Shui On Land Limited (0272.HK) Bundle
From its founding in 2004 as the flagship real estate arm of the Shui On Group to its 2006 Hong Kong listing (0272.HK) and landmark 2014 completion of Shanghai Xintiandi, Shui On Land has built a distinct urban-regeneration niche-boasting a land bank of 7.8 million sqm across key Chinese cities as of June 30, 2025, and flagship lifestyle brands Xintiandi and Lakeville; milestones include a 2018 50% stake in Dalian Tiandi, a 2020 Lakeville VI launch 3.6x oversubscribed with all 108 units sold and contracted sales of RMB11,979 million, a 2025 joint venture with Tian An (15% interest in a Shanghai project), and a 20th-anniversary presence in Wuhan the same year-financially the group reported 2025 revenue of RMB8.17 billion (down 16.19% from RMB9.75 billion), contracted H1 2025 sales of RMB3,473 million (residential RMB3,290m; commercial RMB183m), rental income of RMB1,781 million (+1% YoY), alongside a net gearing ratio of 51% and a 9% reduction in net debt to just over RMB20.2 billion, while governance and sustainability credentials include Chairman Vincent Lo and CEO Jessica Ying Wang on the board, inclusion in the Bloomberg Gender-Equality Index (2022) and SBTi approval of 1.5°C-aligned targets (2024).
Shui On Land Limited (0272.HK): Intro
Shui On Land Limited (0272.HK) is the flagship property company of the Hong Kong-based Shui On Group, established in 2004 to focus on large-scale city‑core redevelopment and integrated residential and mixed‑use projects across major Chinese cities. It was listed on the Hong Kong Stock Exchange in 2006 and has developed a portfolio of flagship urban regeneration projects and high-end residential brands.- Founded: 2004 as Shui On Group's mainland property arm
- IPO: Listed on the Hong Kong Stock Exchange in 2006
- Core focus: City‑core redevelopment, integrated residential, commercial and cultural precincts
- Major shareholder / sponsor: Shui On Group (founder-led group)
| Year | Milestone | Key figures / notes |
|---|---|---|
| 2004 | Establishment | Founded as flagship property company of Shui On Group |
| 2006 | Hong Kong listing | Listed on HKEX (stock code: 0272.HK) |
| 2014 | Shanghai Xintiandi completion | Flagship city‑core redevelopment completed |
| 2018 | Dalian Tiandi acquisition | Acquired 50% stake in Dalian Tiandi project |
| 2020 | Lakeville VI launch (Shanghai) | 108 units launched; 3.6x oversubscribed; total contracted sales RMB11,979 million |
| 2025 | 20th anniversary in Wuhan | Celebrated two decades of regional urban development |
- Parent / sponsor: Shui On Group (founding family and related entities hold controlling interests)
- Board & management: professional property development and asset‑management executive team (public company reporting, HKEX governance)
- Mission: urban regeneration and creation of high‑quality, people‑centric city cores and integrated communities
- Strategic emphasis: heritage‑sensitive redevelopment, mixed‑use placemaking, long‑term asset value and urban culture
- Reference: Mission Statement, Vision, & Core Values (2026) of Shui On Land Limited.
