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 capability of the listing platform had significantly declined, 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’s net profit attributable to shareholders totaled a 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 primarily engaged in 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 stated 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 the 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 Today 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’s was MCC Property.

The restructuring at the group level did not simultaneously advance the integration of their 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 HKD 3.022 billion and HKD 4.856 billion, respectively; in the first half of 2025, net loss was HKD 1.777 billion, facing similar performance pressures as Minmetals Land.

In the first three quarters of 2025, China MCC achieved revenue of 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 100% equity of Nonferrous Institute, MCC Copper & Zinc, Ruimu Management, 67.02% of MCC Jinji, and 100% of Huaye Duda to Minmetals Land and China Minmetals Holdings, at a transaction price of RMB 60.676 billion.

According to Yan Yuejin, Deputy Director of the Shanghai E-House Research Institute, both companies have not met operational performance requirements and face competition issues. Only through resource integration can they achieve synergy and build a more competitive full-industry chain ecosystem in real estate.

Yan Yuejin stated that entering the “14th Five-Year Plan” period, after the central enterprise real estate integration, there is a need to deepen integration in management concepts, operational models, and corporate culture, and to continuously consolidate resources across land development, project construction, and sales operations to significantly enhance market competitiveness.

Beijing Business Today reporter Li Han