Annual report of housing enterprises: the key is to fight for scale expansion and no longer lower the "file" to seek stability

According to industry insiders, under the pressure of the new "three red lines" of the industry, the pressure on housing enterprises to control debt and reduce leverage will increase, and the performance targets of large housing enterprises will be more cautious. It is normal for the growth rate of large housing enterprises to slow down.

The net profit rate drops sharply without increasing income.

Straight flush data shows that as of March 30th, 35 real estate enterprises in Shen Yin have published their 2020 annual reports under the international industry classification. The total operating income of 35 real estate enterprises in 2020 reached101989.3 billion yuan, an increase of 20.85% compared with 20 19; The net profit totaled 98.403 billion yuan, down 6.3 1% compared with 20 105038 million yuan in 2009. From the perspective of net profit rate, 25 of the 35 housing enterprises declined, accounting for 7 1.4%.

Specifically, the business income of China Merchants Shekou in 2020 was129.62 billion yuan, an increase of 32.75438+0% compared with 20 19; However, the net profit attributable to shareholders of listed companies was 65.438+02.253 billion yuan, down 23.58% from 2065.438+09. Cinda Real Estate achieved an operating income of 25.864 billion yuan in 2020, a year-on-year increase of 32.79%; The net profit was 65.438+0.744 billion yuan, a year-on-year decrease of 365.438+0.77%; The net profit attributable to the parent company was 65.438+50.2 billion yuan, down 35. 12% year-on-year.

Regarding the decline in profits, China Merchants Shekou said that the scale of the company has expanded, and the scale of carry-over income from real estate projects has increased accordingly during the reporting period. However, due to the decline of industry profit rate and the different types of products carried forward by real estate business, the gross profit margin of real estate business decreased compared with the previous year.

Joy City's net profit loss. Joy City's revenue in 2020 was 38.445 billion yuan, an increase of 65.438+03.76% compared with 2065.438+09. However, the net profit attributable to shareholders of listed companies was 387 million yuan, which was significantly lower than 20 19118.88%; The non-net profit loss attributable to shareholders of listed companies was 50,654.38 billion yuan, down 65,438+040.72% year-on-year.

Joy City said that the decrease in net profit attributable to the parent company was due to the increase in the proportion of low-margin projects in this year's settlement projects, and the gross profit margin of commercial housing sales decreased by about 65,438+00 percentage points compared with 38% in 2065,438+09; On the other hand, affected by macro-control and epidemic situation, the sales prices of some projects under construction and on sale failed to meet expectations, and the cost of individual projects increased due to the delay of epidemic situation, so the company made provision for impairment of corresponding assets.

In 2020, Rong 'an Real Estate achieved an operating income of1/kloc-0+78 million yuan, an increase of 67.77% compared with 20 19, but the profit did not increase. The data shows that the net profit attributable to the parent company in 2020 is 654.38+74.2 million yuan, which is 7.75% lower than the 654.38+88.9 million yuan in 2065.438+09.

Strict supervision and reduction of leverage ratio have become "mandatory options"

The influence of the "three red lines" policy is deepening. Relevant reports issued by China Real Estate Association and Shanghai Yiju Real Estate Research Institute show that the average asset-liability ratio of the top 500 real estate enterprises in 2020 was 78.77%, down 0.89 percentage points year-on-year, the first decline since 20 12 years; The average net debt ratio was 85.08%, which was 1 1.62 percentage points lower than that in 20 19 years.

In August, 2020, the Ministry of Housing and Urban-Rural Development and the Central Bank jointly held a forum for real estate enterprises, and set "three red lines" for the interest-bearing liabilities of 12 pilot real estate enterprises, including the asset-liability ratio after excluding the advance payment is greater than 70%, the net debt ratio is greater than 100%, and the short-term cash debt ratio is less than 1 times. According to the "three red lines", real estate enterprises are divided into four grades: red, orange, yellow and green, and the growth threshold of interest-bearing liabilities is set at each grade. The annual growth rates of interest-bearing liabilities of the four grades will be set at 0%, 5%, 10% and 15% respectively.

In addition, in addition to China Merchants Shekou, OCT, Ruian Real Estate, Jin Lu, Hesheng Chuangzhan, SOHO China, Joy City, Longhu, Cinda Real Estate, China Shipping Real Estate and China Resources Land, Yuexiu Real Estate, Hui Jin Holdings, China Jinmao, Ocean Shipping Group, Minmetals Real Estate, Longguang Real Estate, Jianfa International, Faming Group, Hongyang Real Estate, China Resources Land and so on.

