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China Resources Land Ltd 01109 Stock Quote

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Morningstar‘s Stock Analysis 01109

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China’s 16-Point Plan in Support of the Property Sector; Full Recovery Expected To Take Time

Michael Wu, CAIA Senior Equity Analyst

Analyst Note

| Michael Wu, CAIA |

The Chinese government has over the past few days laid out plans to support the real estate sector, leading to sharp share price gains for the real estate developers. While we think the recent policy moves are in the right direction to assuage debt risks, we believe more is needed, which we hope will materialize over the next six months. We think the initiatives are supportive of the share prices in the near term, but we maintain our view that we need to see a return of homebuyers’ confidence to support contracted sales, as this is essential for a durable improvement in the developers’ credit environment. We think indebted developers may see a lag in the return of buyers’ confidence compared with that for financially stronger companies. At this stage, we maintain our view for revenue and profit to trough in 2023 for the sector, but we see financial positions improving during the year. The policy support doesn’t change our view that state-owned developers, such as China Overseas Land and Investment, or COLI, and China Resources Land, or CRL, should still be best positioned to pick up reasonably priced landbank given their stronger balance sheets, which gives them a competitive edge in future projects.

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Key Statistics 01109

Company Profile 01109

Business Description

China Resources Land, or CRL, is a large Chinese real estate developer with a nationwide coverage. Aside from the core development business, the company is differentiated from other large developers by its significant investment property business with the MixC mall portfolio. The company holds a 72.29% stake in its listed property management business, China Resources MixC Lifestyle Services. CRL is a subsidiary of China Resources Holdings, or CRH, a large state-owned enterprise conglomerate with diverse holdings in utilities, consumer goods, retail, and property. CRH holds a 59.55% stake.

26 Harbour Road, 46th Floor, China Resources Building
Hong Kong, Hong Kong
T +852 28772330
Industry Real Estate - Development
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Employees 52,451