CITIC Pacific Properties is a developer and manager of premium properties, focusing on mixed-use, commercial and residential projects. The company’s operations cover the entire real estate lifecycle, including investment, project development, marketing and property management. It currently owns and manages properties in regions including the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, the Yangtze Economic Belt and the Bohai Rim Economic Circle.
In 2024, CITIC Pacific Properties achieved over RMB10 billion in total annual contract value despite downward pressure from the market. As of the end of 2024, CITIC Pacific Properties had a land reserve of approximately 4.71 million square metres in mainland China, of which the area of its equity interest amounted to 3.43 million square metres. The company held approximately 1.12 million square metres of operational properties, with over 80% located in Shanghai. During this period, the company generated rental income of about RMB815 million, a 4% increase from 2023. According to the “TOP100” real estate sales rankings released by China Real Estate Information Corporation (CRIC), the company climbed from 90th place in 2023 to 78th in 2024.
Business highlights
High-quality delivery of mainland projects. Actively seizing policy opportunities, the company secured a bulk government repurchase of 596 residential units in the Qingdao Langyajun project for affordable housing. CITIC Pacific Properties also successfully delivered approximately 3,600 high-quality residential units across eight mainland projects. Key projects including Maison De Verre Yangzhou, The Light of the Century Yangzhou, Gorgeous Palace Yangzhou and Jade Mansion Suzhou achieved a first-visit centralised delivery rate exceeding 90%.
Steady progress in Hong Kong. The superstructure of high-end residential development “JARDINI”, located on Tai Hang Road in Jardine’s Lookout, was topped out in July 2024, with a total gross floor area (GFA) of about 12,000 square metres. The foundation work for the Lai Kong Street project in Kwai Chung is currently underway, encompassing a total GFA of about 23,000 square metres including a public transport terminus and community facilities. The project is set to be developed into a premium residential property. Additionally, the foundation work for the commercial redevelopment of Skyway House is in progress. The project is adjacent to the MTR Olympic Station and is planned to be redeveloped into a 21-storey commercial and comprehensive servicing building with a total GFA of approximately 32,000 square metres.
Unleashing the potential of existing high-quality assets. CITIC Pacific Properties innovated its financing model and launched its first real estate investment trusts (REITs), namely “CITIC Square REITs” and “Shangchuan CMBS Phase II”, with issuance sizes of RMB4.5 billion and RMB1.8 billion, respectively. Both projects received enthusiastic subscriptions and widespread recognition from market investors.
Green development
Committed to green building and sustainable development strategy. The company achieved a Leadership in Energy and Environmental Design (LEED) Gold certification or its Nanjing T Center project, while the Shanghai Ruiming Tower and the Shanghai T Center T1 and T2 office towers were awarded LEED Operations and Maintenance (O+M) Platinum certifications. Furthermore, the Shanghai Ruiming Tower was among the first in the nation to receive the “Low Carbon Commercial Building” Gold certification. On the other hand, Hong Kong CITIC Tower received three Platinum ratings from Building Environmental Assessment Method (BEAM) Plus, LEED and digital connectivity certifier WiredScore.
Business highlights
High-quality delivery of mainland projects. Actively seizing policy opportunities, the company secured a bulk government repurchase of 596 residential units in the Qingdao Langyajun project for affordable housing. CITIC Pacific Properties also successfully delivered approximately 3,600 high-quality residential units across eight mainland projects. Key projects including Maison De Verre Yangzhou, The Light of the Century Yangzhou, Gorgeous Palace Yangzhou and Jade Mansion Suzhou achieved a first-visit centralised delivery rate exceeding 90%.
Steady progress in Hong Kong. The superstructure of high-end residential development “JARDINI”, located on Tai Hang Road in Jardine’s Lookout, was topped out in July 2024, with a total gross floor area (GFA) of about 12,000 square metres. The foundation work for the Lai Kong Street project in Kwai Chung is currently underway, encompassing a total GFA of about 23,000 square metres including a public transport terminus and community facilities. The project is set to be developed into a premium residential property. Additionally, the foundation work for the commercial redevelopment of Skyway House is in progress. The project is adjacent to the MTR Olympic Station and is planned to be redeveloped into a 21-storey commercial and comprehensive servicing building with a total GFA of approximately 32,000 square metres.
Unleashing the potential of existing high-quality assets. CITIC Pacific Properties innovated its financing model and launched its first real estate investment trusts (REITs), namely “CITIC Square REITs” and “Shangchuan CMBS Phase II”, with issuance sizes of RMB4.5 billion and RMB1.8 billion, respectively. Both projects received enthusiastic subscriptions and widespread recognition from market investors.
Green development
Committed to green building and sustainable development strategy. The company achieved a Leadership in Energy and Environmental Design (LEED) Gold certification or its Nanjing T Center project, while the Shanghai Ruiming Tower and the Shanghai T Center T1 and T2 office towers were awarded LEED Operations and Maintenance (O+M) Platinum certifications. Furthermore, the Shanghai Ruiming Tower was among the first in the nation to receive the “Low Carbon Commercial Building” Gold certification. On the other hand, Hong Kong CITIC Tower received three Platinum ratings from Building Environmental Assessment Method (BEAM) Plus, LEED and digital connectivity certifier WiredScore.