China Merchants Land

What China Merchants Land does

China Merchants Land Limited (00978.HK) is a Hong Kong-listed real estate developer incorporated in the Cayman Islands and headquartered in Hong Kong, operating under the controlling ownership (74.35%) of China Merchants Shekou Industrial Zone Holdings (001979.SZ), itself a subsidiary of state-owned China Merchants Group. The company's core business is residential and mixed-use property development across five mainland Chinese cities — Guangzhou, Foshan, Nanjing, Chongqing, and Xi'an — supplemented by Hong Kong residential expansion conducted through joint ventures with established developers including Sun Hung Kai Properties, Kerry Properties, and Great Eagle Holdings. As of December 2023, the group held 48 real estate development projects with 5.2 million sqm of unsold saleable GFA and recorded full-year contract sales of RMB 38.6 billion alongside operating revenue of RMB 28.8 billion.

Beyond primary development, the group operates a development-plus-operations model with three secondary pillars: (i) the CM+ (壹棠) branded serviced apartments and hotel business in Hong Kong, (ii) the China Merchants Commercial REIT (01503.HK), a Hong Kong-listed REIT managed by its wholly-owned subsidiary China Merchants Land Asset Management Limited and providing recurring base and performance fees, and (iii) office asset management services in Beijing and Shanghai covering approximately RMB 5 billion of assets. The platform was established in 2013 via a reverse takeover and injection of 11 real estate project companies from the parent, and has progressively expanded its geographic footprint and light-asset business mix since 2019.

The company does not employ a SaaS or technology-licensing business model; revenue is generated primarily from one-time property sales supplemented by recurring REIT management fees and rental income from serviced apartments. Distribution is conducted through direct project sales offices and strategic joint ventures, with marketing primarily relying on the China Merchants Group brand reputation and Hong Kong Stock Exchange investor relations disclosures. Pricing is project-specific and not publicly disclosed.

Name

China Merchants Land

Legal name

招商局置地有限公司

Website

https://cmland.hk

Company type

Public

Founded year

1997

Operating status

Operating

Headcount range

501–1,000 employees

Short description

China Merchants Land Limited (00978.HK) is a Hong Kong-listed real estate developer majority-owned (74.35%) by state-owned China Merchants Shekou, developing residential and mixed-use properties in five mainland Chinese cities and through Hong Kong joint ventures, while operating a CM+ serviced apartment brand, the China Merchants Commercial REIT (01503.HK), and office asset management services.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

SIC

Operators Of Nonresidential Buildings (6512), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Commercial Real Estate Brokerage (Leasing & Sales) (FSAEAJAB)

Keywords

• Residential property development
• Real estate investment trust
• Commercial property management
• Serviced apartment operations
• Asset management services

Headquarters

HQ city

Sheung Wan

HQ country

Hong Kong SAR China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. Property Development Sales: Revenue from sale of residential properties and residential-commercial integrated properties across Guangzhou, Foshan, Nanjing, Chongqing, Xi'an and Hong Kong. Products include apartments, villas, office buildings and retail shops.
2. Asset Management Services: REIT management services through wholly-owned subsidiary China Merchants Land Asset Management Limited, providing management services to China Merchants Commercial Real Estate Investment Trust (01503.HK). The company earns base fees and performance fees for asset management.
3. Rental Income: Rental income from CM+ serviced apartments and hotels in Hong Kong, including CM+壹棠酒店及服務式公寓南座 and north building.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels1 record

Core offering

China Merchants Land Limited is a Hong Kong-listed real estate developer (00978.HK) that develops and sells residential and mixed-use properties across five core mainland Chinese cities (Guangzhou, Foshan, Nanjing, Chongqing, Xi'an) and Hong Kong. The company operates a three-pillar model combining heavy-asset property development, CM+ branded serviced apartment operations in Hong Kong, and light-asset REIT and office asset management services through its subsidiary China Merchants Land Asset Management, which manages the Hong Kong-listed China Merchants Commercial REIT (01503.HK).

Product overview

China Merchants Land operates as a professional real estate enterprise and listed investment holding company (Stock Code: 00978.HK). Its portfolio consists of three main pillars: (1) core residential and commercial real estate development across five Chinese cities (Guangzhou, Foshan, Nanjing, Chongqing, Xi'an) and Hong Kong, offering apartments, villas, offices, and retail shops; (2) CM+ branded serviced apartments (CM+壹棠) operated in Hong Kong; and (3) light-asset property management and REIT services, including management of the Hong Kong-listed China Merchants Commercial REIT (01503.HK) and office asset management services covering Beijing, Shanghai, and Hong Kong. The company has progressively shifted toward a development-plus-operation model, combining heavy-asset property development with light-asset asset management.

