Xin Jing Bao·2026-01-05 14:08Core Viewpoint - In 2025, Kerry Properties, owned by Malaysian billionaire Kuok Khoon Hong, achieved a remarkable sales performance in the Chinese real estate market, with a sales increase of 1646.5% year-on-year, primarily driven by the success of its luxury residential project, Jinling Huating, in Shanghai [1][4]. Group 1: Sales Performance - Kerry Properties recorded a sales revenue of 22.787 billion yuan in mainland China for 2025, with approximately 22 billion yuan attributed to the Jinling Huating project [4]. - The sales figures for Jinling Huating include over 9.234 billion yuan from the first phase, 9.8 billion yuan from the second phase, and an expected 3 billion yuan from the third phase [3][4]. - The sales performance of Jinling Huating significantly contributed to Kerry Properties becoming the top-performing company in terms of sales growth among the top 100 real estate firms in China [1][4]. Group 2: Project Details - The Jinling Huating project, located in the Huangpu district of Shanghai, involved a total land acquisition cost of 22.1 billion yuan for multiple plots, with a total development area of 655,000 square meters [3][5]. - The project is characterized by high-end residential offerings, with average prices reaching 189,000 yuan per square meter for the first phase and 205,000 yuan per square meter for the second phase [3][4]. Group 3: Financial Performance - Despite the surge in sales, Kerry Properties faced a decline in profitability, with a 30% drop in basic profit and a 22% decrease in net profit for the first half of 2025 compared to the previous year [8]. - The company's gross profit margin fell from 45% in 2024 to 27% in 2025, attributed to rising costs and reduced rental income [8]. - The financial results indicate a situation of "increased revenue without increased profit," highlighting challenges in other city projects outside Shanghai [8][9]. Group 4: Market Outlook - The company remains optimistic about the long-term economic prospects in Hong Kong and mainland China, despite facing significant short-term challenges in the real estate market [9]. - Kerry Properties is focusing on maintaining stability and resilience amid the ongoing fluctuations in the housing market and declining commercial property rental prices [9].