What RiseSun Real Estate Development does

RiseSun Real Estate Development Co., Ltd. (荣盛房地产发展股份有限公司, 002146.SZ) is a publicly listed Chinese real estate conglomerate founded in 1996 and headquartered in Langfang, Hebei Province. Founded by Chairman Geng Jianming, the company develops and sells residential, commercial, and industrial real estate across approximately 80 cities in 19 provinces through city-level subsidiaries, and is the first Hebei real estate company to IPO (Shenzhen Stock Exchange, 2007). Its core residential business operates four product series (府邸/Mansion, 盛景/Grand View, 锦绣/Splendid, 花语/Flower Language) targeting high-net-worth, upper-middle, and mass-market segments, with 19.4 million sqm of land reserves at end-2024 and a stated brand value of 345 billion CNY (2021).

The company operates a diversified full-industry-chain model spanning property management (subsidiary 荣万家, listed on HKEX as 02146.HK, managing 75.6 million sqm across 19 provinces/52 cities), hotel operations (62+ hotels/18,880+ rooms under Arcadia and other brands), industrial new-town development via PPP with provincial governments (Hebei, Anhui, Hubei, and others; >400 sq km commissioned area), health and tourism (35+ resort areas, 26+ hotels, 14 five-star hotels, 3 ski resorts, with the 盛行天下 vacation exchange platform), and financial services (Liaoning Zhenxing Bank, 荣盛创展 PE/VC arm, 中冀投资 46% stake). Proprietary digital platforms include the 米饭公社 community O2O app, 米到家 property management work platform, and 盛行天下 vacation exchange app. Revenue is generated primarily through one-time real estate unit sales (recognized on delivery), with recurring revenue from property management fees, hotel operations, and financial services.

RiseSun serves multiple customer segments: individual home buyers across wealth tiers, local/municipal governments via PPP industrial zone partnerships, vacation travelers, and property owners/HOAs through its property management subsidiary. Distribution is predominantly direct through city-level subsidiaries, supplemented by public bidding for third-party property management mandates and direct/OTA hotel bookings. The company is currently undergoing significant financial restructuring, with a November 2025 debt restructuring agreement with China Cinda (approximately 2 billion CNY target debt), senior executive departures in 2026, and FY2025 Q1-Q3 revenue declining 29.31% YoY to 203.89 billion CNY amid an industry-wide contraction.

Name

RiseSun Real Estate Development

Legal name

荣盛房地产发展股份有限公司

Website

https://risesun.cn

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

RiseSun Real Estate Development (002146.SZ) is a Chinese real estate conglomerate founded in 1996 in Langfang, Hebei, developing residential, industrial, and tourism properties across ~80 cities through city-level subsidiaries, with diversified operations in property management (HKEX-listed 荣万家), hotels, industrial new towns (PPP), and financial services.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

New Housing For-Sale Builders (236117), Land Subdivision (2372), Real Estate Property Managers (53131)

SIC

Operative Builders (1531), Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Spec Home / Production Homebuilding (Tract & Volume Builders) (IMAFABAD)

akta.pro secondary industries

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL), Multi-Family Residential Construction (Apartments, Condos, Townhomes) (IMAFABAB), New Construction & Builder Sales (BPAJAAAB), Multifamily Apartment Property Management (BPAJAFAA)

Keywords

• Residential real estate development
• Property management services
• Industrial new town development
• Hotel operations management
• Health tourism resort properties

Headquarters

HQ city

Langfang

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Others

Revenue model

1. Real Estate Development Sales: RiseSun earns revenue primarily through the sale of residential, commercial, and industrial real estate units. The company develops and sells urban housing across four product series (府邸/Mansion, 盛景/Grand View, 锦绣/Splendid, 花语/Flower Language) targeting customers at different wealth levels. Revenue is recognized upon property delivery.
2. Property Management Services (荣万家): Subsidiary 荣万家 provides property management services including security, cleaning, landscaping, engineering maintenance, and community culture management. Revenue sources include basic property management services, non-owner value-added services, and community value-added services. 荣万家 listed on Hong Kong Stock Exchange (02146.HK) in January 2021.
3. Hotel Operations: RiseSun operates hotels through 荣盛酒店经营管理有限公司, managing 62 hotels across 8 provinces and 30+ cities. Hotel brands include Arcadia (阿尔卡迪亚) five-star hotels, boutique five-star hotels, high-end theme hotels, and community cultural boutique hotels. Revenue comes from room bookings, food & beverage, and events.
4. Industrial New Town (PPP) Development: RiseSun develops industrial new towns primarily using PPP (Public-Private Partnership) models with local governments. Projects cover modern logistics, green food, biomedicine, new energy, robotics, 3D printing, and auto parts industrial clusters. Revenue generated through land development, property sales, and operating fees.
5. Real Estate Fund Management (北京荣盛创展): Beijing RiseSun Chuangzhan Operating Management Co. focuses on private equity investment, venture capital, investment advisory, and financial consulting services. As a controlled subsidiary of RiseSun Development, it supports the company's financial services ecosystem.
6. Banking Investment (辽宁振兴银行): RiseSun invested 600 million yuan as the largest shareholder in Liaoning Zhenxing Bank, which opened in November 2017 with 2 billion yuan registered capital. The bank assists with real estate project financing and attracts financial institutions to participate in property investments.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

