May 2026
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Largest Real Estate Development Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
China Resources Land, China State Construction Engineering, China Overseas Land & Investment, China Merchants Shekou Industrial Zone Holdings and Poly Real Estate.
 | China Resources Land, or CR Land, is a leading real estate developer with nationwide coverage in China. Aside from the core development business, CR Land differentiates itself from peers with a significant investment property portfolio with luxury focused MixC malls, and it holds a 74% stake in listed property management company China Resources Mixc Lifestyle Services. CR Land is a subsidiary of China Resources Holdings, or CR Holdings, a sizable state-owned conglomerate with a diverse presence in the utilities, consumer goods, medical, and property sectors. CR Holdings holds about a 60% stake in CR Land. | $5 | +36% | $33B | $58B | 1.4x | 6.7x | ||
| China State Construction Engineering Corp Ltd is a construction and real estate conglomerate. The company conducts its operations through five segments: Housing Construction segment, Infrastructure Construction and Investment segment, Real Estate Development and Investment segment, Design & Survey segment, and Others segment. It derives the majority of its revenue from the Housing Construction segment. The company's services include product technology research and development, survey and design, real estate development, engineering contracting, equipment manufacturing, asset operation, and property management. | $1 | -14% | $30B | $120B | 0.4x | 7.8x | ||
| China Overseas Land & Investment, or COLI, is a large real estate developer in China. Property development accounts for most of the core earnings, with operating scale among the top five of all peers regarding contracted sales. In addition to property development, COLI has actively grown its commercial property portfolio, with a dual focus on offices and shopping malls for recurring income. COLI is a subsidiary of China State Construction Engineering, China's largest construction firm. It also holds about a 40% stake in China Overseas Grand Oceans, a real estate developer focusing on lower-tier cities in China. | $2 | +19% | $23B | $44B | 1.8x | 13.7x | ||
| China Merchants Shekou Industrial Zone Holdings Co Ltd develops and sells residential properties in China and internationally. The company operates through three segments. The Asset Operations segment includes commercial offices, apartment hotels, industrial parks, and other property holding and asset management activities. The Development Business segment focuses on the development and sale of real estate projects, mainly residential buildings. The Property Services segment covers property management, cruise, exhibition, healthcare, and other urban operation services. It generates the majority of its revenue from the Asset Operations segment. | $1 | +4% | $12B | $36B | 1.6x | 18.9x | ||
| Poly Developments and Holdings Group Co Ltd is a real estate developer in China. It is principally engaged in the design, development, construction, and sale of residential and commercial properties, as well as the provision of property management services. | $1 | -30% | $10B | $42B | 0.9x | 12.1x | ||
| Longfor Group Holdings, or Longfor, is a non-state-owned real estate developer in China with contracted sales value placing it among the top 10 of all China’s developers. The company focuses on developing high quality residential projects, as well as operating shopping malls and rental apartments in China’s wealthier cities. Property development represents the majority of Longfor’s revenue and gross profit, while income from commercial properties, property management and project management services have been growing fast. As at end-2024, Wu Yajun remained the largest shareholder with an over 43% equity interest, while her ex-husband Cai Kui has a 23% stake. | $1 | -14% | $7B | $28B | 2.0x | 29.8x | ||
| China Vanke is a large real estate developer in China with residential property sales among the top three of all peers through the past five years. While property development accounts for most of its revenue and earnings, it has expanded its business presence in investment properties such as commercial retail complexes, long-term leasing apartments, and leasable logistical assets. China Vanke also owns an over-60% equity interest in its property management division Onewo, which manages the second-largest gross floor area in China. It is dual-listed in Shenzhen and Hong Kong, and state-owned Shenzhen Metro is the largest shareholder with an approximate 27% stake. | $0 | -46% | $6B | $47B | 1.4x | (5.9x) | ||
| Shanghai Lingang Holdings Corp Ltd is a real estate company. It provides operations and production services for industrial carriers, park development, and other integrated park services. The types of industrial carriers developed include R&D buildings, headquarters commercial buildings, and bonded logistics warehouses. | $1 | -- | $3B | $7B | 6.4x | 14.2x | ||
| Greenland Holdings Group Corporation Ltd is a China-based company. The company is principally engaged in the business of industrial investment, real estate development, operation, leasing, replacement, residential and infrastructure construction, hotel management, urban rail transit projects, financial information services, greening projects, technical services in the energy field, property management. | $0 | -8% | $3B | $31B | 1.2x | (11.6x) | ||
| Luenmei Quantum Co Ltd installs and provides services including heat power grids in Shenyang, Liaoning province, China. The company provides integrated energy solutions as well as smart operations and offers management services to address the needs of urban residents for heating and cooling and to meet the multi-energy requirements of industrial parks, huge urban public buildings, and others. | $1 | -- | $2B | $2B | 3.3x | 6.5x | ||
| Sunac China Holdings Ltd, along with its subsidiaries, is principally engaged in the following operating segments: property development, cultural tourism city construction and operation, and property management services. A majority of its revenue is generated from the property development segment. Geographically, the group generates a majority of its revenue from its business in the People's Republic of China (PRC). | $0 | -35% | $2B | $29B | 2.6x | (19.6x) | ||
| Country Garden Holdings CO Ltd is an investment holding company and its subsidiaries are principally engaged in property development, construction, interior decoration, property investment, and the development and management of hotels. The group offers various products to cater to diverse demands, namely residential projects such as townhouses, condominiums, car parks, and retail shop spaces. The Group also develops and manages hotels at some of its property projects to enhance the properties’ marketability. The group's other businesses are robotics and light-asset entrusted management and construction services. | $0 | -40% | $1B | $22B | 1.0x | 7.3x | ||
| Shimao Group Holdings Ltd is engaged in the development and investment of residential and commercial properties, property management, commercial properties operation and hotel operation in China. The company earns revenue from Sales of properties, Hotel operation income, Commercial properties operation income and Property management income, and others. | $0 | -85% | $135M | $26B | 6.3x | 9.8x | ||
| China Evergrande Group is engaged in the property development, property investment, property management, new energy vehicle business, cultural tourism business and health industry business principally in the People’s Republic of China. The company is organized into four business segments: property development, property investment, property management and other businesses. Other businesses mainly include new energy vehicle business, cultural tourism business, health industry business and investment business. | -- | -- | $1M | $86B | - | - | ||
| Median | $1 | -14% | $5B | $33B | 1.6x | 7.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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