What Redsun Properties does

Redsun Properties (弘阳地产集团有限公司, HKEX: 01996.HK) is a Chinese real estate developer founded in 1996 and headquartered in Nanjing, Jiangsu Province. The group is incorporated in the Cayman Islands as a public limited company and listed on the Hong Kong Stock Exchange since July 2018; its operational headquarters is at 弘阳大厦, Pukou District, Nanjing, with an additional regional office at 26/F China Merchants Building, Sheung Wan, Hong Kong. The company develops and sells residential, commercial, and long-term rental properties across more than ten Chinese provinces, including Jiangsu, Zhejiang, Anhui, Hubei, Hunan, Jiangxi, Sichuan, Chongqing, Guangdong, Henan, Shaanxi, and Shandong. The product portfolio is structured as a five-tier residential ladder — 时光系 (affordable), 昕悦系 (first-home improvement), 燕澜系 (mid-to-high end improvement), 天宸系 (high-end improvement), and TOP别墅系 (luxury villas) — supplemented by the 弘阳时代中心 commercial office brand and the 弘寓 (Hongyu) long-term rental apartment brand with four service-apartment tiers. Go-to-market is a sales-led pre-sales model executed through property showrooms at project sites, augmented by co-development joint ventures with major Chinese developers such as Vanke, Country Garden, Poly, Greenland, China Fortune Land, China Merchants, Longfor, Xinhui, Future Land, Zhongnan, Jinhui, Yuzhou, and Zhongliang.

The company's revenue model is one-time property sales of residential and commercial units; pricing is project-specific and not publicly disclosed at the unit level. Distribution channels are physical showrooms plus JV partner networks, and customer communications are largely conducted through the corporate investor relations website and Hong Kong Stock Exchange disclosures. From 2018 through 2020, growth was funded by a multi-tranche USD senior note program totaling more than $1.4 billion at coupons between 9.7% and 13.5%, alongside M&A (notably the two-step acquisition of Mingliu Real Estate Wuhan and the acquisition of Kaifeng Baolong Real Estate Development).

Since 2024 the company has been in financial distress. Reported revenue has contracted sharply from a 2021 peak through 2025, with sustained negative gross profit, negative EBITDA, and widening net losses from 2022 onward. A winding-up petition was filed by a creditor and recognized by the court on March 13, 2024; the company has been pursuing offshore debt restructuring under a Restructuring Support Agreement with extensions continuing into 2026, alongside leadership turnover (executive director/executive president resignation announced June 3, 2026), auditor and joint company secretary changes in late 2024, and termination of post-IPO share option and share award schemes. The latest disclosed filing references a disclaimer of opinion (无法发表意见) in the annual report for the year ended December 31, 2025.

Name

Redsun Properties

Legal name

弘阳地产集团有限公司

Website

https://rsunproperty.hk

Company type

Public

Founded year

1996

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Redsun Properties (弘阳地产) is a Nanjing-based Chinese residential, commercial, and rental real estate developer listed on HKEX (01996.HK), operating across twelve Chinese provinces through a five-segment residential product line and a long-term rental apartment brand, currently undergoing offshore debt restructuring following creditor winding-up petitions.

Ownership category

akta.pro rank

Headquarters

HQ city

Nanjing

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Property Sales: Primary revenue stream from pre-sales and sales of residential and commercial properties across China. The company operates in multiple Chinese cities including Jiangsu, Zhejiang, Anhui, Hubei, Hunan, Jiangxi, Sichuan, Chongqing, Guangdong, Henan, Shaanxi, and Shandong provinces. Revenue is generated through direct property sales to end users.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels2 records

Core offering

Redsun Properties is a Chinese real estate developer that builds, markets, and sells residential, commercial, and rental-housing projects across more than 10 Chinese provinces. It sells homes through five tiered product lines (from affordable apartments to luxury villas) under its own brand, supplements the portfolio with a long-term rental apartment brand, and develops commercial office buildings. The company primarily operates through direct sales at project showrooms and co-development partnerships with major Chinese developers.

Product overview

Redsun Properties (弘阳地产集团有限公司) is a Chinese real estate developer listed on the Hong Kong Stock Exchange (stock code: 01996.HK). The company operates a diversified property portfolio comprising five residential product lines targeting different market segments (时光系 for affordable housing, 昕悦系 for first-time upgraders, 燕澜系 for mid-to-high end, 天宸系 for high-end, and TOP别墅系 for luxury villas), commercial office properties (南京弘阳时代中心), and long-term rental apartment brand 弘寓 with five service apartment variants serving various customer segments. The company's project footprint spans across Jiangsu, Zhejiang, Anhui, Hubei, Hunan, Jiangxi, Sichuan, Chongqing, Guangdong, Henan, Shaanxi, and Shandong provinces.

