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One of China's largest state-linked developers, also active in construction, trade and finance, facing heavy debt stress.
One of China's largest state-linked developers, also active in construction, trade and finance, facing heavy debt stress.
Presells apartments to buyers and books revenue as projects are delivered, so presale cash and the pace of deliveries matter more than land holdings. A commodity-trading arm adds large sales at thin margins.
In one line: A large Chinese diversified developer/conglomerate under debt restructuring.
Moat: none (scale). Scale advantage offset by heavy leverage and an ongoing debt restructuring.
Headquarters: Shanghai, China · Founded: 1992 · Employees: 35,878
Size Greenland (600606.SS) is a China Real Estate company (Real Estate Development) with a market value of $2.66B, the 972nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥1.26 on 6 Nov 2026.
Performance Over six months the shares fell 19.8%, against -13.7% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue fell 30.5% over the last twelve months (peer median +7.1%); the operating margin is -11.9% (peer median 28.6%).
Valuation It trades at 0.46× book value against a peer median of 1.23× (4th cheapest of 21).
Price implies The share price implies a return on equity of about 4.8%; Greenland delivers -42.3%, so the price asks more than the business earns today.
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥143B | CN¥180B | CN¥236B | CN¥359B | CN¥435B |
| Revenue growth | — | -24% | -34% | -17% | — |
| Gross profit | CN¥7.27B | CN¥6.41B | CN¥15.8B | CN¥37.5B | CN¥43.4B |
| EBITDA | n/a | -CN¥10.9B | CN¥1.86B | CN¥7.17B | CN¥19.8B |
| Net income | -CN¥20.2B | -CN¥26.2B | -CN¥15.6B | -CN¥9.56B | CN¥1.03B |
| Free cash flow | CN¥5.91B | CN¥3.23B | -CN¥3.36B | -CN¥2.07B | CN¥25.9B |
| Capital expenditure | -CN¥56.6M | CN¥130M | CN¥486M | CN¥404M | CN¥2.77B |
| Total debt | CN¥223B | CN¥239B | CN¥247B | CN¥238B | CN¥254B |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Greenland 600606.SS | $2.66B | -20% | -30% | -42% | 0.46× | 4.8% |
| China Vanke 000002.SZ | $5.36B | -17% | -32% | -55% | 0.42× | 4.4% |
| China Fortune Land Development 600340.SS | $660M | -12% | -43% | n/a | n/a | n/a |
| Poly Developments & 600048.SS | $10.1B | -9% | -4% | 1% | 0.34× | 3.0% |
| Gemdale 600383.SS | $1.45B | -26% | -47% | -25% | 0.23× | 3.5% |
| Seazen 601155.SS | $4.23B | -15% | -39% | 1% | 0.45× | 5.5% |
| China Merchants Shekou Industrial Zone 001979.SZ | $10.4B | -10% | -22% | -1% | 0.73× | 4.8% |
| Beijing Capital Development 600376.SS | $1.04B | -41% | -35% | -197% | 237.80× | 1,928.7% |
| Yuexiu Property 0123.HK | $1.55B | -30% | -21% | -2% | 0.19× | 4.7% |
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 | 600606.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.3% | -2.6% | 3rd lowest of 21 |
| 6-month return | -19.8% | -13.7% | 7th lowest of 20 |
| Return on equity | -42.3% | 4.7% | lowest of 20 |
| Price / book | 0.46× | 1.23× | 4th cheapest of 21 |
| ROE the price implies | 4.8% | 7.5% | 5th least demanding of 20 |
| ROE delivered | -42.3% | 4.7% | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Greenland 600606.SS | China | $2.66B | -20% | -30% | -42% | 0.46× | 4.8% | -42.3% |
| Vantone Neo Development 600246.SS | China | $2.69B | -14% | +22% | -20% | 4.10× | 55.1% | -19.6% |
| Catena CATE.ST | Sweden | $2.61B | -11% | +17% | 9% | 0.91× | 8.1% | 8.9% |
| Eaglerock Land LLC EROK | United States | $2.60B | n/a | n/a | n/a | 1.51× | 28.4% | n/a |
| Shenzhen Special Economic Zone Real Estate and Properties (Group) 000029.SZ | China | $2.73B | -6% | -24% | -1% | 5.63× | 61.3% | -1.4% |
| Wallenstam WALL-B.ST | Sweden | $2.57B | -2% | +2% | 9% | 0.75× | 7.0% | 9.1% |
| Savills SVS.L | United Kingdom | $2.56B | +37% | +7% | 9% | 2.21× | 32.1% | 9.4% |
| Frasers Property TQ5.SI | Singapore | $2.80B | -20% | -21% | 2% | 0.38× | 2.9% | 1.8% |
| TAG Immobilien TEG.DE | Germany | $2.51B | -20% | -5% | 2% | 0.68× | 7.0% | 1.7% |
| Onewo 2602.HK | Hong Kong | $2.84B | +6% | +8% | 5% | 1.31× | 15.0% | 4.7% |
| Highwealth Construction 2542.TW | Taiwan | $2.42B | -5% | +111% | 19% | 1.61× | 5.0% | 18.6% |
| Xiangcai 600095.SS | China | $3.07B | -19% | -3% | 2% | 1.62× | 16.8% | 2.4% |
| Relo 8876.T | Japan | $2.30B | +21% | +7% | 30% | 4.59× | 13.1% | 29.8% |
| Singapore Land U06.SI | Singapore | $3.08B | -25% | +4% | 4% | 0.45× | 3.5% | 4.3% |
| Wihlborgs Fastigheter WIHL.ST | Sweden | $2.28B | -14% | +7% | 10% | 0.89× | 7.5% | 9.9% |
| Investis IREN.SW | Switzerland | $2.26B | -2% | +10% | 10% | 1.25× | n/a | 9.7% |
| Mobimo MOBN.SW | Switzerland | $3.17B | -1% | +15% | 10% | 1.20× | 3.0% | 10.2% |
| Green Development Electricity Group of Tianjin 000537.SZ | China | $2.19B | -28% | +13% | 2% | 0.73× | 5.4% | 1.8% |
| Quzhou Xin'an Development 600208.SS | China | $3.25B | -43% | -4% | 0% | 0.52× | 6.9% | -0.2% |
| Hysan Development 0014.HK | Hong Kong | $2.16B | -20% | -2% | 0% | 0.26× | 4.4% | 0.5% |
| Newmark NMRK | United States | $2.16B | -29% | +16% | 10% | 1.48× | 19.1% | 9.6% |