Analysis of Land Acquisition and Cash Flow Status of China Overseas Land & Investment in 2025

According to data from China Index Academy, China Overseas Land & Investment ranked first among national real estate enterprises with a land acquisition amount of

in 2025, and the new land value reached [1][2]. This investment scale reflects the company’s strategic intention of expanding against the trend during the industry adjustment period.

Rank	Enterprise	Land Acquisition Amount (100 million yuan)
1	China Overseas Land & Investment	907
2	Poly Development	-
3	China Merchants Shekou	-
4	Greentown China	-
5	China Resources Land	-

According to rating reports from Lianhe Credit Rating and CCXI, the financial status of China Overseas Land & Investment’s main platforms shows the following characteristics[3][4]:

• Adequate cash-like assets
  : As of the end of 2024, China Overseas Enterprise Development Group’s cash-like assets reached
  91.105 billion yuan
  , and
  82.111 billion yuan
  as of the end of March 2025
• Optimized debt structure
  : Total debt decreased from 28.014 billion yuan in 2022 to 18.758 billion yuan in 2024, and the net debt ratio dropped from 25.15% to
  -6.52%
• Strong short-term debt repayment ability
  : Cash-like assets have a high coverage of short-term debts

From a positive perspective:

• China Overseas Land & Investment’s land reserves are mainly located in
  first- and second-tier cities
  , with high asset quality and low impairment risk
• Developed products account for 32.79% of inventory, and the destocking risk is controllable
• Investment properties are measured at fair value, which can provide rental income to supplement cash flow

From the perspective that needs attention:

• The inventory scale reaches
  291.451 billion yuan
  , occupying large capital costs
• With the carry-over of existing projects and the continuous slowdown of land acquisition, both asset and liability scales have decreased

1. Controllable capital pressure
   : As a developer with state-owned enterprise background, China Overseas Land & Investment has smooth financing channels, low financing costs, and stable financial structure[3]

2. Stable operating cash flow
   : Benefiting from strong revenue-based expenditure management capabilities, the company’s net cash flow from operating activities maintains a
   large net inflow
   state[4]

3. Strategic significance outweighs short-term pressure
   : Against the background of widespread contraction of land acquisition by real estate enterprises, China Overseas Land & Investment’s expansion against the trend helps consolidate its market position and reserve high-quality resources for future development

: The real estate industry is still in the stage of improvement and recovery; the inventory destocking speed and sales performance recovery still need continuous attention.

---

[1] Sina Finance - 2025 National Real Estate Enterprise Land Acquisition Ranking Released! China Overseas, Poly, China Merchants, etc. are on the list (https://finance.sina.com.cn/jjxw/2026-01-04/doc-inhfcphs7523417.shtml)

[2] RCC - 2025 Real Estate Enterprise Land Acquisition Ranking Released: China Overseas Land & Investment Leads (https://m.rccaijing.com/news-7412688868355011725.html)

[3] Shanghai Stock Exchange - 2025 Follow-up Rating Report of China Overseas Enterprise Development Group Co., Ltd. (http://static.sse.com.cn/disclosure/bond/announcement/company/c/new/2025-06-27/136646_20250627_7RSO.pdf)

[4] CCXI - 2025 Credit Rating Report of China Overseas Grand Ocean Group Co., Ltd. (http://qxb-pdf-osscache.qixin.com/AnBaseinfo/1bea1d59f9abec1095c0e368032e4b1f.pdf)