Sino-Ocean Group Holding Limited reported a consolidated profit attributable to shareholders of RMB 6.76 billion for 2025, reversing a RMB 18.62 billion loss in 2024. The turnaround was driven by a RMB 46.87 billion non-cash gain booked on completion of offshore debt restructuring and material progress on onshore bond restructuring.

Revenue fell 37.2% year-on-year to RMB 14.84 billion, reflecting the prolonged downturn in China’s property market and a 51% contraction in property-development income. Gross loss widened to RMB 10.58 billion, producing a negative margin of 71%, mainly due to inventory write-downs and lower selling prices.

Contracted sales (including joint ventures and associates) declined 25% to RMB 26.31 billion, with contracted GFA down 28% to 2.14 million sq.m. The average selling price (excluding car parks) rose 7.8% to RMB 13,800 per sq.m., helped by a higher contribution from first-tier cities.

Total borrowings were cut nearly in half to RMB 50.85 billion after the offshore restructuring, while total equity improved to RMB 1.90 billion from a negative RMB 2.46 billion a year earlier. Cash resources stood at RMB 6.02 billion; the current ratio was 0.91 and the net gearing ratio remained elevated at 2,361%.

Property management and other asset-light businesses contributed 41% of total revenue, up from 27% in 2024, aligning with management’s transformation strategy.

Looking ahead, management expects 2026 policy support to focus on demand stimulation, controlled new supply and institutional reforms, while it continues to prioritise project deliveries, liquidity management and further leverage reduction.