Golden Wheel Tiandi Holdings Company Limited reported a sharp turnaround for the six months ended 30 June 2026, booking a profit of RMB1.64 billion versus a RMB215.83 million loss a year earlier. The improvement was driven almost entirely by a one-off RMB1.69 billion gain from the completion of its offshore debt restructuring, which eliminated USD507 million of liabilities through the transfer of assets into a special-purpose vehicle and the issue of 30.52 million new shares to scheme creditors.

Revenue rose 18.83 % year on year to RMB342.36 million, supported by a 43.44 % increase in property-development income to RMB253.65 million. Rental revenue declined 32.26 % to RMB43.04 million as occupancy at investment properties eased to 76 %, while hotel revenue slipped 4.10 % to RMB45.67 million; average room occupancy held at 77 %.

Cost of sales surged 101.55 % to RMB311.68 million, reflecting higher construction and land costs and a RMB15.23 million inventory impairment. Gross profit contracted to RMB30.68 million, down 77.01 %. A RMB140.23 million fair-value loss on investment properties further underscored the challenging mainland real-estate market.

Administrative expenses increased 17.00 % to RMB71.60 million, while selling and marketing costs were trimmed 45.31 % to RMB8.49 million. Finance costs fell 18.35 % to RMB9.44 million following lower bank borrowings. Excluding the restructuring gain, the company would have reported a RMB45.94 million loss attributable to shareholders.

Cash and bank deposits totalled RMB99.93 million at 30 June 2026, up from RMB88.73 million at end-2025. Net gearing stood at 24.7 %. The group faced RMB217.20 million of bank loans in default and RMB258.86 million of borrowings maturing within 12 months; management is negotiating extensions and seeking new financing. Total investment properties were valued at RMB1.18 billion, down from RMB1.26 billion six months earlier.

Contracted sales fell 44.71 % year on year to RMB167.10 million, with 14,767 sq m sold. Unrecognised contracted sales amounted to RMB241.20 million, expected to be booked in 2H 2026. The land bank stood at 640,072 sq m; no new land was acquired during the period.

No interim dividend was declared. The board emphasised that, following the restructuring, the company will focus on accelerating inventory sell-through, stabilising cash flow and improving occupancy across its leasing and hotel portfolios.