Yuexiu Real Estate Investment Trust (405) H2 2024 earnings summary

Executive summary

• Gross income for 2024 was RMB2,031.5 million, down 2.7% year-over-year; net property income was RMB1,444.9 million, down 2.1% year-over-year.

• Loss after tax increased to RMB336.6 million from RMB4.0 million in 2023, mainly due to a fair value loss on investment properties.

• Distribution per unit was HK$0.0680, a 26.4% decrease year-over-year, with a payout ratio of 96% for the year.

• Portfolio valuation declined 0.6% to RMB42.3 billion.

Financial highlights

• Gross income: RMB2,031.5 million (down 2.7% year-over-year).

• Net property income: RMB1,444.9 million (down 2.1% year-over-year).

• Loss after tax: RMB336.6 million (vs. RMB4.0 million loss in 2023).

• Distribution per unit: HK$0.0680 (down 26.4% year-over-year).

• Net assets per unit: RMB2.91 (down 8.5% year-over-year).

Outlook and guidance

• Manager will maintain prudent and optimistic strategies in 2025, focusing on stable returns and risk management.

• Plans to invest in asset appreciation projects across key properties to enhance value and ensure sound operations.

• Financing structure to be adjusted to favor low-cost RMB financing amid high foreign interest rates.