Not all housing enterprises have achieved downshifting. At present, China, Midea Real Estate, Xuhui, Fantasia, Zheng Rong Real Estate, Xincheng Holdings, Shangjia Group, Yuzhou Group, Xinli Holdings, China Aoyuan, etc. have maintained the yellow file, while Capital Property has maintained the orange file, while R&F Property and Sunshine 100 China are still in the red file.

Relevant persons of Ocean Shipping Group said that the introduction of the "three red lines" policy will profoundly affect the development trend of the industry and the competitive strategy of housing enterprises. In the medium and long term, the industry will still face a series of tests. Although the market scale has a certain growth space, the industry will enter a slow growth cycle, from high-speed growth driven by financial leverage to stable, balanced and high-quality growth. Under the clear trend of accelerating industry concentration and decreasing phased profits, housing enterprises with abundant cash and stable finances will gain more high-quality market resources and development opportunities, and the advantages of housing enterprises that pay attention to their endogenous strength, operate steadily and create the ultimate products and services will be further highlighted.

From the perspective of R&F real estate, in 2020, the company will increase liquidity to accelerate deleveraging. Although the net debt ratio decreased by 68.7 percentage points year-on-year, the net debt ratio was still as high as 65,438+030.2%. Li Silian, Chairman of R&F Real Estate, said that the Group will continue to seek partners for investment or cooperation to reduce project risks, further reduce the total debt level and improve the capital situation.

"In the next step, Capital Land will continue to control liabilities, reduce leverage and ensure stable cash flow." Fan Shubin, vice president and chief financial officer of Capital Real Estate, said that in the long run, the "three red lines" have a positive effect on the real estate industry and housing enterprises, which is conducive to housing enterprises paying more attention to improving their ability to resist risks, optimizing their asset structure and achieving healthy and sustainable development.

Fan Shubin said that Capital Land has launched a debt reduction plan to reduce the leverage level and strictly control the debt scale. In the future, the company will continue to improve the "three red lines" indicators and strive to meet the standards as soon as possible.

The advantages of centralized land supply and landing funds are the key.

In February this year, the Ministry of Natural Resources issued a document to implement two centralized land supply policies for key cities, namely, issuing centralized transfer announcements and organizing centralized transfer activities. In principle, the announcement shall not exceed three times a year. According to industry insiders, the above-mentioned key cities cover four major first-tier cities and 18 hot-spot second-and third-tier cities, including Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Chongqing, Nanjing, Hangzhou, Xiamen, Hefei, Jinan, Wuhan, Chengdu, Fuzhou, Zhengzhou, Wuxi, Suzhou, Shenyang, Changchun, Ningbo, Qingdao and Changsha.

Subsequently, Qingdao, Zhengzhou and other places issued documents to confirm the details of the policy, and Tianjin, Changchun, Fuzhou, Nanjing and other cities made clear the specific time of three centralized listings during the year. On March 15, Changchun was listed for sale for 5 1 the first batch of commercial land with a total area of 4 million square meters.

Liu Shui, deputy director of the Research Department of the Enterprise Division of the Central Reference Institute, said that the above 22 key cities are all core first-and second-tier cities, which are the most developed areas in China with the most attractive industrial structure and population size, and the housing demand is strong. According to statistics, in 2020, the sales of commercial housing in 22 cities accounted for 39.9% of the national sales of commercial housing, and the leasing of residential land in 22 cities accounted for 37% of the national leasing of residential land, accounting for nearly 40%.

Liu Shui said that from the previous data, in 2020, the amount of land acquired by 22 cities/top 30 enterprises in KLOC-0/00 accounted for 56.5% of the total land acquired by enterprises. Among the 22 key cities, Hangzhou, Beijing, Suzhou, Guangzhou, Shanghai and other cities are favored by TOP30 housing enterprises.

Wang Haiyang, vice president of Agile Group, said that the centralized land supply policy is one of the long-term mechanisms for real estate regulation in China. Agile will strengthen the analysis of the market, plan the urban investment layout and take the local direction in advance, so as to invest more high-quality land.

Xu Shitan, vice chairman and president of Shimao Group's board of directors, said that the three-time centralized land supply policy in 22 cities is an important measure to stabilize land prices and housing prices, and enterprises can obtain more high-quality projects at stable and reasonable land prices.

