Which real estate companies are still profitable in 2023

Based on 2022 revenue scale, as of August 31, 2023, only three of China's top ten A-share real estate companies posted profitable and growing results in the first half of the year: Poly Development, Huafa Co., and Binjiang Group. The situation on the Hong Kong Stock Exchange was similar, with only Longfor Group, China Resources Land, Greentown China, and C&D International realizing profitability alongside year-over-year data growth; among them, Longfor Group is one of the few privately owned developers.

The core reason Poly Development and Longfor Group have maintained profit growth is their diversified businesses (specifically, growth in property management income), making them industry assets worth holding.

With the 2023 interim reports released, which developers can navigate through the cycle?