Mingyuan Property has accumulated nearly HKD 5.9 billion in losses over three years, bidding farewell to its 34-year listing journey on the Hong Kong Stock Exchange

On March 3rd at 4:00 PM, following the Hong Kong Stock Exchange closing, China Minmetals Land, which has been listed in Hong Kong for 34 years, officially delisted. The company’s withdrawal from the market was not a sudden decision. As early as October 2025, Minmetals Land had suspended trading, and later announced that its controlling shareholder, China Minmetals, planned to privatize the company at HKD 1 per share, with a total deal value of approximately HKD 1.276 billion. The company explained in its announcement that the reason for delisting at this time was that the financing capacity of the listing platform had significantly diminished, and maintaining the listing was of limited significance.

Behind the delisting is years of continuous performance pressure. Financial data shows that from 2022 to 2024, Minmetals Land incurred a total net loss of nearly HKD 5.9 billion. Under the dual pressures of limited financing in the capital markets and ongoing operational losses, privatization and delisting became the final choice.

From a target of hundreds of billions to consecutive losses

As a core real estate platform under China Minmetals Group, Minmetals Land is affiliated with China Minmetals Group and mainly engaged in real estate development, property management, specialized construction, and property investment.

In 2010, the State-owned Assets Supervision and Administration Commission (SASAC) clarified that 78 non-core central enterprises would gradually withdraw from the real estate sector, retaining 16 central enterprises focused on real estate development. As a first-tier company under China Minmetals Group and the only listed platform for its real estate business, Minmetals Land was among them.

Backed by a central enterprise, Minmetals Land experienced rapid growth in operations thanks to advantages such as resource access, lower financing costs, and industry chain synergy. Financial reports show that from 2012 to 2015, Minmetals Land’s revenue increased from HKD 4.306 billion to HKD 7.253 billion, and in 2016, its revenue first exceeded HKD 10 billion.

Amid continuous revenue growth, in 2017, then-General Manager He Jianbo announced that the company aimed to reach a sales target of one trillion yuan in the future. In 2020, Minmetals Land achieved sales of RMB 19.36 billion, a year-on-year increase of 124%; in 2021, sales further rose to RMB 26 billion, setting a record high.

However, performance in the same period was poor. From 2019 to 2021, although revenue remained around HKD 10 billion, net profit declined from HKD 943 million to HKD 89 million.

In 2022, Minmetals Land turned from profit to loss, with a net loss of HKD 1.362 billion. From 2023 to 2024, losses continued to expand, with a total net loss of HKD 5.899 billion over three years. By the first half of 2025, the loss situation had not improved, with a net loss of HKD 585 million.

Central enterprise real estate accelerates resource integration

In the face of ongoing operational difficulties, Minmetals Land disclosed plans for privatization in October 2025. The major shareholder will promote privatization through a “planned arrangement” and apply to delist from the Hong Kong Stock Exchange.

Minmetals Land’s privatization and delisting also mark a key step in internal restructuring within China Minmetals Group. A review by Beijing Business Daily found that in 2015, two major central enterprises, China Minmetals and MCC Group, underwent strategic restructuring. At that time, Minmetals’ real estate platform was Minmetals Land, while MCC Group’s was MCC Property.

The restructuring at the group level did not include simultaneous integration of the real estate businesses. Over the following decade, Minmetals Land and MCC Property, both part of China Minmetals, continued to operate independently, with potential competition risks.

Financial reports show that in 2023 and 2024, MCC Property posted net losses of RMB 3.022 billion and RMB 4.856 billion, respectively; in the first half of 2025, it lost RMB 1.777 billion, facing similar performance pressures as Minmetals Land.

In the first three quarters of 2025, China MCC’s revenue was RMB 335.1 billion, down 18.8% year-on-year; net profit attributable to shareholders was RMB 3.97 billion, down 41.88%.

To reverse the situation, China MCC decided in December 2025 to divest its real estate business, planning to sell 100% equity of MCC Property and related debt claims, as well as other assets including shares in Yekei Institute, MCC Copper & Zinc, Ruimu Management, MCC Jinjie (67.02%), and Huaye Duda, to Minmetals Land and China Minmetals Holdings, at a transaction price of RMB 60.676 billion.

Yanyue Jin, Vice President of Shanghai E-House Research Institute, believes that since neither company meets operational performance standards nor avoids industry competition, resource integration is the only way to achieve synergy and build a more competitive full-industry real estate ecosystem.

Yanyue Jin stated that entering the “14th Five-Year Plan” stage, after the central enterprise real estate integration, management concepts, operational models, and corporate culture need to deepen their integration. Resources across land development, project construction, and sales operations should be continuously consolidated to significantly enhance market competitiveness.

Beijing Business Daily reporter Li Han