Liu Shui said that the centralized land supply policy has increased the short-term financial pressure on enterprises, and enterprises need to scientifically judge the urban development trend and plate value when they are faced with a large amount of land supply at one time.

Yu Liang, Chairman of Vanke's Board of Directors, said that the biggest change of the "two concentrations" and "three red lines" policy to the industry is that the trend of housing returning to residential property and real estate returning to industrial property is very clear.

According to the report of CRIC Research Center, under the long-term mechanism of "housing and not speculating", the development direction of the real estate industry has been made clear, and it is expected that it will enter an era of no growth in the future. From the perspective of corporate performance expectations, the sales targets of real estate enterprises have been generally cautious since 20 18, and the target growth rate has declined. The industry average target growth rate has dropped from 4 1% in 20 18 to 12% in 2020.

On the whole, under the pressure of the new "three red lines" of the industry, the pressure on housing enterprises to control debt and reduce leverage will increase, the performance targets of large housing enterprises will be more cautious, and the overall target growth rate will tend to be stable. It is expected that with the reduction of investment and scale expansion kinetic energy of real estate enterprises, the slowdown in the growth rate of large-scale real estate enterprises will become the norm.

Shimao Group: Continue to deepen Greater Bay Area's target of 330 billion yuan.

On March 30th, Shimao Group released its performance report for 2020, and achieved revenue of 654.38+035.35 billion yuan in 2020, a year-on-year increase of 2654.38+0.4%. During the period, the gross profit was 39.67 billion yuan, a year-on-year increase of 65,438+06.2%, and the gross profit rate was 29.3%. The profit from core business was RMB 65,438+0,965,438+0.4 billion, a year-on-year increase of 24.9%.

Xu Shitan, vice chairman and president of Shimao Group, said that in 20021year, Shimao's saleable resources exceeded 550 billion yuan, and its sales target was 330 billion yuan, with the expected growth rate exceeding 10%.

Sales exceeded expectations, and land was purchased cautiously.

In 2020, the annual contracted sales of Shimao Group reached 300.3 billion yuan, up by15.5% year-on-year; Accumulated contracted sales area17126,000 square meters, up 16.8% year-on-year. It is worth mentioning that the overall turnover rate of saleable value reached 63% during the period, achieving high-quality growth for four consecutive years.

In terms of land reserve, as of June 65438+February 3, 2020, the land reserve of Shimao Group was about 8 1.75 million square meters, of which 1.535 million square meters was added in 2020.

"Prudently replenish the high-quality land reserve." The relevant person in charge of Shimao Group said that Shimao Group pursues a prudent and active investment strategy in land acquisition. In the first half of 2020, affected by the epidemic, the land market transactions cooled down, and Shimao Group actively seized the opportunity to increase the land reserve by12.32 million square meters, accounting for 80% of the new land reserve in the whole year. With the epidemic under control, in the loose monetary environment, the land market will continue to heat up in the second half of 2020, and the land price will remain high. Shimao Group tends to be cautious in replenishing land reserves.

Up to now, Shimao Group has 434 projects distributed in more than 65,438+000 core cities in China. The value of land reserve reached 1.38 trillion yuan, a year-on-year increase of 6%, which can meet the development needs for more than three years. In the distribution of commodity value, the first and second lines account for 72%, and the third and fourth lines account for 18%. Specifically, the value of goods in Greater Bay Area is 395 billion yuan, that in the Yangtze River Delta is 345 billion yuan, that in North China is 250 billion yuan, and that in Fujian is 240 billion yuan. The soil storage is balanced in quality and strong in risk resistance.

Regarding the previous New Deal of centralized land supply in 22 cities, Xu Shitan said that in the context of the recovery of the real estate market, from the fourth quarter of 2020 to the first quarter of this year, the land prices in the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area increased significantly, and the competition for land acquisition was obvious. The policy of three centralized land supply in 22 cities is an important measure to stabilize land prices and housing prices, which will give more opportunities to housing enterprises with abundant funds, stability and many channels, and enterprises can obtain more high-quality projects at stable and reasonable land prices.

Tang Fei, executive director of Shimao Group and head of the financial management center, said that Shimao Group has long adhered to a sound financial policy and active cash flow management, with abundant funds. At the same time, Shimao Group explored the real estate fund model with a number of banks and financial institutions, and believed that Shimao Group had the advantage of land acquisition in the subsequent centralized land supply.

