Country Garden Group

What Country Garden Group does

Country Garden Group (碧桂园控股有限公司, HKEx: 02007.HK) is one of China's largest urban residential developers, founded in 1992 in Shunde, Guangdong Province and headquartered in Foshan. The company operates a centralized and standardized residential property development model across more than 3,000 signed or acquired projects in 31 provinces, 297 prefecture-level cities, and 1,365 county/town-level areas, serving over 5 million households and ranking #1 in China's residential industry by cumulative unit deliveries (~1.15 million units delivered over 2023–2025). Beyond residential development, the company runs a vertically integrated ecosystem that includes Tengyue Building Technology Group (smart construction with Special Grade qualification in Foshan and 185 professional qualifications), Bozhilin (Bright Dream Robotics) construction robotics subsidiary with 1,666 valid patents, and Phoenix Zhihuo entrusted construction and management services covering over 200 projects and ~20 million square meters for government, urban investment companies, and other developers.

Revenue is generated primarily through one-time residential property sales, supplemented by smart construction general contracting (Tengyue), entrusted management fees (Phoenix Zhihuo), and recurring rental revenue from the Bijia Apartment brand (20+ cities, 30,000+ rooms). The company reported 2025 revenue of RMB 154.89 billion and net profit of RMB 3.26 billion, marking a return to profitability following a multi-year downturn. Pricing is project-by-project and not publicly disclosed; the go-to-market combines direct sales offices at each project site, the proprietary Phoenix Cloud (凤凰云) digital purchasing platform, and a referral network powered by the 5 million+ existing homeowner base. The company also markets through government-aligned CSR programs (over RMB 100 billion in cumulative charitable donations via the Guoqiang Foundation) and is increasingly deploying AI across design, engineering, operations, marketing, finance, legal, and HR.

Following the 2021–2023 China property sector crisis, Country Garden completed an offshore debt restructuring effective December 30, 2025 that reduced offshore debt principal by ~66%, lowered new-debt coupon from approximately 6% to 1%–2.5%, and extended maximum tenor to 11.5 years. The restructuring issued ~183.4 billion new shares (~65.5% of pre-restructuring capital), materially diluting existing holders. Subsequent inclusion in the Hang Seng Composite Index (September 2025), Stock Connect, MSCI China Small Cap Index (February 2026), and FTSE Russell Global Index (March 2026) has materially broadened the institutional investor base, with southbound holdings rising from 15.3% to 19.5%. Equity land reserves stood at ~9.54 million square meters and book value of properties under construction plus completed inventory exceeded RMB 482.15 billion at end-2025, providing a multi-year development pipeline.

Name

Country Garden Group

Legal name

碧桂园控股有限公司

Website

https://bgy.com.cn

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Country Garden Group (碧桂园) is a Hong Kong-listed Chinese residential developer and high-tech conglomerate operating 3,000+ projects across all 31 provinces, with integrated subsidiaries spanning smart construction, robotics, and entrusted construction for government and individual buyers.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

Land Subdivision (2372), Land Subdivision (23721)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Urban Renewal, Brownfield Redevelopment & Land Reuse (BPAIANAI)

akta.pro secondary industries

Transitional/Development Land Brokerage (Entitled, In-Path-of-Growth) (BPAJADAJ), Landscape Construction Project Management & General Contracting (HSAIABAK), Regional & Land Use Planning (BPAHAKAE)

Keywords

• Residential real estate development
• Smart construction services
• Entrusted construction management
• Property management services
• Commercial property operations