- Land acquisition and development: acquire land/use rights (including city‑core redevelopment), masterplan, construction and phased sales/leasing
- Mixed‑use development: integrate residential, retail, office, hospitality and cultural components to capture multiple income streams
- Branded residential projects: premium residential launches (e.g., Lakeville series) drive high‑margin presales and contracted sales
- Asset management & recurring income: operation and leasing of retail and office assets to generate rental income and long‑term asset appreciation
- Joint ventures & project sales: partner equity (e.g., 50% stake in Dalian Tiandi) and occasional disposal of non‑core assets to recycle capital
- Property sales: pre‑sales and contracted sales of residential units and commercial plots (major near‑term revenue contributor)
- Rental income: leasing of retail, office and hotel components in integrated developments (longer‑term recurring revenue)
- Property management and services: fees from management of assets and facilities
- Joint venture earnings and investment returns: shared profits from JV projects and strategic equity investments
- Project development fees and disposals: one‑off gains from project sales or asset disposals
- Shanghai Xintiandi: large‑scale city‑core redevelopment completed 2014 - flagship example of urban regeneration model
- Lakeville VI (Shanghai, 2020): 108 units sold on launch day; 3.6x oversubscribed; contracted sales RMB11,979 million
- Dalian Tiandi (2018): strategic 50% stake to strengthen presence in northeastern China
| Item | Figure |
|---|---|
| Lakeville VI contracted sales (2020) | RMB11,979 million |
| Lakeville VI units sold at launch | 108 units (3.6× oversubscribed) |
| Established | 2004 |
| HKEX listing | 2006 (0272.HK) |
- Market cyclicality: residential sales volumes and prices sensitive to macro and regulatory conditions in China
- Execution risk: large‑scale, multi‑phase city‑core projects require long development cycles and significant capital
- Capital allocation: balancing presales, JV capital structures and retention of recurring income assets
Shui On Land Limited (0272.HK): History
Shui On Land Limited (0272.HK) is the flagship property arm of the Hong Kong-based Shui On Group, publicly listed on the Hong Kong Stock Exchange and serving a mixed base of institutional and retail investors. Founded to develop and manage large-scale urban redevelopment and mixed-use projects, the company has grown into one of China's notable private real-estate developers with a strong commercial property management platform.- Public listing: Hong Kong Stock Exchange - stock code 0272.HK.
- Parent group: Flagship property arm of Shui On Group (conglomerate activities include real estate and construction).
- Land bank (as of June 30, 2025): 7.8 million square meters in prime locations across key Chinese cities.
- Wholly owned subsidiary: Shui On Xintiandi - property investment & management arm; among the largest private commercial property managers in Shanghai.
- Strategic partnership (2025): Joint venture with Tian An China Investments Limited acquiring a 15% interest in a major Shanghai project.
- Leadership: Chairman Vincent Lo; CEO Jessica Ying Wang.
| Attribute | Detail |
|---|---|
| HKEX code | 0272.HK |
| Land bank (30 Jun 2025) | 7.8 million sqm |
| Key subsidiary | Shui On Xintiandi (wholly owned) |
| Notable 2025 JV | 15% interest with Tian An China Investments Limited (Shanghai project) |
| Primary leadership | Vincent Lo (Chairman), Jessica Ying Wang (CEO) |
- Property development: Residential and mixed‑use project sales (landed and high‑rise developments) - primary cash flow driver during project delivery phases.
- Investment properties: Rental income from owned commercial assets, including office, retail and serviced components managed by Shui On Xintiandi.
- Property management & services: Fees and management income from large-scale commercial precincts (retail leasing, facilities management).
- Joint ventures & disposals: Strategic JV stakes (e.g., 2025 Tian An JV 15% stake) and selective asset disposals to recycle capital and realize gains.
- Capital recycling & financing: Use of JV partnerships, presales, and syndicated financing to fund new land acquisition and development while managing leverage.
Shui On Land Limited (0272.HK): Ownership Structure
Shui On Land Limited (0272.HK) is a Hong Kong-listed property developer focused on urban regeneration and lifestyle real estate under brands such as Xintiandi and Lakeville. Its ownership and governance reflect a combination of a controlling parent group, institutional investors and public shareholders.- Founded: 2004; Hong Kong listing (IPO): 2006 (Stock code: 0272.HK).
- Parent / controlling interest: Shui On Group (founding family led by Vincent Lo) - holds the controlling stake through related holding vehicles.
- Public float: shares listed on the Hong Kong Stock Exchange and held by institutional and retail investors globally.
- Management & insiders: executive team and directors retain board-level influence and equity exposure consistent with a family-controlled listed group.
| Item | Detail / Year |
|---|---|
| Company established | 2004 |
| Hong Kong IPO | 2006 (0272.HK) |
| Flagship project launch (Shanghai Xintiandi) | Late 1990s (pioneering urban regeneration model) |
| Brands | Xintiandi (mixed-use, urban regeneration); Lakeville (residential) |
| ESG / sustainability milestones | Bloomberg Gender-Equality Index (2022); Business With Purpose pledge joined (2023); SBTi 1.5°C targets approved (2024) |
| New brand initiative | New Xintiandi community brand unveiled (2025) |
- Urban regeneration - adaptive reuse and conservation to revive historic urban fabric.
- Cultural rejuvenation - creating culturally activated mixed‑use districts that promote social engagement.
