Longfor Group reported first-half 2026 revenue of RMB 39.80 billion, down 32.2% from RMB 58.75 billion a year earlier, as China’s property market continued to cool.
Net profit attributable to shareholders slid 39.0% year on year to RMB 1.96 billion. Group profit before tax declined 39.4% to RMB 3.87 billion, while total income tax expense fell to RMB 1.53 billion.
Property development revenue shrank to RMB 26.10 billion from RMB 45.48 billion. Contracted sales for the period were RMB 16.55 billion on 1.75 million sqm, compared with RMB 35.01 billion on 2.61 million sqm a year earlier. Unrecognised contracted sales stood at RMB 83.80 billion (7.34 million sqm) at end-June.
Property-operation revenue rose 4.2% to RMB 7.30 billion, driven by an 8.7% increase in rental income to RMB 5.98 billion. Overall shopping-mall occupancy improved to 97.4%, with gross floor area in operation reaching 10.39 million sqm.
Property-service revenue edged up 2.2% to RMB 6.40 billion. Management cited stable expansion of Longfor Intelligent Living, which managed approximately 360 million sqm at period-end.
Total assets slipped to RMB 565.70 billion, while equity fell to RMB 235.10 billion. Interest-bearing debt declined to RMB 147.10 billion; 91% of borrowings were bank loans. Average financing cost decreased to 3.36%. Net debt-to-equity ratio was 52.0%, and liabilities-to-assets (excluding presales) stood at 53.8%.
Operating cash flow after capital expenditures remained positive, according to management. Total land bank measured 20.11 million sqm (16.05 million sqm attributable) with an average cost of RMB 3,633 per sqm; 64.1% of new land acquired in 1H26 was in the Pan-Bohai Rim region.
The board declared no interim dividend, compared with an interim payment of RMB 0.07 per share in 1H25.