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Greentown China Holdings
(3900)
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Rating:44Neutral
Price Target:
HK$6.00
▼(-1.96% Downside)
Action:Reiterated
Date:08/06/26
The score is weighed down primarily by weakening financial performance: margins and net income have deteriorated to near breakeven, leverage is high with reduced shareholder returns, and 2025 cash flow fell sharply. Technicals are mixed-to-weak with a negative MACD and price below key longer-term moving averages. Valuation is also a headwind due to a very high P/E, partially offset by a ~4.6% dividend yield.
Positive Factors
Continued Revenue Growth
Revenue growth through 2025 indicates that Greentown has continued to deliver projects and generate demand despite challenging property-market conditions. Maintaining top-line expansion provides an operating base for recovery if project mix, pricing, and cost control improve over the coming quarters.
Negative Factors
Severe Margin Compression
The sharp decline in gross and net margins shows that revenue growth is not translating into meaningful profitability. Near-breakeven earnings reduce internal funding capacity and indicate persistent pressure from pricing, costs, or project mix that could remain relevant across upcoming deliveries.
Read all positive and negative factors
Positive Factors
Negative Factors
Continued Revenue Growth
Revenue growth through 2025 indicates that Greentown has continued to deliver projects and generate demand despite challenging property-market conditions. Maintaining top-line expansion provides an operating base for recovery if project mix, pricing, and cost control improve over the coming quarters.
Read all positive factors
Greentown China Holdings (3900) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$14.81B
Dividend Yield5.63%
Average Volume (3M)13.81M
Price to Earnings (P/E)―
Beta (1Y)1.47
Revenue Growth1.45%
EPS Growth77.50%
CountryHK
Employees8,682
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-0.02
Shares Outstanding2,539,598,600
10 Day Avg. Volume22,804,821
30 Day Avg. Volume13,813,721
Financial Highlights & Ratios
PEG Ratio-2.84
Price to Book (P/B)0.55
Price to Sales (P/S)0.12
P/FCF Ratio23.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$10.61Price Target Upside73.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)0.1
Revenue Forecast (FY)HK$128.02B
Greentown China Holdings Business Overview & Revenue Model
Company Description
Greentown China Holdings Limited operates as an investment holding company with a primary focus on real estate development and associated ventures across mainland China. Its operations are strategically divided into distinct segments: Property Dev...
How the Company Makes Money
Greentown China Holdings primarily makes money through (1) property development revenue, which is generated by selling completed (or pre-sold) residential units and related properties; recognized as revenue when the company meets applicable accoun...
Greentown China Holdings Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
28
Negative
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 141.08B | 154.97B | 158.55B | 131.38B | 127.15B | 100.24B |
| Gross Profit | 15.70B | 18.47B | 20.23B | 17.07B | 22.02B | 18.17B |
| EBITDA | 6.93B | 9.92B | 11.98B | 13.42B | 14.18B | 15.29B |
| Net Income | -57.20M | 70.99M | 1.60B | 3.12B | 2.76B | 4.47B |
Balance Sheet | ||||||
| Total Assets | 444.78B | 450.05B | 507.78B | 535.54B | 535.08B | 521.04B |
| Cash, Cash Equivalents and Short-Term Investments | 61.85B | 63.26B | 68.86B | 69.80B | 66.44B | 68.45B |
| Total Debt | 131.18B | 133.91B | 137.70B | 146.72B | 137.88B | 124.30B |
| Total Liabilities | 336.81B | 344.29B | 394.30B | 421.60B | 423.66B | 413.40B |
| Stockholders Equity | 35.08B | 35.20B | 36.33B | 36.13B | 37.55B | 45.44B |
Cash Flow | ||||||
| Free Cash Flow | 11.40B | 807.10M | 28.47B | 22.61B | 14.20B | 5.36B |
| Operating Cash Flow | 11.56B | 1.15B | 28.83B | 22.97B | 14.59B | 5.86B |
| Investing Cash Flow | -7.72B | -6.73B | -14.42B | -19.11B | -20.87B | -30.72B |
| Financing Cash Flow | -7.35B | -3.78B | -15.17B | -423.13M | 4.18B | 33.82B |
Greentown China Holdings Technical Analysis
Negative
6.12
Price Trends
7.12
Negative
8.02
Negative
8.77
Negative
Market Momentum
-0.42
Positive
30.08
Neutral
7.25
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3900, the sentiment is Negative. The current price of 6.12 is below the 20-day moving average (MA) of 7.04, below the 50-day MA of 7.12, and below the 200-day MA of 8.77, indicating a bearish trend. The MACD of -0.42 indicates Positive momentum. The RSI at 30.08 is Neutral, neither overbought nor oversold. The STOCH value of 7.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3900.
