CHINA RES LAND(01109) 每日经济新闻·2025-03-28 07:44Core Insights - China Resources Land has demonstrated strong resilience in a challenging real estate market, achieving a revenue of 278.8 billion yuan in 2024, a year-on-year increase of 11% [1] - The company has adopted a "3+1" integrated business model, which includes development sales, operating real estate, light asset management, and ecosystem business, positioning itself as a "city investment and development operator" [1][2] - The company's strategic focus has allowed it to maintain a top-three position in the industry for development sales and achieve significant growth in its commercial REITs [1][2] Business Model and Performance - The "3+1" business model has proven effective in enhancing the company's anti-cyclical capabilities, with development sales achieving record-high rankings and customer satisfaction exceeding industry averages by 15 percentage points [2] - The operating real estate segment generated a retail revenue of 195.3 billion yuan, with 16 new shopping centers opened in 2024 and an average opening rate exceeding 95% [2][8] - The light asset management business has gained recognition in the market, providing comprehensive services from project planning to property management, further enhancing the company's brand influence [4][9] Ecosystem and Growth - The ecosystem business has shown significant growth, with revenues from various segments including city construction, rental housing, and cultural and sports venue operations contributing to a total of 6.22 billion yuan in 2024 [5] - The rental housing segment has addressed urban housing issues by providing high-quality rental options, while the city construction business has supported government and enterprise projects [5] - The cultural and sports business has actively promoted urban cultural and sports development, hosting various large-scale events [5] Asset Management Transformation - The successful transformation in asset management has created a multiplier effect, with the commercial REITs launched in March 2024 achieving an EBITDA of 351 million yuan and a budget completion rate of 112% [6][7] - The operating efficiency of the operating real estate business has steadily improved, contributing to a stable cash flow for the company [8] - The establishment of multiple REIT platforms has allowed the company to convert long-term assets into tradable financial products, maximizing asset value [9][10]