RiseSun Real Estate Development is a Chinese real estate conglomerate that develops and sells residential, commercial, and industrial properties across approximately 80 cities in China. Its primary offering is urban housing delivered through four branded product series (Mansion House, Grand View, Splendid Brocade, Flower Language) targeting different wealth tiers, supplemented by PPP-model industrial new-town developments, property management services through its HKEX-listed subsidiary Rongwanjia (02146.HK), hotel operations spanning 62+ properties, and health/tourism resorts with a proprietary vacation-exchange platform.

Product overview

RiseSun Real Estate Development (荣盛房地产发展股份有限公司, stock: 002146.SZ) is a diversified Chinese real estate conglomerate operating a comprehensive full-industry-chain model centered on real estate development. Its core portfolio spans urban residential housing (城市住宅, with four branded series: 府邸/盛景/锦绣/花语), wellness and tourism (康旅度假, including the 盛行天下 travel-exchange program), industrial new-town development (产业新城, PPP-model parks across multiple provinces), property management (荣万家, listed on HKEX as 02146.HK), hotel operations (荣盛酒店, 62+ hotels), financial services (real estate funds, commercial banking, and 中冀投资), and digital platforms (米饭公社/米到家 O2O apps, 盛商通 commercial platform, 盛行天下 resort-exchange APP). The company operates across China's Bohai Rim, Yangtze River Delta, Greater Bay Area, and Central-Western regions plus select overseas markets, with total assets of approximately RMB 292.775 billion as of its latest reporting period.

Differentiator

Problem solved

Functional benefit

Products and services

• Urban Housing (城市住宅) Primary residential real estate development business offering four branded product series — Mansion House (高端府邸), Grand View (盛景), Splendid Brocade (锦绣), and Flower Language (花语) — targeting high-net-worth, upper-middle-class, and mass-market residential buyers across approximately 80 Chinese cities.
• Industrial New City (产业新城) Industrial new-town development arm operating PPP-model parks across Hebei, Anhui, and Hubei provinces. Industrial clusters focus on modern logistics, green food, biomedicine, new energy, robotics, 3D printing, auto parts, and smart manufacturing, with total commissioned area exceeding 400 sq km.
• Property Services (物业服务) - Rongwanjia (荣万家) Property management services for residential, commercial, industrial park, tourism, education, government, and elderly-care properties across 19 provinces and 52 cities, managing approximately 75.6 million sqm of properties. Service scope covers security, cleaning, landscaping, engineering maintenance, and community culture management.
• RiseSun Hotels (荣盛酒店) Hotel operations subsidiary managing 62 hotels, 18,880+ rooms across 8 provinces and 30+ cities under four self-developed brands: Arcadia (阿尔卡迪亚) five-star, boutique five-star, high-end theme, and community cultural boutique hotels, ranked among China's Top 50 hotel groups.
• Wellness and Travel (康旅度假) Health and tourism division encompassing 'travel, wellness, medical, pharmaceutical' services across 35 international resort areas, 14 five-star hotels, 9 themed hotels, 15 specialty apartments, 5 themed towns, and 3 ski resorts, supported by the Shengxing Tianxia (盛行天下) property-exchange platform.
• Financial Services (金融服务) Financial services segment comprising real estate fund management (Beijing RiseSun Chuangzhan Operation Management Co.), commercial banking investment (Liaoning Zhenxing Bank with 600 million yuan as largest shareholder), and equity investment (46% stake in Zhongji Investment), supporting cross-sector capital integration.
• Sunbid Commercial Platform (盛商通平台) Commercial trading and business management platform accessible at sunbid.risesun.cn, supporting internal and external commercial transactions and settlement within the RiseSun group ecosystem.
• Meiya Tourism Aviation (美亚航空) Amphibious general aviation operator holding CAAC Part 91 and Part 135 dual certifications, operating 25 approved routes covering 16 core operational points in Hainan, including West Sand Islands aerial sightseeing, and partnering with Hainan Aerospace City on low-altitude economy development.

