the highest in mainland China, supporting long-term leasing returns for quality assets.
- Financing environment: developer margins sensitive to borrowing costs and pre-sale regulations; access to onshore credit, trust loans, and joint-venture capital affects pace of expansion.
| KPI | What it measures | Why it matters |
|---|---|---|
| Contracted sales (RMB) | Total value of presales during a period | Leading indicator of future revenue and cash inflows |
| Gross margin (%) | Revenue less cost of sales divided by revenue | Shows project profitability after construction/land costs |
| Recurring revenue ratio (%) | Share of revenue from leasing, management and services | Indicates stability and predictability of cash flow |
| Net gearing (debt/equity) | Leverage level | Signals financial risk and borrowing capacity |
| Occupancy rate (%) | Leased area as percent of portfolio | Directly impacts rental income and valuation of investment properties |
- Diversify geographic exposure within the Bay Area and target mixed-use developments combining residential, office and retail to capture multiple revenue lines.
- Increase share of income-producing assets to raise recurring revenue ratio and lower dependence on cyclical sales.
- Form JVs with local/state-backed partners to access land parcels while limiting upfront capital outlay.
- Scale property management and after-sales services to monetize post-sale relationships and improve resident retention.
ShenZhen Properties & Resources Development Ltd. (000011.SZ): How It Makes Money
ShenZhen Properties & Resources Development Ltd. (000011.SZ) generates revenue and profit primarily through property development, sales and leasing of commercial and residential assets, and integrated property services backed by state-affiliated resources. Its market position as of December 12, 2025 - stock price 8.96 CNY and market capitalization 4.93 billion CNY - reflects a mid-cap developer with steady operational focus in Shenzhen's robust property market.- Core revenue streams: residential development sales, commercial property leasing, and property management/service fees.
- Ancillary income: land transfers, joint-venture project development fees, and asset disposals.
- Financial characteristics: relatively modest net income but improving margins driven by targeted high-quality projects.
| Metric | Value (H1 2025 / as of 2025-12-12) |
|---|---|
| Stock price | 8.96 CNY |
| Market capitalization | 4.93 billion CNY |
| Net income (H1 2025) | ≈ 14-15 million CNY |
| YoY net income growth (H1 2025) | +51.97% to +62.82% |
| Primary market | Shenzhen - high urbanization, population growth |
| Strategic focus | High-quality development, integrated services, state-backed resources |
- Competitive advantages: local market knowledge, state-backed relationships, and emphasis on quality projects that command premium pricing or stable rents.
- Operational levers: accelerate presales of new residential/commercial launches, expand property management penetration for recurring revenue, selectively monetize non-core assets.
- Risks to monitor: land cost volatility, regulatory policy shifts in China's property sector, and liquidity/financing conditions.
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