Headquarters

HQ city

Central and Western

HQ country

Hong Kong SAR China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Residential Property Sales (地产开发): Core revenue stream from selling newly developed residential properties across China's urban and suburban markets. Country Garden is one of China's largest residential developers by sales volume, operating projects in 31 provinces, 297 prefecture-level cities, and 1,365 county/town-level areas. The company adopts a centralized and standardized operational model. Revenue for 2025 was reported at RMB 154.89 billion with net profit attributable to shareholders of RMB 3.26 billion.
2. Smart Construction Services (智慧建造): Tengyue Building Technology Group generates revenue through general contracting for construction projects, municipal engineering, mechanical and electrical engineering, intelligent construction, and whole-process engineering consulting. Revenue comes from construction contract fees for both Group projects and external clients. The subsidiary holds 185 professional qualifications including Class-A general contracting for construction, municipal works, and electromechanical engineering.
3. Entrusted Management & Construction (代管代建): Phoenix Zhihuo Management Company generates fees from providing specialized entrusted construction and management services including government construction, commercial construction, capital construction, and management consulting. Clients include government agencies, urban investment companies, asset management companies, and real estate developers. The company has cumulatively undertaken over 200 entrusted projects managing approximately 20 million square meters.
4. Property Management Services: Revenue from property management services for completed residential communities, though Country Garden Services (020609.HK), the property management subsidiary, is separately listed and operates independently. The company states it provides 'quality houses with exquisite decoration, scenic gardens, comprehensive amenities, and thoughtful services.'
5. Asset Disposal and Restructuring: The company has been disposing of various assets since 2022 to raise funds, totaling over RMB 65 billion. Recent disposals include equity investments in companies such as Blue Arrow Aerospace (蓝箭航天), Changxin Technology (长鑫科技), and Wanda Commercial Management (万代商管), raising approximately RMB 6.374 billion in the past year.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Country Garden Group develops, sells, and delivers residential properties across China through a centralized and standardized operational model, with over 3,000 projects spanning 31 provinces, 297 prefecture-level cities, and 1,365 county/town-level areas. The company complements its property development with smart construction services via Tengyue Building Technology Group and entrusted management and construction services via Phoenix Zhihuo, serving government agencies, urban investment companies, and other developers with B2B construction and management solutions.

Product overview

Country Garden Group is a diversified high-tech conglomerate focused on real estate development, smart construction, and entrusted management services. The company operates through three core business pillars: (1) Real Estate Development - providing standardized residential properties across over 3,000 projects in China; (2) Smart Construction - through Tengyue Construction Technology Group, offering construction services with robotics and intelligent building technologies; (3) Entrusted Management - via Phoenix Zhi Tuo, providing government and commercial construction management services. Supporting these core operations are service systems including the Family Circle Service System, Commercial Management operations, and product series like Star/Mansion/Cloud/Sky. The company is expanding into urban renewal, long-term rental apartments (Bijia Apartment), and developing AI applications for operations and management.

Differentiator

Problem solved

Functional benefit

Brands

• 博智林机器人 (Bright Dream Robotics): Construction robotics research, development and application
• 腾越建筑科技集团 (Tengyue Construction Tech Group)
• 凤凰智拓建管公司 (Phoenix Management)
• 碧桂园服务 (Country Garden Services)
• 碧桂园商管 (Country Garden Commercial Management)
• 碧家公寓 (Bijia Apartment)
• 凤悦酒店及度假村 (Funyard Hotels & Resorts)
• 国强公益基金会 (Guoqiang Foundation)

