China New City Commercial Development

What China New City Commercial Development does

China New City Commercial Development (operating as China New City Group Limited, HKEX: 1321) is a commercial property developer, owner, and operator based in Hangzhou, China, focused on developing integrated commercial complexes in sub-city centers of second-tier cities across the Yangtze River Delta region. The company is incorporated in the Cayman Islands, headquartered at the China Resources Building in Wanchai, Hong Kong, and listed on the Hong Kong Stock Exchange Main Board since July 10, 2014. It is controlled by Zhong'an Group (HKEX: 00672) via Quanhao Management Limited, with Shi Zhongan (施中安) serving as non-executive Chairman and Shi Nanlu (施南路) as Executive Director and CEO. The company employs between 1,001 and 5,000 people.

The company's portfolio spans commercial property development and sales, property leasing and management, hotel operations, urbanization projects, urban renewal, industry-city integration, future community projects, rural revitalization, and industrial investments. It operates a dual business model that combines selling certain properties for immediate capital recovery with strategically retaining others for recurring rental income. Key commercial assets include Zhong'an Plaza complexes in Xiaoshan, Yuyao, and Yiwu, the IOC International Office Center in Qianjiang Century City, Zhong'an Times Square, and Xixi Future Industrial Park. The hotel portfolio consists of four operating hotels with 1,356 rooms and approximately 210,000 sqm of operating area, operated under proprietary brands (Boruite, Run Zhou) and international brands (Holiday Inn via IHG, with historical partnerships with Hilton, Fairmont, JW Marriott, and Swiss Hotel). The company has no proprietary technology platform; its competitive foundation rests on local government relationships, land access through cooperation agreements, and integration within the Zhong'an Group ecosystem. Distribution is conducted via on-site property sales offices, direct leasing, direct hotel operations, and government joint ventures for land development.

For fiscal year 2023, China New City reported revenue of approximately RMB 12.97 billion (up approximately 119.2% year-over-year), with gross profit of approximately RMB 3.68 billion (up 213.6% YoY). Contract sales reached approximately RMB 1.547 billion across 100,000 sqm at an average RMB 15,500/sqm, while hotel revenue was approximately RMB 258 million (up 16.7% YoY) at an occupancy rate of approximately 70% and an average daily rate of RMB 479. The company posted a loss attributable to owners of approximately RMB 4.04 billion for 2023, reflecting persistent headwinds in China's commercial real estate sector. Total equity stood at RMB 4.841 billion with cash of RMB 384 million at year-end 2023. The company announced a strategic cooperation agreement for a European AI data center and technology infrastructure project in June 2026, signaling an exploratory pivot into digital infrastructure that supplements its traditional real estate core.

Name

China New City Commercial Development

Legal name

中国新城市集团有限公司

Website

https://chinanewcity.com.cn

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

China New City Commercial Development (HKEX: 1321) develops and operates integrated commercial complexes, offices, and hotels in second-tier cities of China's Yangtze River Delta region, combining property sales with recurring rental income under the Zhong'an Plaza, Boruite, and Holiday Inn brands.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Development

NAICS

Commercial and Institutional Building Construction (23622), New Housing For-Sale Builders (236117)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Retail & Mixed-Use Commercial Construction (IMAFACAB)

akta.pro secondary industries

Sustainable Cities, Urban Development & Green Infrastructure (BPADALAL), Urban & Regional Planning (Land Use, Zoning, Master Planning) (BPAIANAD)

Keywords

• Commercial real estate development
• Property leasing management
• Hotel operations
• Land development
• Urbanization projects

Headquarters

HQ city

Hangzhou

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Property Sales: The company sells commercial and residential properties to generate immediate cash flow to support business operations, growth, and expansion plans. Property sales are the primary revenue driver, with contract sales of approximately RMB 1.547 billion in 2023 across approximately 100,000 sqm at an average price of RMB 15,500/sqm.
2. Property Leasing and Management: The company retains selected commercial properties as rental income sources, providing stable recurring rental income and long-term capital appreciation. Properties include shopping malls, office buildings, and serviced residences managed under the company's own brand or by international operators.
3. Hotel Operations: The company operates hotels under brands including Holiday Inn (IHG), Boruite, and others. Four hotels are currently operating with a total of 1,356 rooms and approximately 210,000 sqm of operating area. Hotel revenue was approximately RMB 258 million in 2023, growing 16.7% year-over-year. The company is expanding its Boruite brand through a light-asset model.
4. Land Development: The company plans to expand into land development and urbanization-related businesses and services through cooperation agreements with local government departments, targeting different cities and counties across China. Joint ventures with local government entities handle site selection, master planning, and infrastructure development.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

China New City Commercial Development is a commercial property developer, owner, and operator focused on developing commercial complexes in sub-city centers of second-tier cities in the Yangtze River Delta region. The business comprises three main categories: (i) property sales; (ii) property leasing and management; and (iii) hotel operations. The company plans to expand into land development and urbanization-related businesses through cooperation agreements with local government departments across China.

