CR Land To Benefit From China Real Estate Market Recovery, Increase in Recurring Income

China Resources Land, or CR Land, remains unique among China's large real estate developers as is the only one with a material investment property business. Riding on the success of the Shenzhen MixC, arguably the most successful commercial project in a highly visible and competitive city, CR Land aims to transition from a predominantly residential developer into one known for developing and expanding large-scale, mixed-use projects. The residential development business provides the necessary fuel to power this growth as the company progressively builds up a recurrent income investment portfolio. We expect rental income to average annual growth of over 16% through 2026 and to make up 10% of group revenue in 2026.