Join the "zero step line" to continuously optimize the capital structure.

With regard to the "three red lines" indicators proposed by the regulatory authorities, Shimao Group said that by the end of 2020, Shimao Group had fully met the requirements of the "three red lines" financial indicators and successfully reduced from "yellow file" to "green file".

Specifically, in 2020, the net debt ratio of Shimao Group was 50.3%, which was 7. 1 percentage point lower than 57.4% in 20 19. Excluding pre-sales, the asset-liability ratio was 68. 1%, down 2.5 percentage points year-on-year; The short-term cash debt ratio reaches 1. 16 times.

The report pointed out that Shimao Group actively optimized its capital structure, expanded its shareholder base and increased its rights and interests through timely and appropriate allotment of shares and independent listing of property management business. In addition, Shimao Group has a healthy debt structure, a high proportion of short-term debt covered by cash, and stable financing channels. The interest rate of domestic 5-year corporate bonds of Shimao Group is as low as 3.2%, and the interest rate of overseas 10-year US dollar senior notes is as low as 3.45%.

"The" three red lines "indicators have become the internal financial management indicators of the Group." Tang Fei said that Shimao Group has always adhered to a prudent financial policy and insisted on quality growth. In recent years, Shimao Group has launched a series of measures to control leverage, ensure income and increase repayment, and actively control the scale of debt ratio. At present, although Shimao Group has fallen to the "green file", it will still strictly control the debt scale, optimize the debt structure and reduce the financing cost in the future.

Tang Fei said that in 20021year, Shimao Group will continue to strengthen management and control by increasing sales, ensuring mortgage payment and promoting capital withdrawal, and at the same time rationally arrange investment plans and budgets to achieve positive operating cash flow.

Continue to cultivate Greater Bay Area.

The report pointed out that in order to prevent potential financial risks and promote the stable and healthy development of the real estate and financial markets, the regulatory authorities will still speed up the supervision of real estate finance and further tighten the credit of the real estate industry. At the same time, the main tone of "staying at home without speculation" remains unchanged. Under the goal of stabilizing land price, house price and expectation, it is expected that the regulation policy of the real estate market will continue, and the sales rhythm of commercial housing in China will slow down slightly. In addition, with the continuous promotion of new urbanization, the overall real estate market in first-and second-tier cities will remain stable, and the downward pressure on the real estate market in third-and fourth-tier cities will increase, and urban differentiation will become more obvious.

Based on the above reasons, Shimao Group will continue to cultivate key areas. Xu Shitan said that Greater Bay Area has become the largest land reserve area of Shimao Group, accounting for nearly 30% of all land reserves of Shimao Group. At the same time, Shimao Group's land reserves in Greater Bay Area are mostly high-energy reserves, of which nearly 60 billion yuan is located in Hong Kong, and there are also many projects in the core area of Guangzhou. Although some investment cycles are long, profits and prospects will be better.

China Jinmao: Core financial indicators achieve high growth.

China Jinmao recently released its 2020 annual performance report. In 2020, China Jinmao's operating income was about 60.054 billion yuan, a year-on-year increase of 39%; Realized profit121.1.400 million yuan.

Specifically, although hotel revenue declined due to the epidemic, real estate sales increased against the market. According to the annual report, in 2020, China Jinmao achieved a sales amount of 23 1 1 billion yuan, a year-on-year increase of 44%, which is the first time that China Jinmao's sales revenue exceeded 200 billion yuan. In terms of sales area, the contracted sales area of China Jinmao in 2020 is 65,438+065,438+029.1000 square meters, up 50.9% year-on-year.

From 20 16 to 2020, the year-on-year growth rate of China Jinmao sales reached 6 1. 1%, 42.8%, 85%, 25.6% and 44% respectively, ranking first in the sales growth list of the top 20 real estate enterprises in the industry for five consecutive years.

Pan Hao, a senior analyst at RealData, said that China Jinmao has obvious advantages in financing and land resources. China Jinmao proposed that the short-term performance targets for the three years from 2020 to 2022 are 300 billion yuan, 250 billion yuan and 300 billion yuan respectively, and the impact scale momentum is still strong.

