Poly Development

What Poly Development does

Poly Development (保利发展控股集团股份有限公司, SH600048) is a centrally-administered state-owned real estate developer and integrated platform operator under China Poly Group, one of the largest property developers in China by sales scale with operations across 100+ cities domestically plus selective overseas presence in the US, UK, and Australia. Founded in 1992 in Guangzhou and listed on the Shanghai Stock Exchange since 2006 (with property management subsidiary Poly Property Services separately listed in Hong Kong as 06049.HK since 2019), the company operates a vertically integrated three-cluster platform: Real Estate Investment & Development (residential, commercial, mixed-use), Real Estate Management (shopping centers, hotels, rental housing), and Comprehensive Real Estate Services (brokerage, exhibitions, cultural tourism, elderly care, financial services).

The underlying technology stack combines a proprietary Full Lifecycle Residential System 2.0 and WELL Integrated Community (Well集和社区) standards with smart home integration, customizable layouts, and elderly/child-friendly design features. A big-data customer management platform supports the company's national direct sales network across 30+ regional subsidiaries and the Poly HeRun (保利和润) brokerage operation with 32 branches and ~10,000 employees covering 700+ concurrent agency projects. In June 2026, the company received approval for China's first central-SOE commercial real estate REIT (Huaxia Poly Commercial REIT), with underlying assets Guangzhou Poly Center and Foshan Poly Water City, marking a strategic pivot toward commercial asset securitization.

Revenue mechanics span one-time property sales (primary driver), recurring property management fees via Poly Property Services, subscription-based apartment rentals (Poly Apartment), managed commercial and exhibition operations, transaction-fee brokerage income, and financial services revenue through joint ventures including Xinbao Fund (with CITIC Securities, RMB 400B+ cumulative AUM) and Taiping Poly (with China Taiping Insurance). Pricing is project-specific across differentiated product tiers (Tianzi premium, He Guang, Yue, Yuan series) without standardized public pricing. Customer segments include individual residential buyers (first-time, upgraders, premium), commercial enterprise tenants, property owner communities under management, government/social housing program partners, and elderly care residents. Distribution combines direct field sales, brokerage channel, listed subsidiary services, and the newly launched institutional REIT vehicle.

Name

Poly Development

Legal name

保利发展控股集团股份有限公司

Website

https://polycn.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Poly Development (保利发展控股) is a central-SOE Chinese real estate developer operating across 100+ cities with vertically integrated development, construction, property management, brokerage, and commercial operations, serving residential buyers, enterprise tenants, and institutional investors via its parent and HK-listed subsidiary.

Ownership category

akta.pro rank

Product category

Residential and Commercial Property Development

NAICS

Land Subdivision (2372), Land Subdivision (23721)

SIC

Land Subdividers & Developers (No Cemeteries) (6552), Real Estate Dealers (For Their Own Account) (6532)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industries

Real Estate Public-Private Partnership (PPP) & Infrastructure-Adjacent Real Estate Advisory (BPAJANAL), State/Provincial Housing, Urban/Regional Planning & Community Development (BPAIABAM), Independent Living Community Development & Construction (Senior Housing Developers) (HLADAAAH)

Keywords

• Residential property development
• Commercial real estate operations
• Property management services
• Real estate brokerage
• Construction contracting