Differentiator

Problem solved

Functional benefit

Brands

• 时光系: Entry-level affordable housing product line
• 昕悦系
• 燕澜系
• 天宸系
• TOP别墅系
• 弘寓
• 弘阳时代中心

Products and services

• 时光系 (Shiguang Series) Entry-level affordable housing product line targeting first-time homebuyers; representative projects located in Nanjing Jiangning Binjiang, Meilong Lake districts, and other cities.
• 昕悦系 (Xinyue Series) Mid-range improvement housing product line targeting first-time upgraders; first project launched in Hefei.
• 燕澜系 (Yanlan Series) Mid-to-high-end improvement housing product line; projects located in Changzhou and Nanjing.
• 天宸系 (Tianchen Series) High-end improvement residential product line for affluent buyers.
• TOP别墅系 (TOP Villa Series) Luxury villa product line; representative project Hongyang Shanquing (弘阳山卿) located in Baohua Mountain area, combining cultural and natural value as a scarce product.
• 弘寓 (Hongyu) Long-term rental apartment brand with five service apartment product lines (咖客 high-end, 柚紫 premium, 暖桔 mid-range, 柠萌 budget, and distributed apartments) serving different renter segments.
• 南京弘阳时代中心 (Nanjing Redsun Times Center) Commercial office building in Nanjing, part of the company's commercial real estate portfolio that achieved strong sales performance.

Quantifiable outcome

• Added over 600 billion RMB in new land reserves in 2017, with a land reserve to sales ratio of 3.8
• +1 more outcomes

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• E-House China Enterprise Group (易居企业集团)coreStrategic or Co-development Partner · 14 February 2019Redsun Properties entered a strategic partnership with E-House China Enterprise Group covering real estate information consulting, strategic research, and sales agency services. The partnership began in 2016 in information integration systems and brand strategy, and was expanded in November 2017 and February 2019. E-House is a leading Chinese property services company operating CRIC (房地产数据服务商), 易居营销, and 易居房友 platforms, recognized as an integrator and leader in China's real estate distribution services.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Country Garden Holdings: One of China's largest residential developers (2007.HK) with broad national footprint and a tiered product portfolio spanning affordable to premium housing. Directly comparable in product mix and channel approach.
• Shimao Group Holdings: Hong Kong-listed Chinese developer (0813.HK) with diversified residential, commercial and hotel operations. Comparable business model, Yangtze River Delta exposure, and offshore debt restructuring trajectory.
• R&F Properties: Hong Kong-listed Chinese developer (2777.HK) with diversified residential and commercial property operations including hotels. Comparable in mixed-use product portfolio and HK-listed status.
• Kaisa Group Holdings: Hong Kong-listed Chinese developer (1638.HK) focused on Greater Bay Area and tier-2 cities. Highly comparable in size tier, residential-led product mix, and history of offshore debt restructuring.
• Powerlong Real Estate Holdings: Mid-tier Hong Kong-listed Chinese developer (1238.HK) with operations in Yangtze River Delta and Western China. Comparable in scale tier, residential focus, and exposure to tier-2 city demand.
• CIFI Holdings: Mid-large Chinese residential developer (0884.HK) with national footprint and tiered product lines targeting first-time buyers to upgraders. Directly comparable in product segmentation strategy and current restructuring status.
• Times China Holdings: Hong Kong-listed Chinese developer (1233.HK) primarily serving Greater Bay Area and tier-2 cities with residential focus. Comparable in size tier and customer segment focus.
• Sunac China Holdings: Large Chinese residential developer also listed in Hong Kong (1918.HK) and undergoing offshore debt restructuring since 2022. Highly comparable in business model, geographic concentration in tier-1/tier-2 cities, and current distressed status.

Broad incumbents

• China Vanke: One of China's largest and most established developers, listed in Hong Kong and Shenzhen. Included as a broader incumbent comparable and as a co-development partner that intersects with Redsun's project portfolio.
• Greenland Holdings: State-owned Chinese developer with much larger national and global footprint. Included as a co-development partner with Redsun and as a broader incumbent comparable in the same tier-1/tier-2 city markets.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/redsunpropertiesgrouplimited

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Redsun Properties