Differentiator

Problem solved

Functional benefit

Brands

• 璀璨系 (CuiCan series): New star product line for residential developments launched in 2023.
• 天青系 (TianQing series)
• 序系 (Xu series)

Products and services

• Residential Property Development (住宅物業開發)

Quantifiable outcome

• Achieved RMB 38.6 billion contract sales in 2023 with projects in Nanjing, Xi'an, Chongqing, Guangzhou, Foshan and Hong Kong

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Sun Hung Kai Properties (信和置業有限公司)coreStrategic or Co-development Partner · 1 December 2023Joint venture partnership with Sun Hung Kai Properties (stock code: 00083.HK) for urban renewal projects in Hong Kong. Successfully won the Shengde Street/Ma Tau Chung Road development project through joint venture company Goldmark朗有限公司. Previously partnered on Tsuen Wan临海项目和日出康城第11期 and 第13期 MTR station development projects.
• Great Eagle Holdings (鷹君集團有限公司)coreStrategic or Co-development Partner · 1 December 2023Three-party joint venture with Sun Hung Kai Properties and Great Eagle Holdings (stock code: 00041.HK) for the Shengde Street/Ma Tau Chung Road urban renewal project in Hong Kong.
• Kerry Properties (嘉里建設有限公司)coreStrategic or Co-development Partner · 1 October 2020Joint venture partnership for MTR Haven of Time康城第13期 property development project. The consortium consists of China Merchants Land, Sun Hung Kai Properties, Kerry Properties (stock code: 00683) and Hong Kong & China Gas, with the project providing over 4,400 residential units.
• Country Garden (廣東保利房地產開發有限公司)minorStrategic or Co-development Partner · 1 July 2019Joint development partnership with Country Garden for Guangzhou Baiyun District residential land development. Each party holds 25% equity stake in the project company.
• Shanghai Jinke (金茂投資（廣東）有限公司)minorStrategic or Co-development Partner · 1 July 2019Joint development partnership for Guangzhou Baiyun District residential project with equal 25% equity participation.
• China Railway Real Estate Group South China (中鐵房地產集團華南有限公司)minorStrategic or Co-development Partner · 1 July 2019Four-party joint development for Guangzhou Baiyun District residential land with total land price of RMB 4.116 billion.

Scale indicators8 records

Recent moves17 records

Expansion highlights5 records

Direct peers

• Country Garden Holdings: Major Chinese property developer (02007.HK) and JV partner of CML for Guangzhou Baiyun District project. Operates residential development across lower-tier Chinese cities — comparable in developer profile, though CML's tier-2 focus differs from Country Garden's broader geographic spread.
• China Vanke: Major Chinese property developer listed in Shenzhen (000002.SZ) and HK (02202.HK). Operates residential development across China plus property services and commercial operations — comparable scale and diversified model despite mixed A-share/H-share structure.
• Sun Hung Kai Properties: Hong Kong's largest property developer (00016.HK) and a core JV partner of CML across multiple MTR station and urban renewal projects. Comparable HK residential + commercial property development focus; direct JV partner rather than pure competitor in HK.
• Great Eagle Holdings: Hong Kong property company (00041.HK) with hotel, residential, and commercial operations including Langham Hospitality. Three-way JV partner with CML and Sun Hung Kai for Shengde Street/Ma Tau Chung Road urban renewal project.
• China Resources Land: Central SOE-backed Chinese property developer (01109.HK) with diversified portfolio across residential development, commercial property, and asset management. Comparable business model and SOE backing structure make it a key peer for benchmarking CML's strategy.
• China Overseas Land & Investment: Largest central SOE-backed Chinese property developer listed on HKEX (00688.HK). Operates across mainland China tier-1 and core tier-2 cities with similar residential + commercial + investment property business model, making it the most directly comparable peer to China Merchants Land.
• Yuexiu Property: State-owned Chinese property developer (00123.HK) with Guangzhou-headquartered residential and commercial development plus REIT operations. Comparable SOE structure, Greater Bay Area focus (Guangzhou is CML's key city), and mixed development + asset management model.
• Longfor Group Holdings: Large private Chinese property developer (00960.HK) operating residential development, commercial property (Tianjie malls), property management, and rental housing across China. Comparable residential-plus-commercial model and tier-1/2 city focus.
• CK Asset Holdings: Hong Kong property developer (01113.HK) with HK residential, commercial, and hotel assets plus mainland China investments. Comparable diversified property model with HK-listed structure, suitable as a peer for CML's HK-side operations.
• Kerry Properties: Hong Kong-listed property developer (00683.HK) with HK and mainland China residential and commercial projects. Direct JV partner of CML for MTR LOHAS Park Phase 13; comparable HK-mid-tier developer profile.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/china-merchants-land-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 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 Merchants Land