Headquarters

HQ city

Guangzhou

HQ country

China

HQ region

Asia

Offices29 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Property Development and Sales (不动产投资开发): Core revenue driver from residential and commercial property sales across 100+ Chinese cities and overseas markets in the US, UK, Australia. Sales model relies on direct field sales teams and subsidiary Poly HeRun agency network covering 700+ concurrent projects.
2. Property Management Services (物业服务): Poly Property Services (保利物业, stock code 06049.HK), listed on Hong Kong Stock Exchange, ranked #2 in industry comprehensive strength and #1 among central enterprise property companies. Services cover residential, commercial, and government facility management.
3. Construction (建筑施工): Full-service construction through subsidiary Fuli Construction Group (富利建设), offering general contracting for building construction, municipal engineering, decoration, smart building, and material trading. Recorded annual revenue exceeding 350 billion RMB.
4. Commercial Operations (商业运营): Commercial management through Poly Travel & Commerce (保利商旅) and Poly Commercial Property, operating shopping centers, hotels, and city complex assets with 200+ operating projects. Assets include Guangzhou Poly Center and Foshan Poly Water City underpinning the listed REIT.
5. Exhibition Services (会展运营): Exhibition management through Poly Exhibition (保利会展/保利锦汉) and Poly Trade Mart, operating venue management, exhibition organization, and event planning. Over 270,000 sqm of exhibition space annually, 100+ online/offline events, UFI member.
6. Financial Services / Capital Operations (资本运作): Operations through Xinbao Fund (信保基金, co-founded with CITIC Securities) and Poly Capital (保利资本, over 400 billion RMB cumulative AUM, 170+ investments), Taiping Poly (太平保利, insurance-real estate crossover with China Taiping), and REIT management.
7. Brokerage Services (经纪代理): Through Poly HeRun (保利和润), covering new property agency, digital marketing, resale brokerage, and channel distribution. 32 regional branches, ~10,000 employees, ranked #1 in 2024 China real estate sales service brand value of 112 billion RMB.
8. Elderly Care and Health (大健康): Health investment platform (保利健投) and Hepin (和品) elderly products business, operating senior living facilities and producing elderly care products. 2024康养运营领先品牌TOP2.
9. Cultural and Tourism (文旅产业): Through Poly Cultural & Tourism (保利文旅) operating golf courses across Chongqing, Chengdu, Yangjiang, Qinhuangdao, and Foshan; Poly Tourism managing theme parks and natural scenic areas. Largest golf course management group in China by scale.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels9 records

Core offering

Poly Development is a central state-owned real estate developer and integrated real estate ecosystem operator. It develops and sells residential and commercial properties across 100+ Chinese cities, while also providing construction contracting, property management, commercial operations (shopping centers, hotels, offices), real estate brokerage, exhibition services, healthcare/elderly care, cultural tourism, and financial services through wholly-owned subsidiaries. Revenue is anchored by one-time property sales supplemented by recurring management fees, commercial rental income, hotel operations, and capital management income.

Product overview

Poly Development (保利发展控股集团股份有限公司, SH600048) is a state-owned Chinese real estate developer and operator with a vertically integrated business model spanning property development, management, construction, and hospitality across over 80 cities in China. The company operates as a platform-plus-modules architecture with three core business clusters: Real Estate Investment & Development (不动产投资开发), Real Estate Management (不动产经营), and Comprehensive Real Estate Services (不动产综合服务). The service cluster includes subsidiary brands such as Poly Property Services (保利物业, 06049.HK), Poly Herun brokerage (保利和润), Poly Business Travel (保利商旅), Poly Apartments (保利公寓), Poly Exhibition (保利会展/展览), Poly Cultural Tourism (保利文旅), Poly Capital (保利资本), Poly Health Investment (保利健投), and Xinbao Fund (信保基金). The company also launched China's first central enterprise commercial REIT (华夏保利商业REIT) in 2026.

Differentiator

Problem solved

Functional benefit

Brands

• 保利物业 (Poly Property): Property management services, publicly listed on HKEX
• 保利和润 (Poly Herun)
• 富利建设 (Fuli Construction)
• 保利商旅 (Poly Commerce & Tourism)
• 保利公寓 (Poly Apartment)
• 保利会展 (Poly Convention)
• 保利文旅 (Poly Culture & Tourism)
• 和基金 (He Fund)
• 和乐中国 (Hele China)
• 华夏保利商业REIT