- Sustainability - setting science-based emissions targets and embedding ESG across development and operations.
- Community-focused design - combining retail, office, residential and public realm to foster live-work-play neighborhoods.
- 2022: Included in the Bloomberg Gender-Equality Index, recognizing transparency and progress on gender metrics.
- 2023: Joined the 'Business With Purpose 2022' pledge - aligning business strategy with sustainable development outcomes.
- 2024: Received SBTi approval for 1.5°C-aligned Science Based Targets, formalizing short/medium-term emissions reduction pathways.
- 2025: Launched the refreshed 'Xintiandi' community brand to intensify community engagement and urban-lifestyle positioning.
- Land development & property sales - acquire or JV on strategic urban plots, develop residential (Lakeville) and sell units to realize development profits.
- Mixed‑use asset leasing - operate and lease retail, office and F&B spaces within Xintiandi districts to generate recurring rental income and management fees.
- Asset management & operation - ongoing property management, branded services and event activation that sustain footfall, rents and valuation.
- Value creation via regeneration - restoring historic blocks and curating tenant mixes that premiumize rents and capital values over time.
Shui On Land Limited (0272.HK): Mission and Values
Shui On Land Limited (0272.HK) is a Shanghai-based developer focused on large-scale urban regeneration projects that blend commercial, residential and cultural uses. The group structures its operations around two core segments - property development and property investment & management - and emphasizes placemaking, sustainability and community-driven design through its flagship brands.- Core business segments: Property Development; Property Investment & Management (including leasing and asset management).
- Specialization: Urban regeneration projects and mixed-use communities that prioritize culture, social engagement and environmental sustainability.
- Flagship brands: Xintiandi (urban mixed-use districts) and Lakeville (premium residential developments).
- Development sales - primary revenue source from presales and handover of residential and commercial units in masterplanned projects.
- Investment properties - recurring rental income from retail, office and hotel assets operated directly or via subsidiaries.
- Property management and asset services - fees and service income from managing retail/office portfolios, led by wholly owned subsidiary Shui On Xintiandi.
- Joint ventures and strategic partnerships - co-investment returns, equity JV distributions and project-level profit sharing (e.g., 2025 JV with Tian An China Investments Limited acquiring a 15% interest in a major Shanghai project).
- Value-addeservices - cultural programming, F&B leasing and community activation to uplift asset yields and occupancy.
| Metric | Value / Description |
|---|---|
| Net gearing ratio (as of 30 Jun 2025) | 51% |
| Net debt (post 9% reduction) | Over RMB 20.2 billion |
| 2025 strategic JV | 15% interest acquired with Tian An China Investments Limited (Shanghai project) |
| Wholly owned property manager | Shui On Xintiandi - manages Shanghai Xintiandi and other office & retail premises; among the largest private commercial property managers in Shanghai |
| Primary brands | Xintiandi (commercial & cultural districts); Lakeville (premium residential) |
| Business focus | Large-scale mixed-use urban regeneration, sustainability, community engagement |
- Project lifecycle: Land acquisition/joint development → masterplanning & placemaking → phased construction and presales → handover; retained asset operation for recurring cashflow.
- Asset management: Shui On Xintiandi operates leasing, tenant mix and cultural programming to sustain high footfall and rental premiums, particularly at Shanghai Xintiandi.
- Partnership strategy: Selective JVs (e.g., 2025 Tian An JV) to de-risk capital exposure while capturing development upside and recurring income streams.
- Mission: Deliver best-in-class lifestyle communities that redefine urban living through culture, sustainability and social engagement.
- Values: Placemaking excellence, long-term stewardship, financial prudence and stakeholder-centered development.
Shui On Land Limited (0272.HK): How It Works
Shui On Land Limited (0272.HK) operates as an integrated urban property developer and asset manager focused on large-scale, mixed-use redevelopment and new urban districts. Its model combines property development (residential and commercial), property investment and management, brand-led urban retail/office operations, and strategic landbanking to generate cashflow, recurring income and capital gains.- Core revenue streams: residential property development (for sale), commercial property sales, and rental & property management income from investment properties and retail/office operations.
- Value drivers: master-planned townships (notably Xintiandi projects), landmark residential brands (Lakeville), and commercial leasing via Shui On Xintiandi.
