China Resources Land's first month of the new year: sales exceeding 10 billion, average price surpassing 30,000, acquired two land parcels

Viewpoint Network February 12 — China Resources Land released one month of unaudited operational data as of January 31, 2026.

In the first month of 2026, China Resources Land and its subsidiaries achieved a total contracted sales amount of approximately 11.65 billion yuan, with a total contracted sales construction area of about 368,000 square meters.

Compared to the same period in 2025, the two data points showed a clear divergence. Contracted sales amount increased slightly by 0.4% year-on-year, remaining basically flat, while contracted sales area decreased by 24.6% year-on-year.

This stable price but shrinking volume performance seems inconsistent with the current market trend of “stable volume, falling prices” or “declining both volume and price.”

From a macro perspective, according to data released by the National Bureau of Statistics, in 2025, the national new commercial housing sales area was 88.101 million square meters, down 8.7%, with residential sales area down 9.2%. The sales amount of new commercial housing was 8.3937 trillion yuan, down 12.6%, with residential sales amount down 13.0%.

Although the annual sales area of commercial housing continued to decline, the decline was significantly narrower than before. However, the decline in sales amount was much greater than the decline in sales area, indicating that the overall transaction average price is still on a downward trend.

This performance is actually related to most real estate companies adopting a “price-for-volume” strategy. Facing liquidity pressures and repayment needs, many companies accelerate project sales through price reductions, sacrificing short-term profits to ensure cash flow safety.

Meanwhile, as market confidence gradually recovers and homebuyers’ demand for “good houses” increases, some developers are attempting to adjust product strategies, focusing on high-tier cities and promoting improved products. These products not only meet mainstream demand but also enhance premium pricing capabilities.

Clearly, China Resources Land belongs to the latter. According to statistics, since 2022, China Resources Land’s average sales price has remained above 20,000 yuan per square meter, with figures of approximately 19,000 yuan/m² in 2021, 21,000 yuan/m² in 2022, 23,500 yuan/m² in 2023, and 23,000 yuan/m² in 2024.

In 2025, China Resources Land’s total contracted sales amount was about 233.6 billion yuan, with a total contracted sales area of approximately 9.224 million square meters, down 10.5% and 18.6% respectively from the previous year. However, the average contracted sales price further increased to about 25,000 yuan/m².

Under the overall industry pressure, compared to the “volume-driven” strategy, China Resources Land chose the “price preservation” route. By January 2026, the average sales price had risen further to about 31,700 yuan/m², significantly above the industry average.

Of course, this also relates to the project launch rhythm. For example, in early December 2025, China Resources Land’s Runyuan Project in Beijing officially opened, with an average transaction price of over 90,000 yuan per square meter. In the opening month, it achieved top rankings in Beijing for residential and villa online signings in terms of area, units, and transaction amount. In the first half of January 2026, it again topped Beijing’s overall residential online signing transaction value.

The Shanghai market also contributed significantly—on December 26, China Resources Land’s Yunqi Binjiang Project in Shanghai launched its second batch, offering a total of 225 units with an average price close to 140,000 yuan/m². The third batch of units, with 27 additional units, was launched at the end of January, with the average price rising further to 158,800 yuan/m², and buyer interest remained high.

Clearly, just these two high-priced projects are enough to boost China Resources Land’s average sales price performance. Whether prices can be maintained depends on product structure, project launch rhythm, and market acceptance.

According to incomplete statistics, China Resources Land added a total of 33 new projects in 2025, with rights land acquisition costs exceeding 68 billion yuan. Both in quantity and amount, there was a significant increase compared to 2024.

In January 2025 alone, China Resources Land’s expenditure on land rights amounted to 9.35 billion yuan, nearly three times that of the previous year (2024).

In the same period this year, China Resources Land only acquired two new projects in Qingdao and Taiyuan, with a total rights consideration of 1.731 billion yuan, a substantial reduction. However, both projects have certain scarcity and strategic significance.

For example, the Qingdao site is located in the core old city of Shinan District, with extremely limited land supply. The land parcel acquired by China Resources Land is nearly the largest residential land in Shinan District since 2011, possessing irreplaceable location value.

Moreover, since 2024, only two residential land parcels have been sold in Shinan District, with land supply nearly “dried up.” In this context, new housing supply within the district is particularly scarce. This acquisition not only secures a core area resource but also suggests the potential to leverage product strength to gain an advantage in Qingdao’s high-end upgrade market.

The Taiyuan site was sold on January 30. Public information shows it belongs to the Yangjiabao South District urban renewal project (plots 9 and 10), designated for residential and commercial service use, with residential share area of 29,382.14 square meters and commercial share area of 2,211.56 square meters. The project is adjacent to the Fen River, offering a prime river view, and will be developed into a high-end riverside residential area with distinctive commercial formats.

In addition to development operations, the performance of recurring businesses also supported China Resources Land’s January results.

The announcement shows that in January 2026, China Resources Land’s recurring income was about 4.51 billion yuan, an increase of 8.7% year-on-year, including rental income from operating real estate of about 3.11 billion yuan, up 13.7%.

Since being separately reported in 2023, recurring income has maintained growth, continuously increasing its share in China Resources Land’s revenue structure and its contribution to profit.

Data indicates that in 2025, China Resources Land’s total recurring income reached approximately 51.15 billion yuan, up 6.5% year-on-year, with rental income from operating real estate about 32.94 billion yuan, up 12.8%.

In fact, this marks the first time that China Resources Land’s recurring business income has exceeded 50 billion yuan.

At the start of the “14th Five-Year Plan” and at a new milestone for recurring business income, China Resources Land has initiated organizational reforms, launching a profound adjustment.

It is reported that China Resources Land has recently clarified a “three-growth-curve” business model, including development and sales, operating income from rental of real estate, and light-asset management and fee-based services, and has further flattened its organization by reducing regional companies from 20 to 18.

In this transformation, the role of real estate development as a ballast has been reaffirmed, with operating real estate becoming a stable performance pillar and growth engine. Light-asset management businesses, including commercial management, property management, long-term rental apartments, and cultural and sports operations, are expected to be future growth drivers.

Disclaimer: The content and data in this article are compiled by viewpoints based on publicly available information and do not constitute investment advice. Please verify before use.