Hong Kong's Poly Property H1 revenue falls amid legacy project pressure

Poly Property

28/08/2026 10:06

Overview
Hong Kong property developer's H1 revenue fell yr/yr to RMB 15.1 bln
Company posted net loss attributable to shareholders of RMB 740 mln for H1
Total debt decreased by RMB 2.4 bln, average financing cost fell to 2.75%

Outlook
Poly Property Group plans to launch five new projects in H2, subject to construction progress and market conditions

Result Drivers
LOWER CONTRACTED SALES - Co reported contracted sales of RMB 23.2 bln for the period, with contracted area of 799,000 square metres and average selling price of RMB 29,051 per square metre
LEGACY PROJECT PRESSURE – Legacy-project profitability pressure and delivery timing cut recognised revenue and gross margin, resulting in a RMB740 mln loss
PROPERTY MANAGEMENT GROWTH – Property management revenue rose 5.0% to RMB656 mln as managed GFA increased 3.4% to 55.93 mln sq m
COST CONTROL - Total debt decreased by RMB 2.4 bln and average financing cost fell to 2.75%

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
RMB 15.09 bln
 
H1 Net Loss Attributable
 
RMB 740.3 mln
 

Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the real estate rental, development & operations peer group is "buy."
Wall Street's median 12-month price target for Poly Property Group Co Ltd is HK$2.98, about 101% above its August 27 closing price of HK$1.48
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 18 three months ago

Reuters Recommended Reads
Aug 28 - Hong Kong's Longfor Group H1 revenue falls on weak property sales
Aug 27 - Hong Kong's Shenzhen Investment H1 revenue dips amid weak property-market demand
Aug 27 - Hong Kong's Guangdong Land H1 profit falls on lower property sales, reduced deliveries

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)