CHINA OVERSEAS PROPERTY HOLDINGS LIMITED ANNOUNCES ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024

CHINA OVERSEAS PROPERTY HOLDINGS LIMITED ANNOUNCES

ANNUAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024

Profit attributable to ordinary equity holders increased by 12.5%

A final dividend of HK 18.0 cents per share for the year of 2024 

China Overseas Property Holdings Limited (the “Company” or “COPL”, stock code:02669) is pleased to announce the annual results of the Company and its subsidiaries (collectively, the “Group”) for the year ended 31 December 2024 on 27 March 2025.

In 2024, the Group had presence in a total of 167 cities, covering Hong Kong and Macau, and a current workforce of approximately 38,627 employees, with 2,232 property management projects with a service area of nearly 431.1 million sq.m. and 448 pre-sales sites projects under management. We continued to diversify our property management portfolio, expand the coverage of non-residential areas, and further diversify our product portfolio consisting of commercial complexes, offices, shopping centers, hotels, industrial parks, logistic parks, aviation, high-speed rail, hospitals, schools, government properties, urban services, parks, ports, roads and bridges, bus terminuses and other public facilities. Through providing high-quality and sophisticated services to the customers and maximising customer satisfaction, we strive to preserve and add value to the properties under our management and to solidify our strong brand recognition as a renowned property management service provider for mid- to high-end properties in our core stream business.

During the year ended 31 December 2024, the Group’s revenue increased by 7.5% to RMB 14,023.8 million, comparing to revenue of RMB 13,051.3 million in the last year.

PROPERTY MANAGEMENT SERVICES

The continuous improvement of service quality and customer satisfaction helped the Group solidifying its strong brand recognition as a renowned property management service provider for mid- to high-end properties in its core stream business. At the same time, through possessing a diversified and one-stop business capability and providing full range property management solutions to properties under development, we were able to gain early access to those properties and maintain proximate business relationships with them.

In 2024, by leveraging on the Group’s brand equity and size advantage, we steadily commenced market expansion to enlarge operating scale. Our project diversity was achieved through balancing and enriching the market components. GFA under management increased to 431.1 million sq.m., that was 7.4% more comparing with last year (2023: 401.5 million sq.m.), with portion of GFA under management sourced from independent third parties of 39.4% (2023: 40.5%).

VALUE-ADDED SERVICES TO RESIDENTS

In respect of value-added services to residents sub-segment, our services cover (i) community asset management services (such as rental assistance, agency and custody for real estate transactions, common area rental assistance, one-stop shop asset management services to the property owners and rental of self-owned properties); (ii) home living service operations (to meet the various needs of residents of the properties, including housing ecology, home improvement, new retail, home services, tourism and leisure, education and training, health and elderly care, automotive services, platform services, etc.); and (iii) commercial service operations (to meet the needs of business users). Both of the customers’ recognition of the Group’s traditional property management services, and diversification of our product offerings and marketing channels through services offered with our online-to-offline platform facilitates meeting the various needs of residents of the properties, which promotes the life style quality and satisfaction of our customers.

For the year ended 31 December 2024, revenue from the value-added services to residents sub-segment constituted 9.9% (2023: 9.9%) of total revenue, and increased by 7.2% to RMB 1,384.6 million (2023: RMB 1,291.8 million), mainly due to (i) business growth from successful marketing campaigns on retailing consumption and community group purchasing, which was retrained by weak demands from home services under home living service operations and commercial service operations; (ii) in respect of the community asset management services, market penetration and expansion in agency business on real estate leasing through various cooperation models such as regional joint ventures and associates.

VALUE-ADDED SERVICES TO NON-RESIDENTS

Value-added services to non-residents sub-segment cover engineering, vetting of building plans, facilities and equipment evaluation proposals, pre-delivery, move-in assistance, delivery inspection, engineering service quality monitoring and consulting services, etc. for property developers and other property management companies.

For the year ended 31 December 2024, revenue from the non-residents sub-segment constituted 13.0% (2023: 16.5%) of total revenue at RMB 1,828.7 million (2023: RMB 2,144.7 million), where repair and maintenance services from our existing projects expanded during the year.

CAR PARKING SPACES TRADING BUSINESS

Through acquiring unfettered rights and ability to control and coordinate the sales of the car parking spaces at the properties under the Group’s management, the Group can create greater ease and value to the residents of such properties, and thereby enhance the Group’s overall management of the amenities within such properties. This in turn also enable the Group to take advantage of its existing abundance of cash balance and increase the shareholders’ value.

During the year ended 31 December 2024, 2,224 carparks were sold (2023: 3,109), segment revenue from the car parking spaces trading business amounted to RMB 144.2 million (2023: RMB 199.9 million).

The Group adopts prudent financial policies, with effective financial and cash management under centralised supervision, and maintains appropriate leverage with adequate cash balances. As at 31 December 2024, bank balances and cash increased by 13.1% to RMB 5,803.5 million from last year end (At 31 December 2023: RMB 5,130.7 million).

2024 is an important milestone fulfilling the “14th Five-Year Strategic Plan” of the Group. As a leading property management enterprise, COPL leveraged its resource endowment, branding advantages, economics of scale and long-term accumulated operating strengths, to reinforce its leading position. It will spearhead as an exemplary model of pursuing a synergistic balance of being “service-minded, result-oriented and scalability-based”, determine to promote “The China Overseas Proprietary Methodology in the Modernisation of Property Management” (“COPMPM”) to consolidate the foundation of high-quality development and market orientation, and sets quadruple roles with serving a better life as the core objective. Firstly, as an explorer for city services, we combine various property management portfolios that are managed separately into an integrated service capability. Secondly, as a promotor for the development of the entire industry chain, we actively consolidate internal and external resources. Thirdly, as a guardian who safeguards a better living, we advocate renovations of old community buildings and supporting facilities, improve urban micro-space and stimulate residents’ public service consumption. Fourthly, as a developer of co-construction, co-governance and co-usage, we build a community ecology with owners and a project commitment charter with suppliers. Entering into a new phase of industry development, the coverage of service targets of property management enterprises has been extended from small communities or neighbourhoods (being the basic units of urban construction) to large cities formed by countless basic units. We will vigorously develop the integrated service operation of urban space that co-exists with the logic of urban system. We will strive to become not only a manager of urban buildings, but also an operator of urban basic services as well as a dedicated participant in upgrading urban services, with a view to promoting the unity of the three dynamics: the grassroots governance of the government, the management of owners’ rights and interests, and the commercial behavior of enterprises.

About China Overseas Property Holdings Limited

China Overseas Property Holdings Limited is a subsidiary of China Overseas Holdings Limited under China State Construction Engineering Corporation and an avant-garde in the property management industry in China with first-class qualifications. COPL started its property management services in Hong Kong in 1986, and have gained over 30 years of cultivation in Hong Kong and Macau, COPL set foot in the Mainland China market in 1991. On 23 October 2015, COPL was listed on the Main Board of the Stock Exchange of Hong Kong Limited (Stock Code: 2669.HK).

For further information, please contact:

China Overseas Property Holdings Limited

Corporate Communication Department

Tel: (852) 2988 0600 | Email: copl.ir@cohl.com

Website: http://www.copl.com.hk