Products and services

• Real Estate Investment and Development (不动产投资开发) Core residential and commercial property development business covering over 80 cities in China, with overseas operations in the US, UK, and Australia. Includes differentiated product lines targeting first-time buyers (刚需), upgraders (改善型), premium (天字系, 和光系, 悦系, 院系), and luxury buyers.
• Poly Property Services (保利物业) Property management services subsidiary listed on the Hong Kong Stock Exchange (06049.HK), ranked #2 in industry comprehensive strength and #1 among central enterprise property companies. Serves residential communities, commercial properties, and government facilities.
• Poly HeRun (保利和润) Brokerage and Investment Advisory Real estate investment advisory and brokerage company covering new property agency, digital marketing, resale brokerage, and channel distribution. Operates 32 regional branches with ~10,000 employees covering 100+ cities with 700+ concurrent projects. Brand value RMB 112 billion in 2024, ranked #1 in China real estate sales service.
• Fuli Construction Group (富利建设) Full-service construction group providing general contracting for building construction, municipal engineering, decoration, smart building, and material trading services. Annual revenue exceeding RMB 350 billion.
• Poly Commerce and Tourism (保利商旅) Commercial operations subsidiary specializing in full lifecycle management of commercial properties including shopping centers, hotels, scenic areas, and urban services. Manages 200+ operating projects including Guangzhou Poly Center and Foshan Poly Water City.
• Poly Apartment (保利公寓) Apartment rental management platform operating professional, scalable, intensive operations with N+ and Yujinge (瑜璟阁) brand lines targeting long-term and short-term rental segments.
• Poly Exhibition (保利锦汉展览 / 保利展览) Professional exhibition organizer (UFI member) handling home/gift and health sector exhibitions. Operates over 270,000 sqm of exhibition space annually with 100+ online/offline events.
• Poly Cultural and Tourism (保利文旅) Cultural tourism operations managing golf courses in Chongqing, Chengdu, Yangjiang, Qinhuangdao, and Foshan; Poly Tourism managing theme parks and natural scenic areas.
• Poly Health Investment (保利健投) Healthcare investment platform operating senior living facilities (养老平台) and producing elderly care products through Hepin (和品) brand. Ranked #2 in 2024 China 康养运营领先品牌.
• Xinbao Fund (信保基金) Real estate private equity fund manager co-founded with CITIC Securities (2010), focusing on real estate investment, industrial investment, financial innovation, M&A, and asset management.
• Huaxia Poly Commercial REIT (华夏保利商业REIT) First central enterprise commercial real estate investment trust approved for listing on the Shanghai Stock Exchange. Provides institutional investors indirect access to Poly's commercial property portfolio, with underlying assets Guangzhou Poly Center and Foshan Poly Water City.
• Guangdong Heavy Industry Architectural Design Institute (广东重工建筑设计院) Comprehensive Class-A design institute providing planning, design, consulting, surveying, monitoring, and engineering construction services for development projects.

Quantifiable outcome

• 2026 first-half Shanghai sales reached RMB 15.5 billion, ranking third among all developers in the market
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• 中国航空工业集团有限公司 (AVIC)minorStrategic or Co-development Partner航空大世界科技文化有限公司 (Aviation World Technology & Culture Co.) was co-funded by China Poly Group and AVIC. It serves as a vehicle for promoting cultural industry progress and technological innovation, including aviation-themed cultural attractions and experiences.

Scale indicators14 records

Recent moves11 records

Expansion highlights5 records

Direct peers

• Country Garden Holdings: China's largest developer by historical contracted sales, currently restructuring. Same residential development and property services verticals, providing a useful distressed-peer benchmark to Poly's healthier SOE balance sheet.
• China Vanke: One of China's largest mixed-developers with Shenzhen Metro as SOE anchor, overlapping in residential, property management, and logistics real estate. Direct competitor across Poly's 100+ city footprint.
• China Resources Land: Leading SOE-backed Chinese developer with investment property, residential development, and property management. Tied with Poly on the 2026 H1 Shanghai sales ranking and similar central-SOE backing model.
• Yuexiu Property: Guangzhou-based state-owned developer with overlapping Pearl River Delta footprint and similar mixed residential/commercial investment property model. Competes with Poly in southern China primary markets.
• Longfor Group: Diversified Chinese developer and property manager with comparable commercial rental housing portfolio and similar service-line breadth. Frequently grouped with Poly in industry rankings.
• China Merchants Shekou Industrial Zone Holdings: Central SOE developer with comparable nationwide residential and commercial portfolio, integrated property services, and similar target segments. Ranked directly above Poly in 2026 H1 Shanghai sales.
• Greentown China Holdings: Premium-focused Chinese developer with similar national footprint and product-line strategy (Heaven/Happiness-tier premium homes), competing directly in Poly's high-end residential segments.
• China Overseas Land & Investment (COLI): Central-SOE residential and commercial developer directly comparable in size, structure, and policy positioning to Poly. Both are among China's top-tier developers with broad national footprints.

Emerging players

• Country Garden Services: China's largest property management company by scale, directly comparable to Poly Property Services (06049.HK) in residential and commercial property management competition.

Broad incumbents

• China Resources Mixc Lifestyle: HK-listed commercial property management arm of China Resources, comparable to Poly Property Services (06049.HK) and Poly Commercial Operations across shopping mall, office, and hotel asset management.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/poly-developments-and-holdings

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 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 Poly Development