Citi has issued a research report noting that China Res Land (01109) recorded a 1.6% year-on-year increase in interim core profit, reaching RMB 10.16 billion. This makes it the only developer in the industry to achieve over RMB 10 billion in profit during the first half, with performance remaining essentially flat, reflecting its platform advantages and cross-business synergies.

During the period, recurring businesses contributed RMB 6.65 billion to core profit, accounting for approximately 65.5% of total core profit, a year-on-year increase of 5.3 percentage points. Citi has reiterated its "Buy" rating on China Res Land, with the target price slightly raised from HK$43 to HK$43.1, representing a discount of approximately 40% to the forecast net asset value for 2026.

Management has revealed that it will rotate 5 to 6 mature assets annually through the REIT platform, involving approximately RMB 10 billion to RMB 15 billion, which could release RMB 5 billion to RMB 6 billion in profit. The company also plans to add 6 to 7 new shopping malls each year, with a target of 127 malls in operation by 2030, and the REIT platform's asset scale reaching RMB 60 billion.