In a significant move marking its first major acquisition since completing debt restructuring, SUNAC China (HK: 1918), led by Sun Hongbin, has announced plans to acquire 100% of Jin Guan Management. The company will issue approximately 260 million new shares at HK$0.547 per share, totaling roughly RMB 123 million for the deal.

This acquisition signals SUNAC's strategic pivot toward an "asset management plus asset operation" business model. Currently, Sun Hongbin indirectly holds 25% of Jin Guan Management, with independent third-party Wang Peng controlling 65% and other independent shareholders holding the remaining 10%.

Wang Peng, a former key executive in SUNAC's Southeast region, departed the company years ago to quietly build his own venture. Operating independently from SUNAC's debt restructuring risks, Wang emerged in October 2024 alongside "Jin Guan Capital" to establish dual light-asset platforms closely linked to but separate from SUNAC.

The two entities operate with complete risk isolation and clear division of responsibilities. Jin Guan Capital handles front-end asset screening, due diligence, and capital coordination, while Jin Guan Management manages back-end engineering completion, product upgrades, and full-process project execution, specializing in revitalizing distressed assets that traditional construction management firms typically avoid.

Over the past several years, SUNAC has cultivated extensive expertise through strategic partnerships with asset management companies and investors, successfully reviving premium projects including the Bund One Residence, Shanghai One Residence, and Chongqing Bay through fund-like models, creating multiple nationally acclaimed bestsellers.

Jin Guan Management has now matured operationally and will be the first to integrate into SUNAC's listed system. Financially, the platform reported pre-tax net profit of RMB 307 million in 2024 and RMB 332 million in 2025, with after-tax figures of RMB 198 million and RMB 250 million respectively, demonstrating steady annual growth.

To date, Jin Guan Management has signed contracts for over 100 projects totaling approximately 20 million square meters, delivered 12 revitalization projects in 2025, and generated RMB 8.58 billion in business collections. The platform has consecutively won bids for four landmark AMC projects, including CITIC Financial Asset's 450,000-square-meter urban complex in Wuhan Optics Valley and Great Wall Asset's stalled luxury residential project in Nanchang.

Geographically, Jin Guan Management's portfolio spans core cities in Zhejiang, Anhui, Fujian, Shanghai, and Jiangsu, establishing a Yangtze River Delta foundation with expansion into key regions nationwide.

SUNAC describes this acquisition as a vital component of its new strategic blueprint, strengthening the business pillar for the property division's transformation and supporting the overall strategic upgrade implementation. The company has committed to advancing operational normalization while aligning with industry trends and policy direction, ultimately defining "asset management plus asset operation" as its transformation path.

Looking ahead, SUNAC's property division will transition toward asset management and construction project operation management, with both business segments independently pursuing market opportunities while maintaining mutual support. The asset management business will focus on capital aggregation and investment opportunity identification in real estate, generating stable returns for capital partners. The construction management segment will provide professional construction, operation, and sales services for both investment projects and third-party assignments, enhancing value through light-asset models.

SUNAC's property management division, listed through SUNAC Services, targets mid-to-high-end properties in first and second-tier cities. Its cultural tourism segment has cultivated four independent light-asset operating companies spanning retail, snow sports, theme parks, and hotels, actively expanding third-party business while leveraging owned assets.

Under the strategic plan, both property management and cultural tourism divisions will explore establishing fund and REITs asset management platforms, pursuing an integrated model that combines heavy and light assets for mutual reinforcement, ultimately realizing the "asset management plus asset operation" transformation.

This approach marks a clear departure from SUNAC's historical "heavy asset, high leverage" development model. The company has constructed a closed loop integrating financial resources, professional construction teams, premium services, and diversified consumer platforms spanning asset management, construction management, property services, and cultural tourism. Multiple revenue streams exist, but success hinges on execution precision, depth, and excellence.

While numerous developers contemplate new model transformations, most struggle to break free from traditional development thinking despite verbal commitments. Asset management and operations generate patient returns requiring meticulous craftsmanship and sustainable approaches—those seeking quick windfalls will inevitably fall short.