Greentown China Holdings Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
57 Neutral | HK$26.88B | 24.92 | 1.00% | 7.53% | -21.69% | 68.31% | |
46 Neutral | HK$42.12B | -128.28 | -0.16% | 3.15% | -41.83% | -102.04% | |
44 Neutral | HK$14.81B | -221.77 | -0.16% | 5.63% | 1.45% | 77.50% | |
43 Neutral | HK$41.55B | -0.41 | -72.47% | 7.60% | -34.04% | -80.30% | |
41 Neutral | HK$10.31B | 85.43 | 1.01% | 6.38% | -35.42% | 49.70% | |
40 Underperform | HK$10.01B | 83.81 | 0.13% | 5.05% | ― | ― |
* Real Estate Sector Average
HK:3900
Greentown China Holdings
5.83
-3.92
-40.21%
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China Vanke Co
2.35
-3.25
-58.12%
HK:0683
Kerry Properties
18.44
-2.14
-10.40%
HK:0960
Longfor Group Holdings
6.00
-5.25
-46.67%
HK:0754
Hopson Development Holdings Limited
2.64
-0.90
-25.45%
HK:1030
Seazen Group Ltd.
1.43
-1.10
-43.68%
Greentown China Holdings Corporate Events
Greentown China Posts RMB122.8 Billion in Unaudited Sales Over Eight Months
Sep 4, 2026
Greentown China Holdings reported unaudited operating data for the eight months to 31 August 2026, highlighting steady sales momentum in both its self-investment developments and project management business. The group sold 1,468 units in August al...
Greentown China Maintains Strong Liquidity and Sales Amid Profit Slump in First-Half 2026
Aug 25, 2026
Greentown China Holdings Limited, a leading Hong Kong-listed mainland property developer, reported interim results that highlight both its scale and cautious financial posture in China’s embattled real estate sector. The Group’s operat...
Greentown China Sets August Board Meeting to Approve Interim Results
Aug 11, 2026
Greentown China Holdings has scheduled a board meeting for 25 August 2026 to review and approve the interim results for the six months ended 30 June 2026. The board will also consider the payment of an interim dividend and address other business m...
Greentown China Flags Sharp Interim Profit Drop Amid Market Adjustment
Aug 9, 2026
Greentown China Holdings warned that net profit attributable to shareholders for the first half of 2026 is expected to fall sharply to about RMB50 million to RMB100 million from RMB210 million a year earlier. The decline is driven by lower revenue...
Greentown China Posts RMB107 Billion in Unaudited Sales for First Seven Months of 2026
Aug 6, 2026
Greentown China reported unaudited operating data for the seven months to 31 July 2026, highlighting steady sales momentum in a challenging property market. The group sold 1,228 units of self-investment projects in July, covering about 170,000 squ...
Greentown China overhauls top leadership with new chairman and CEO
Jul 23, 2026
Greentown China Holdings has announced a major leadership reshuffle effective 23 July 2026, including the resignation of chairman and non-executive director Liu Chengyun, who also stepped down from leading the nomination, ESG and risk control comm...
Greentown China Details Board and Committee Line-Up
Jul 23, 2026
Greentown China Holdings has announced the current composition of its board of directors, detailing the mix of executive, non-executive and independent non-executive members, including Chairman Zhao Hui. The disclosure underscores the company̵...
Greentown China Posts RMB94.7 Billion in Preliminary First-Half Sales
Jul 7, 2026
Greentown China Holdings reported unaudited operating data for the first half of 2026, highlighting steady sales momentum in both its self-investment projects and project management operations. The disclosure underscores the scale of its contracte...
Greentown China Wins Shareholder Backing for AGM Resolutions and Capital Mandates
Jun 29, 2026
Greentown China Holdings reported that all resolutions tabled at its latest annual general meeting were approved by shareholders via poll, including the adoption of the audited financial statements for the year ended 31 December 2025. Shareholders...
Greentown China Secures Shareholder Approval for Financial Services Framework
Jun 29, 2026
Greentown China Holdings shareholders approved the Second Financial Services Framework Agreement and related transaction caps at an extraordinary general meeting, with over 93% of votes cast in favour. The resolutions also authorized any company d...
Greentown China Assures Normal Operations Amid ICAC Probe Into Former Director
Jun 18, 2026
Greentown China Holdings said Hong Kong’s Independent Commission Against Corruption executed a search warrant at its Hong Kong principal place of business on 17 June 2026. The visit relates to a corruption allegation involving a former direc...
Greentown China Calls EGM to Approve New Financial Services Framework
Jun 9, 2026
Greentown China Holdings has called an extraordinary general meeting for 29 June 2026 in Hangzhou to seek shareholder approval of a Second Financial Services Framework Agreement and its associated transaction caps. The board is also asking shareho...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.