- Business model mechanics: acquire/assemble land → master-plan mixed-use developments → sell residential/commercial units → retain and operate core retail/office assets for recurring rental income and asset appreciation.
| Metric | Amount (RMB) | Period |
|---|---|---|
| Contracted property sales (total) | 3,473,000,000 | H1 2025 |
| - Residential contracted sales | 3,290,000,000 | H1 2025 |
| - Commercial contracted sales | 183,000,000 | H1 2025 |
| Total revenue (full year) | 8,170,000,000 | 2025 |
| Total revenue (prior year) | 9,750,000,000 | 2024 |
| Rental & related income (incl. JVs/associates) | 1,781,000,000 | H1 2025 |
- Property development sales: primary source of cash - pre-sales and contracted sales of residential units (Lakeville, other projects) drive short- to medium-term revenue recognition.
- Commercial property sales: selective monetization of office/retail units contributes to lump-sum revenue during project handovers.
- Property investment & management: long-term recurring income from rental, service charges and asset management of retained commercial properties, hotels and Xintiandi retail/office precincts; rental & related income rose 1% YoY to RMB1,781 million in H1 2025.
- Joint ventures and associates: co-invested developments and managed assets provide proportional share of profit and stable cashflow without full capital outlay.
- Flagship operations: Shui On Xintiandi (wholly owned) operates Shanghai Xintiandi and other managed retail/office assets, underpinning brand premium and steady leasing income.
- 2025 performance: revenue of RMB8.17 billion, down 16.19% from RMB9.75 billion in 2024, reflecting sector-wide market pressures and a moderation in property sales recognition.
- Sales mix in H1 2025 favored residential: RMB3.29 billion residential vs RMB0.183 billion commercial contracted sales.
- Resilience of commercial portfolio: despite reduced development revenue, rental and related income growth (1% YoY) demonstrates defensive cashflow from core Xintiandi retail/office assets.
- Xintiandi: lifestyle retail and premium office precincts - drives higher rental rates, footfall for retail tenants, event-driven leasing, and branded property management fees via Shui On Xintiandi.
- Lakeville: premium residential brand - supports higher ASPs (average selling prices) and pre-sale velocity in targeted urban districts.
- Master-planning: integrated developments create cross-subsidy opportunities (sell residential to finance retail/office holdings) and enhance long-term asset values.
Shui On Land Limited (0272.HK): How It Makes Money
History & Ownership- Founded as part of the Shui On Group, Shui On Land focuses on urban regeneration and mixed‑use community development across China.
- Operates through two core segments: property development; and property investment & management (via wholly owned Shui On Xintiandi).
- In 2025 the company celebrated its 20th anniversary of development activities in Wuhan, underscoring long‑term regional commitment.
- Mission: deliver best‑in‑class lifestyle properties and urban solutions emphasizing culture, social engagement and sustainability.
- Key consumer brands: Xintiandi (commercial/community hubs) and Lakeville (residential/serviced living), aimed at redefining urban living and enhancing community engagement.
- Property development: land acquisition, master‑planning, design, construction and sale of residential and mixed‑use projects (primary cash generation via unit presales and completions).
- Property investment & management: ownership and operation of retail, office and serviced residences; recurring income from rentals, property management fees and asset management services (managed by Shui On Xintiandi).
- Urban regeneration projects: value creation through repositioning existing urban sites into higher‑value mixed‑use communities, unlocking asset appreciation and recurring operating revenue.
- Position: leading urban solutions provider in China with a portfolio concentrated in top‑tier and major regional cities; Shui On Xintiandi is one of the largest private commercial property managers in Shanghai.
- Competitive edge: integrated model (development + long‑term asset operation), strong branding (Xintiandi/Lakeville), and expertise in placemaking and cultural programming.
- Outlook: focus on sustainable, community‑centric projects and stabilizing recurring income through investment properties to improve earnings resilience.
| Metric | Value / Note |
|---|---|
| Net gearing ratio (Jun 30, 2025) | 51% |
| Net debt (post 9% reduction) | Over RMB 20.2 billion |
| Primary business segments | Property development; Property investment & management |
| Major operating subsidiary | Shui On Xintiandi - wholly owned; large private commercial property manager in Shanghai |
| Anniversary | 20th anniversary in Wuhan (2025) |
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