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SOE developer under China State Construction, one of the few investment-grade-rated Chinese homebuilders.
SOE developer under China State Construction, one of the few investment-grade-rated Chinese homebuilders.
Earns mainly from selling the apartments it builds in major Chinese cities, with revenue recognised when homes are handed over, and from rent on its malls and offices as a steadier extra. Its parent, state-owned China State Construction Engineering, is China's biggest builder.
In one line: A state-backed Chinese homebuilder with unusually strong balance-sheet discipline.
Moat: narrow (scale, brand, cost advantage). State-backing gives low-cost funding access that most private Chinese developers lost after the property downturn.
Headquarters: Hong Kong · Founded: 1979 · Employees: 3,130
Size China Overseas (0688.HK) is a Hong Kong Real Estate company (Real Estate Development) with a market value of $18.4B, the 97th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$13.18 on 6 Nov 2026.
Performance Over six months the shares fell 13.1%, against -4.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 4.1% over the last twelve months (peer median +1.2%); the operating margin is 11.5% (peer median 21.9%).
Valuation It trades at 10.2× forward earnings against a peer median of 17.8× (3rd cheapest of 21).
Credit China Overseas has 7 bonds outstanding ($2.99B), rated A- by the agencies and trading like BBB+ at a weighted spread of 116 bp.
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$206B | HK$184B | HK$203B | HK$226B | HK$213B |
| Revenue growth | — | -9% | -10% | +6% | — |
| Gross profit | HK$32.2B | HK$29.7B | HK$37.5B | HK$48.0B | HK$48.0B |
| EBITDA | HK$24.1B | HK$21.3B | HK$29.3B | HK$40.8B | HK$37.9B |
| Net income | HK$12.5B | HK$13.8B | HK$17.0B | HK$28.3B | HK$27.1B |
| Free cash flow | n/a | HK$10.8B | HK$41.3B | HK$28.3B | -HK$24.4B |
| Capital expenditure | HK$0 | HK$245M | HK$215M | HK$226M | HK$755M |
| Total debt | n/a | HK$278B | HK$259B | HK$288B | HK$317B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Overseas 0688.HK | $18.4B | -13% | +4% | 11% | 10.2× | n/a |
| China Res Land 1109.HK | $29.1B | -7% | -12% | 16% | 8.9× | n/a |
| China Vanke 2202.HK | $5.28B | -30% | -35% | -27% | n/a | n/a |
| Longfor 0960.HK | $4.05B | -47% | -42% | 1% | n/a | n/a |
| Poly Property 0119.HK | $531M | -53% | 0% | 5% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0688.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.9% | +7.9% | 3rd lowest of 21 |
| 6-month return | -13.1% | -4.3% | 5th lowest of 21 |
| Distance from 52-week high | -19.5% | -13.4% | 8th lowest of 21 |
| Revenue growth (TTM) | +4.1% | +1.2% | 10th highest of 21 |
| Operating margin | 11.5% | 21.9% | 5th lowest of 21 |
| Forward P/E | 10.2× | 17.8× | 3rd cheapest of 21 |
| Bond spread | 116 bp | 86 bp | 4th widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Overseas 0688.HK | Hong Kong | $18.4B | -13% | +4% | 11% | 10.2× | n/a | n/a |
| Henderson Land 0012.HK | Hong Kong | $18.3B | -12% | +46% | 20% | 17.2× | n/a | n/a |
| Sumitomo Realty & Development C 8830.T | Japan | $18.8B | -34% | +5% | 29% | 12.8× | n/a | n/a |
| Hongkong Land H78.SI | Singapore | $17.7B | -1% | -25% | 23% | 20.9× | n/a | n/a |
| Swire Properties 1972.HK | Hong Kong | $19.4B | +4% | +6% | 49% | 18.3× | n/a | n/a |
| DLF DLF.NS | India | $19.7B | +22% | -29% | 13% | 38.3× | n/a | n/a |
| Jones Lang LaSalle JLL | United States | $16.9B | +12% | +11% | 5% | 13.4× | n/a | n/a |
| Vonovia VNA.DE | Germany | $16.1B | -24% | -17% | 40% | 9.4× | n/a | n/a |
| KE Holdings, Inc. Class A 2423.HK | Hong Kong | $21.4B | +3% | -11% | 6% | 16.8× | n/a | n/a |
| CK Asset 1113.HK | Hong Kong | $21.9B | -3% | +48% | 15% | 12.8× | n/a | n/a |
| Swiss Prime Site SPSN.SW | Switzerland | $13.0B | +1% | -12% | 76% | 31.7× | n/a | n/a |
| Sino Land 0083.HK | Hong Kong | $12.8B | -20% | +15% | 34% | 20.4× | n/a | n/a |
| Wharf Reic 1997.HK | Hong Kong | $12.6B | +24% | -1% | 73% | 14.8× | n/a | n/a |
| Lodha Developers LODHA.NS | India | $12.5B | +22% | +21% | 31% | 27.0× | n/a | n/a |
| Mitsui Fudosan 8801.T | Japan | $27.4B | -5% | -10% | 14% | 14.9× | n/a | n/a |
| China Res Mixc 1209.HK | Hong Kong | $12.1B | -14% | +10% | 28% | 18.4× | n/a | n/a |
| Klepierre LI.PA | France | $11.6B | +8% | +3% | 63% | 13.1× | n/a | n/a |
| China Res Land 1109.HK | Hong Kong | $29.1B | -7% | -12% | 16% | 8.9× | n/a | n/a |
| Mitsubishi Estate 8802.T | Japan | $29.5B | -12% | +17% | 21% | 19.2× | n/a | n/a |
| China Merchants Shekou Industrial Zone 001979.SZ | China | $10.4B | -10% | -22% | 1% | 69.7× | n/a | n/a |
| Poly Developments & 600048.SS | China | $10.1B | -9% | -4% | 4% | 48.6× | n/a | n/a |
China Overseas has 7 bonds outstanding with $2.99B face value. The agencies rate it A-; its bonds trade like BBB+. Weighted yield 5.87%, a spread of 116 bp over government bonds.