In terms of liabilities, the annual report shows that as of June 65438+February 3 1 2020, the company's short-term interest-bearing liabilities were 27.77 billion yuan, with monetary funds of 52.08 billion yuan. Excluding restricted funds, the disposable monetary fund is 43.46 billion yuan, which can completely cover short-term interest-bearing liabilities, and the short-term risk of debt is low. In addition, the company achieved a net debt ratio of 465,438+0.1%,and the asset-liability ratio excluding advance receipts was 66.7%, which was lower than the red line of 70%.

All three indicators of China Jinmao meet the requirements of the red line and successfully enter the "green housing enterprise". After the debt structure was optimized, the average financing cost of the company further decreased from 4.9% in 20 19 to 4.42%, in which the interest rate of 2.2 billion yuan issued by Sinochem Construction CMBS was as low as 2.65%, and the interest rate of 2.5 billion yuan medium-term notes was as low as 3. 1%.

Pan Hao said that China Jinmao's solvency has greatly increased. The data shows that by the end of 2020, China Jinmao's cash and bank balance (excluding restricted cash balance) was about 43.456 billion yuan, a substantial increase of 65.438+0.426.5438+0% year-on-year. The company achieved rapid replenishment of capital liquidity by issuing new shares, selling stocks and financing bonds. At the same time, the debt on the balance sheet has been reduced through joint ventures and other means. In 2020, the company's short-term debt ratio of unrestricted cash was 65,438+0.56, an improvement of about 0.89 compared with the same period of last year, and the cash flow management effect was remarkable.

China Jinmao said that the company has always followed the urban operation logic of gathering people in the city and promoting production in the city, actively promoted the two supporting facilities and two simultaneous landings, enhanced the image of the city and improved the functions of the city, and the effectiveness of urban operation was fully recognized.

By the end of 2020, together with seven newly acquired urban projects in that year, China Jinmao had operated 27 urban projects. It is worth mentioning that in the whole year of 2020, projects from urban operations contributed 265,438+0% of the current sales performance to China Jinmao, which was significantly higher than 65,438+04% in 2065,438+09. China Jinmao said that the advantages of urban management have gradually emerged, effectively helping the company to obtain high-quality land resources. At the same time, in 2020, the company successfully entered four new cities: Taiyuan, Yantai, Shijiazhuang and Taizhou. In this context, China Jinmao has entered 5 1 city nationwide, holding about 270 projects.

On the other hand, in 2020, China Jinmao will further occupy a leading market position in the first-and second-tier core cities. The company's annual sales in seven cities including Beijing, Shanghai, Nanjing, Changsha, Suzhou, Qingdao and Wenzhou will exceed 10 billion yuan.

In addition to the real estate business, China Jinmao has further improved the innovation mechanism, created an atmosphere to support business innovation, and continuously improved its green strategic competitiveness by setting up the "real estate technology" innovation acceleration camp, simplifying the innovation investment process, building a scientific research management platform, and establishing a professional sequence of innovation management. By the end of 2020, China Jinmao has obtained 265,438+09 green building certifications or logos, which are widely distributed in the field of green smart energy, with 65,438+00 regional smart energy projects and two data centers.

Ning, chairman of China Jinmao, said that in the new stage when the contracted sales amount reaches 200 billion yuan, China Jinmao will adhere to the development concept of science first and urban management. In the next five years, under the guidance of the brand-new strategy of "two wheels and two wings", China Jinmao will strengthen scientific and technological innovation, pay close attention to improving quality and efficiency, and build a new development pattern of the company during the 14 th Five-Year Plan period.

China resources land: achieving high-quality growth against the cycle

On March 30th, China Resources Land disclosed its 2020 performance report. In 2020, China Resources Land achieved an operating income of 65.438+07.959 billion yuan, an increase of 265.438+0.2% compared with 2065.438+09. Among them, the operating income of development property15710.40 billion yuan, up 23.5% year-on-year; The rental income of investment real estate was 654.38+02.79 billion yuan, a year-on-year increase of 4.5%, exceeding the annual target.

China Resources Land achieved a core net profit of 2.4/kloc-0.40 billion yuan, an increase of1/kloc-0.6% compared with 20 19. The company declared a final dividend of 65,438 yuan +0. 102 yuan per share, up17.5% year-on-year; The annual dividend was 65,438+0.252 yuan per share, up 65,438+07.4% year-on-year; The annual dividend rate was 37.0%, 2 percentage points higher than 20 19.