Products and services

• Real Estate Development (地产开发) Country Garden's core residential property development business, operating as one of China's largest urban residential developers. The company adopts a centralized and standardized operational model, offering diversified products across different market segments including over 3,000 projects in 31 provinces, 297 prefecture-level cities, and 1,365 county/town-level districts as of end 2025. The company provides quality homes with exquisite decoration, scenic gardens, comprehensive amenities, and thoughtful services.
• Smart Construction - Tengyue Building Technology Group (智慧建造 - 腾越建筑科技集团) Tengyue Building Technology Group is a national construction industry conglomerate and pioneer in smart construction technologies, holding Special Grade certification for civil building construction in Foshan. The company operates four core sectors: construction, equipment leasing, home decoration, and robotics, with 185 professional qualifications including Class-A general contracting for construction, municipal works, and electromechanical engineering. It has completed over 3,000 domestic construction projects across 26 provinces/cities in China and overseas markets including Malaysia.
• Phoenix Zhihuo Entrusted Management & Construction (凤凰智拓建管公司 - 代管代建) Guangdong Phoenix Management Company provides specialized entrusted construction and management services including government entrusted construction, commercial entrusted construction, capital entrusted construction, and management consulting. Clients include government agencies, urban investment companies (城投公司), asset management companies, and other real estate developers. The company has undertaken over 200 projects with cumulative management area of nearly 20 million square meters.
• Bijia Apartment Long-term Rental Housing (碧家公寓 - 长租公寓) A long-term rental apartment brand under Country Garden Commercial Management providing quality residential options for urban youth. The brand has expanded to over 20 cities nationwide with over 30,000 rooms. Notable project: partnership with Wuhan Jiang'an District to deliver 'Bijia Apartment Menghu Huayuan Jiang'an Youth Talent Apartment' with 100% Phase 1 occupancy in 2025.
• Country Garden Commercial Management (碧桂园商管) A commercial asset management business unit focusing on urban renewal, asset operations, and city-level integrated developments. The unit manages diverse formats including shopping centers, urban renewal projects, specialty streets, long-term rental apartments, commercial industrial parks, and office buildings. The unit provides positioning planning, brand recruitment, operational promotion, and full-process management services.
• Country Garden Services Property Management (碧桂园服务) Country Garden Services (020609.HK) is the separately-listed property management subsidiary of Country Garden Group, providing property management services to residential communities and other clients across China. The company maintains a network covering hundreds of residential projects.

Quantifiable outcome

• Cumulative deliveries of nearly 1.15 million units over 2023-2025, ranking #1 in China's real estate industry for delivery volume
• +7 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered core, key and minor.

• Guoqiang Foundation (国强公益基金会)coreOthersEstablished by Country Garden Holdings Chairman Yang Guoqiang and Co-Chairman Yang Huiyan in 2013, the Guoqiang Foundation is a 5A-rated non-public foundation in Guangdong Province. The foundation focuses on education and culture as means, human development as the center, to promote rural revitalization and community development. It operates three charitable schools (Guohua Memorial High School, Country Garden Vocational College, Linxia Guoqiang Vocational and Technical School), has donated over RMB 10 billion, and supports 16 provinces and 57 counties in poverty alleviation. The foundation works closely with Country Garden's CSR programs.
• Bozhilin Robot (博智林机器人)coreOthersA subsidiary of Country Garden Group, Bozhilin Robot focuses on research and development, manufacturing, and application of construction robots. It is a core component of Country Garden's technology strategy and smart construction system. Bozhilin has deployed construction robots commercially across multiple project sites, with 1,666 valid authorized patents as of end 2025.
• Tengyue Building Technology Group (腾越建筑科技集团)coreOthersA subsidiary and the operating entity for Country Garden's smart construction business. Tengyue is a national construction industry conglomerate and pioneer in smart construction. It is the only special-grade civil construction enterprise in Foshan and holds 185 professional qualifications. The company operates four major sectors: construction, equipment leasing, home decoration, and robotics. It has completed over 3,000 domestic construction projects.
• Phoenix Zhihuo (凤凰智拓建管公司)coreOthersA subsidiary handling Country Garden's entrusted management and construction business. Phoenix Zhihuo provides government construction, commercial construction, capital construction, and management consulting services. It has undertaken over 200 entrusted projects managing approximately 20 million square meters. Clients include government agencies, urban investment companies, asset management companies, and other real estate developers.
• Country Garden Services (碧桂园服务)coreOthersCountry Garden Services (stock code 020609.HK) is the separately-listed property management subsidiary of Country Garden Group. It provides property management services to Country Garden's residential communities and other clients. The company maintains a network covering hundreds of residential projects across China.
• Government entities (government agencies and urban investment companies)coreStrategic or Co-development PartnerGovernment agencies and urban investment companies (城投公司) are key clients for Country Garden's entrusted construction business. For example, Phoenix Zhihuo signed a cooperation with Foshan桂城 government for a large shopping center project, where the government entity provides capital for renovation while Country Garden commercial management provides operational management, positioning planning, brand recruitment, and operational promotion services.
• Wuhan Jiang'an District Government (武汉市江岸区相关单位)keyStrategic or Co-development PartnerCountry Garden commercial management partnered with Wuhan Jiang'an District to create the 'Bijia Apartment Menghu Huayuan Jiang'an Youth Talent Apartment' (碧家公寓梦湖华苑江岸青年人才公寓), which became operational in 2025. The government-led + professional operations cooperation model successfully revitalized over 170 existing housing units, achieving 100% occupancy in Phase 1.
• Guangdong Non-Public Economy Organization Party CommitteeminorOthersCountry Garden Group Party Committee has been recognized by the Guangdong Non-Public Economy Organization Party Committee for multiple consecutive years (2019-2022), receiving provincial-level party building honors including 'Two-New Organization Party Building Demonstration Point', 'Advanced Party Organization in Non-Public Economy', and 'Party Building Education Base for Non-Public Economy Personages'.
• Tricor Investor Services (卓佳证券登记有限公司)minorOthersCountry Garden's share registrar is Tricor Investor Services Limited, located at 17/F, Far East Financial Centre, 16 Harcourt Road, Hong Kong (Phone: +852 2980 1333). Tricor handles share registration, shareholder communications, and corporate communications distribution for Country Garden's Hong Kong listing.

