Poly Developments

Poly Developments and Holdings Group Co., Ltd. is a listed real estate company controlled by China Poly Group, a large central state-owned enterprise, and has a development history of more than 30 years. In its annual reports, the company lists its reputation foundation of operating with integrity and developing steadily, together with the credit advantage of being a central state-owned enterprise, as its core competitiveness.

Since 2021, the real estate industry has entered a period of deep adjustment. According to the company’s annual report, the company identified the “five transformations” trend and launched a “destocking and restructuring” strategy early. In 2023, in response to changing supply and demand, it was the first to put forward the view that the industry had entered “a quality era of high-quality development”, and in 2025 it deepened this further, elevating its three core businesses to the company’s strategic direction, establishing “three-good homes” as its core product, and reshaping its business model and core competitiveness by building a value loop of “good products, good services and good living”. The company performs strongly in cash flow management: its sales collection rate has ranked among the industry’s best for many years, and its operating cash flow has been positive for eight consecutive years. It flexibly uses diversified financing instruments such as targeted convertible bonds, corporate bonds, medium-term notes and ABS to broaden low-cost, long-term funding channels, while using commercial real estate REITs as a platform to explore closing the “invest-finance-manage-exit” loop.

On the operating side, the company achieved total sales of 145.2 billion yuan in the first half of 2025. For the full year, core cities contributed 92% of sales, a share that has stayed around 90% for three consecutive years; the company’s market share in core cities was 7.9%, up 0.8 percentage points from the previous year, and its share exceeded 10% in 10 cities. It sold about 50 billion yuan in Guangzhou and 39 billion yuan in Shanghai, while sales in each of Beijing, Sanya, Foshan and other cities exceeded 10 billion yuan. The company collected 258.9 billion yuan in cash for the year, a sales collection rate of 102%, exceeding 100% for three consecutive years. As of the end of 2025, the company’s cash balance was 122.9 billion yuan, more than 10% of total assets, and sold-but-uncollected funds on a consolidated basis amounted to 49.8 billion yuan.

On development and operations, in 2025 the company started construction on 7.03 million square metres and completed 24.5 million square metres, with construction and installation spending of 73.7 billion yuan for the year, down from the previous year. During the year it had 28 projects that were “acquired and launched for sale in the same year”, contributing more than 20 billion yuan in contracted sales. Over the full year it delivered 129,900 high-quality homes, customer satisfaction rose to 87%, it was rated TOP1 among companies with excellent delivery capability by the China Index Academy, and it ranked second in the industry for product strength for the second consecutive year. At the end of the reporting period, projects under construction and planned covered a land area of 71.84 million square metres with a total gross floor area of 201.67 million square metres, and the area under construction in 2025 was 64.62 million square metres. The area available for sale totalled 56.54 million square metres, down about 10% from the previous year, of which existing-stock projects accounted for 47.29 million square metres and new projects for 9.25 million square metres.

On financing, in 2025 the company successfully issued China’s first cash-based targeted convertible bond, raising 8.5 billion yuan at a six-year all-in cost of 2.32%, and completed issuances of 11 billion yuan of medium-term notes and 4.5 billion yuan of corporate bonds during the year. The average cost of new interest-bearing debt during the year fell 33 basis points year on year to 2.59%, and the overall financing cost at year-end fell 38 basis points year on year to 2.72%, with corporate bond rates as low as 2.12% and medium-term note rates as low as 1.85%, both record lows. At year-end, interest-bearing debt maturing within one year stood at 70.6 billion yuan, and its share fell 3.6 percentage points from the start of the year to 20.7%. The company also completed its first housing-rental acquisition loan and steadily advanced the application and issuance of commercial real estate REITs backed by the Guangzhou Poly Center and the Foshan Poly Shuicheng Shiguanghui project.

Under the company’s plan, direct investment in real estate and related industries in 2026 is set at 166.4 billion yuan, with targets of 6.76 million square metres of new construction starts and 15.42 million square metres of completions. The company believes that the real estate market remains a pillar industry with a long industrial chain and strong spillover effects, and is of great significance to stabilising the overall macroeconomy.

Earlier, at Vanke’s 2022 annual general meeting, an investor mentioned that refinancing projects of property developers including Poly Developments had obtained approval from the China Securities Regulatory Commission.