Product overview

China New City Commercial Development is a commercial property developer, owner, and operator focused on developing commercial complexes in sub-city centers of second-tier cities in the Yangtze River Delta region. The company operates under a dual business model combining property sales for immediate capital recovery with strategic property retention for recurring rental income. The core business encompasses four main segments: (1) Commercial Property Development and Sales, (2) Property Leasing and Management (Zhong'an Plaza retail properties, IOC International Office Center, serviced apartments), (3) Hotel Operations (operating four Borrui Hotels and Holiday Inn properties with 1,356 rooms), and (4) Urbanization/Land Development projects. The company also maintains diversified operations in industrial investment, rural文旅, smart agricultural markets, film education, and digital health. The product portfolio includes commercial complexes, hotels under proprietary (Run Zhou/Borrui) and international brands (Holiday Inn, Hilton, Fairmont, JW Marriott, Swiss Hotel), community commercial projects, and future community developments.

Differentiator

Problem solved

Functional benefit

Brands

• 众安广场: Commercial plaza brand operating in Zhejiang/Yangtze River Delta region including Xiaoshan Zhong'an Plaza, Yuyao Zhong'an Plaza, and Yiwu Zhong'an Plaza.
• 伯瑞特酒店
• 众安时代广场
• 润洲
• 西溪未来产业园
• 众安里嘉润公馆

Products and services

• Commercial Property Development and Sales Development and sale of commercial and residential properties in sub-city centers of second-tier Yangtze River Delta cities, generating immediate capital to support operations and expansion. FY2023 contract sales reached approximately RMB 1.547 billion across ~100,000 sqm at an average price of RMB 15,500/sqm.
• Property Leasing and Management Strategic retention of commercial properties including shopping malls, office buildings, and serviced residences for stable recurring rental income and long-term capital appreciation. Properties include Zhong'an Plaza retail locations, IOC International Office Center, and serviced apartments managed under company brand or by international operators (Swiss Hotel, Ascott, Fairmont).
• Hotel Operations Hotel management under proprietary Borrui (伯瑞特) brand and international Holiday Inn (IHG) brand, currently operating four hotels with 1,356 rooms and ~210,000 sqm operating area. FY2023 hotel revenue was RMB 258 million with ~70% occupancy and RMB 479 average daily rate. Expansion of Borrui brand underway through light-asset model.
• Urbanization and Land Development Projects Land development and urbanization projects through cooperation agreements with local government departments across China, including agricultural modernization, elderly care services, new town construction, urban renewal, industry-city integration, future community development, and rural revitalization. Supported by 2014 partnership agreement with National Development Bank.
• Industrial Investment Investment in emerging industries including rural tourism, smart agricultural markets, film and education, and digital health services.

Quantifiable outcome

• Revenue of approximately RMB 12.97 billion in 2023, up 119.2% year-over-year
• +2 more outcomes

Named customers7 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators8 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• KWG Group Holdings: KWG is a HKEX-listed developer focused on residential and commercial properties in tier-1/2 Chinese cities including the Yangtze River Delta region, with similar mixed-use development capabilities to China New City.
• Greentown China Holdings: Greentown is a major Hangzhou-based HKEX-listed developer with significant Zhejiang province operations, developing mixed-use residential and commercial projects. Geographic and product overlap makes it a directly comparable peer.
• Powerlong Real Estate Holdings: Powerlong is a China-focused commercial and residential property developer listed on HKEX, operating integrated commercial complexes (Powerlong Plaza/Town) across second and third-tier Chinese cities — directly comparable to China New City's YRD commercial complex model.
• Hang Lung Properties: Hang Lung develops and operates premium commercial properties (malls, offices) primarily in mainland China and Hong Kong. Its investment-property-driven model with commercial complexes in tier-1/2 cities is closely comparable to China New City's shopping mall and office portfolio.
• Logan Group Company: Logan Group is a large HKEX-listed Chinese property developer with significant operations in the Greater Bay Area and Pearl River Delta, but with expanding Yangtze River Delta exposure, making it comparable in scale and product mix.
• Yuexiu Property Company: Yuexiu Property is an HKEX-listed state-backed developer with diversified residential, commercial, and investment property operations in mainland China. Comparable in mixed-use development and recurring-rental strategy.

Broad incumbents

• Country Garden Holdings: Country Garden is one of China's largest diversified developers with significant tier-3/4 city exposure and a broad mixed-use portfolio. Comparable as a large incumbent peer facing similar sector headwinds.
• China Resources Land: China Resources Land is one of China's largest diversified property developers with a significant investment property portfolio (malls, offices) operated under the CR Mixc brand. Its broader scale and tier-1 city focus make it a broad incumbent comparator.
• Sunac China Holdings: Sunac is a major HKEX-listed Chinese developer that has experienced significant stress post-2022. Comparable as a broad incumbent peer in Chinese mixed-use real estate with active asset restructuring.

Others

• Zhongliang Holdings: Zhongliang Holdings is an HKEX-listed Chinese residential-focused developer where China New City's CFO Lin Caihe previously served. While primarily residential, it is a thematic peer given shared personnel and overlapping developer ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 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 China New City Commercial Development