Scale indicators12 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• China Resources Land: Large state-owned Chinese property developer with diversified residential, commercial, and investment property operations. Comparable in scale and product breadth to Country Garden's integrated real estate platform, with stronger financial profile.
• China Overseas Land & Investment: State-backed Chinese residential and commercial developer listed in Hong Kong. Most directly comparable peer to Country Garden given similar nationwide Chinese residential focus and HKEX listing; contrasts as a financially stable blue-chip counterpart to Country Garden's distressed-recovery story.
• Vanke (China Vanke): One of China's largest residential developers with mixed-ownership structure and presence across multiple city tiers. Closely comparable in business model and product mix to Country Garden, also facing sector headwinds but with less severe balance sheet stress.
• Greentown China Holdings: Chinese residential developer with focus on quality housing products and project management. Comparable to Country Garden's residential development and construction management offerings, with similar exposure to property cycle headwinds.
• Sunac China Holdings: Large Chinese residential developer that has also undergone major debt restructuring. Closely comparable in business model and post-crisis restructuring trajectory to Country Garden, offering a parallel recovery playbook benchmark.
• Poly Developments and Holdings: State-controlled Chinese residential and commercial developer with extensive nationwide project pipeline. Closely comparable in primary residential development business, with stronger financial position and SOE backing.
• Longfor Group: Diversified Chinese developer with significant residential, commercial property, rental housing (Long For Joy), and property management operations. Comparable to Country Garden's multi-segment model including commercial management and rental apartments.
• CIFI Holdings: Chinese residential developer focused on first- and second-tier cities. Comparable in residential property development focus to Country Garden; also undergoing balance sheet repair in current China property downturn.

Broad incumbents

• China State Construction Engineering Corporation (CSCEC): Largest construction contractor globally and the dominant player in China's construction industry. Comparable to Country Garden's Tengyue Building Technology Group (smart construction) subsidiary as a broad incumbent offering overlapping construction services at much larger scale.

Others

• KE Holdings (Beike): China's leading real estate transaction and services platform connecting buyers, sellers, and agents. Adjacent to Country Garden as an ecosystem enabler in Chinese residential real estate, with exposure to industry transaction volumes and homeowner services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/country-garden-holding-co--ltd-

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries11 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 Country Garden Group