The long-term steady development of China Resources Land reflects the anti-risk and countercyclical growth strength of core housing enterprises, and at the same time highlights the responsibility of creating long-term value returns for shareholders.

Steady and far away, leading in comprehensive competitive advantage.

In 2020, the contracted sales amount of China Resources Land is about 285.03 billion yuan, which is about 17.5% higher than that in 20 19, and the growth rate is 2.4 percentage points higher than that in 20 19. The contracted sales area was 65,438+0,465,438+0.87 million square meters, up 7. 1% year-on-year. According to the annual sales target of 262 billion yuan, the achievement rate is 109%.

According to the statistics of RealData, according to the new financing rules of "three red lines", as one of the first batch of 12 key real estate enterprises interviewed, the asset-liability ratio after excluding advance payment was 59.7%, which was about 3.3 percentage points higher than the previous year; The net debt ratio was 29.5%, which was basically the same as that of the previous year; The short-term cash debt ratio was 2.50, which was about 0.53 lower than the previous year. As a result, China Resources Land's 2020 annual indicators have all reached the standard, and it has remained in the "green file" camp of zero stepping on the line.

By the end of 2020, the cash and bank balance of China Resources Land was about 89.45 billion yuan, up 38.3% year-on-year, and the ratio of short-term liabilities to cash was 2.50, with sufficient liquidity and strong solvency. At the same time, with good credit evaluation and development scale, China Resources Land is more likely to obtain multi-channel and low-cost financing. The weighted average financing cost in 2020 is 4.08%, which is 37 basis points lower than that in 20 19.

In recent years, the relevant departments have been committed to establishing and improving the long-term mechanism of the real estate market. The "three red lines" supervision indicators have emerged under this background, and the new supervision will change the operating mechanism of the real estate market.

The competitive advantage of an enterprise is reflected in its business model, and will eventually be verified in its profitability and financial indicators. Judging from the main core housing enterprises in the industry, the profitability of China Resources Land will be further enhanced in 2020. The gross profit margin of the company is 30.9%, including 29. 1% for development properties and 66.4% for investment properties (including hotels).

Integrated multi-business ecological strategy releases value

In order to adapt to the changes of the times, real estate enterprises try to diversify and break through the transformation.

At present, China Resources Land has formed a "3+ 1" business model, in which three main businesses, namely development and sales business, operational real estate business and light asset management business, are organically connected and integrated with the key businesses of the ecological circle, thus creating an ecological circle for urban investment, development and operation.

From the "2+X" business model in the 13th Five-Year Plan to the "3+ 1" business model in the 14th Five-Year Plan, the important change is to emphasize the importance of light asset management business (that is, China Resources Vientiane Life Insurance). China Resources Vientiane Life Insurance was successfully split and listed in June 5438+February 2020.

On the other hand, in recent years, China Resources Land has continuously developed its agency operation business. By the end of 2020, China Resources Land has obtained more than 65,438+040 agency operation projects and cooperated with more than 65,438+00 main business projects, including several landmark buildings at the level of the comprehensive service building of Beijing Daxing International Airport.

In terms of real estate development, China Resources Land has further strengthened its ability to acquire diversified resources. During the year, 69 new acquisition projects were concentrated in four major regions, namely Guangdong, Hong Kong, Macao, Yangtze River Delta, Beijing-Tianjin-Hebei and Chengdu-Chongqing Economic Circle, nine national central cities and other first-and second-tier cities. The company's total land reserve area is 68.09 million square meters, and the equity land reserve area is 480 1 10,000 square meters. The layout and structure of land reserve are of high quality.

Urban renewal, as the key direction of the "14th Five-Year Plan", is welcoming the dividend period of rapid development. China Resources Land plus code urban renewal has led many urban renewal projects in Greater Bay Area, involving various types of renovation such as old industrial areas, villages in cities, old residential areas and large areas as a whole, and has assumed various roles such as implementation subject, pre-service provider and urban renewal project consultant.

In addition, China Resources Land is also the most powerful leading enterprise in the field of TOD in China. Up to now, 76 TOD complexes have been built in 3/kloc-0 subway cities, covering more than 90 subway lines, with a construction scale of over 35 million square meters and a subway mileage of nearly 3,000 kilometers. Some analysts believe that as a transportation hub where the commercial values of major cities converge, China Resources Land can undoubtedly reap rich dividends from China's economic development for a long time. (Economic Information Daily)