Quantifiable outcome

• 荣万家 listed on HKEX (02146.HK) in January 2021, raised approximately HK$940 million in IPO
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• 荣盛盟固利 (RiseSun Mengguuli) Battery Supplier NetworkminorChannel Partner/ Reseller/ Distributor · 19 January 2026RiseSun Mengguuli held its 2026 supplier conference with hundreds of core suppliers from cathode materials, anode materials, PACK materials, and BMS sectors. Multiple suppliers expressed willingness to deepen strategic cooperation and 10+ potential suppliers established strategic cooperation intentions.
• Shandong High-Speed Group (日照睿恒企业管理服务中心)coreStrategic or Co-development Partner · 25 December 2025RiseSun Development Beijing Company signed a project construction management cooperation agreement with Rizhao Ruiheng Enterprise Management Service Center (a subsidiary of Shandong High-Speed Group). RiseSun will provide full-cycle services including planning, engineering management, sales, and delivery. Shandong High-Speed will provide capital and resource integration support.
• Hainan Aerospace City Low-Altitude Industry Development Co. (海南航天城低空产业发展有限公司)coreStrategic or Co-development Partner · 29 September 2025RiseSun's subsidiary 美亚旅游航空有限公司 (Meeya Aviation) signed a cooperation memorandum with Hainan Aerospace City Low-Altitude Industry Development Co. The partnership covers water aircraft general aviation operations, emergency rescue, tourism sightseeing, and passenger/cargo transportation. This leverages Hainan's policy advantages for low-altitude economy development.
• Hainan Provincial Government (海南省)coreStrategic or Co-development Partner · 29 September 2025RiseSun is deeply aligned with Hainan's development strategy for the Free Trade Port and low-altitude economy. The company participates in Hainan's industrial transfer initiative, with Hainan targeting 300 billion CNY low-altitude industry output and 9 general airports by 2026.

Scale indicators11 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• China Resources Land: Large state-backed Chinese developer with diversified residential, commercial, and property management operations. Comparable full industry-chain strategy and shift toward investment property recurring income.
• China Vanke: One of China's largest residential developers listed in Shenzhen and Hong Kong. Direct competitor in the volume residential development segment across multiple tier-1 and tier-2 cities, with similar exposure to China's property downturn and multi-year revenue declines.
• Country Garden Holdings: Major Chinese residential developer specializing in tier-3/4 city mass-market housing — directly comparable to RiseSun's Flower Language series. Faces similar industry headwinds, debt stress, and asset-light transition pressures.
• China Overseas Land & Investment: Large Chinese residential developer with diversified portfolio of urban housing, commercial properties, and property management. Similar full industry-chain model and broad geographic coverage across China.
• Logan Group: Chinese residential developer concentrated in Pearl River Delta and other tier-2/3 cities with property management arm. Comparable mass-market residential focus and current-cycle financial pressure.
• Greenland Hong Kong Holdings: Chinese developer with residential, commercial, and energy businesses and significant tier-2/3 city exposure. Comparable business diversification into industrial complexes and mixed-use developments.
• Sunac China Holdings: Major Chinese residential developer with diversified cultural tourism and property services. Underwent major debt restructuring in 2023 — relevant comparable for RiseSun's Cinda restructuring and post-restructuring asset-light pivot.
• Poly Developments and Holdings: State-backed Chinese residential developer with broad national footprint, comparable four-product tier strategy, and exposure to industrial new town and mixed-use development similar to RiseSun's integrated model.
• Shimao Group Holdings: Chinese developer with diversified portfolio of residential, hotel, commercial, and entertainment properties — comparable integrated business model that has also faced severe debt distress and restructuring in the current cycle.

Broad incumbents

• Rongwanjia Life Services (peer only): Subsidiary of RiseSun itself but trades independently on HKEX; comparable to peers Country Garden Services, A-Living, and S-Enjoy Service for benchmarking property management recurring revenue.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about RiseSun Real Estate Development