Ying Li International Real Estate Limited

Ying Li International Real Estate is a small, highly leveraged, state-controlled landlord of Chongqing commercial property. It is listed in Singapore. The group was founded by entrepreneur Fang Ming in 1993 and became the first Chongqing company on the SGX Mainboard in 2008. It built several of Chongqing's early CBD landmarks, including Minsheng Mansion, Zou Rong Plaza, New York New York, Future International and Ying Li International Financial Centre. China Everbright Limited took control in 2019. Since then the company has moved from development towards an asset-light "property investment and asset management" model. Today about 93–100% of revenue is rental income from over 300,000 sqm of investment GFA. That GFA is roughly 66% retail, 10% office and 24% car park and warehousing. The investment properties are carried at RMB4.28bn. Group borrowings are RMB2.21bn, mostly from CEL entities, and finance costs routinely exceed gross profit. The equity is effectively a call option on Chongqing asset values and parent support.

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What the company does. Ying Li is an investment holding company. Its subsidiaries are engaged in five activities:

1. Property development.

2. Mall and property management.

3. Property consultancy, sales, marketing and management.

4. Commercial property leasing.

5. Investment holding.

This is the principal-activities description in the 1H2026 interim statements. The economic reality is narrower: almost all revenue now comes from leasing retail malls, offices and car parks in Chongqing's Yuzhong and Jiangbei districts.

Company's own description (paraphrased from the FY2025 Annual Report).

• Ying Li describes itself as a premier Chongqing-based developer that modernised the city's main business districts.

• It says it is transforming from traditional development into a cross-border property investment and asset management platform.

• It positions itself as an "operator-advocator" of better building and lifestyle environments.

• It pursues a two-pronged strategy: financial-related asset management and asset-related management.

• Target areas named are property investment, renewable energy, carbon neutrality and healthcare, using a fund-management approach.

Independent characterisation. The filings support a more conservative description. Ying Li is a captive, sub-scale landlord whose principal function within the CEL group is to hold and gradually monetise a legacy Chongqing portfolio.

• The renewable-energy, healthcare and cross-border trading ambitions have produced no disclosed revenue in FY2021–1H2026.

• Development activity is limited to selling down completed inventory, carried at RMB782.5M. No new phases have been launched.

• Mall operations at IMIX Park Jiefangbei are outsourced to a CEL associate (EBA (Shanghai) Commercial Management).

• From 1 October 2026, Future International's retail podium will be run by a third-party operator under a 15-year-3-month contract.

• The company is therefore increasingly an asset owner that contracts out operations. It is not an operator.

Revenue model.

In 1H2026 rental income was 100% of revenue (RMB90.0M), because no property units were sold.

Value chain position. Historically Ying Li was a vertically integrated urban-renewal developer covering land assembly, development, sales and long-term holding. It now sits at the ownership end of the value chain. It captures rent and asset-value movements and outsources mall operations and leasing. It retains a small in-house asset-management, project-management and legal team.

Customer types and end-markets.

Retail tenants: Domestic and international brands at IMIX Park Jiefangbei. The FY2025 Annual Report names Nike, ASICS, Xiaomi and Starbucks. IMIX Park Daping is re-tenanted towards family, education, wellness and entertainment services.

Office tenants: Ying Li International Financial Centre (IFC) names OCBC, JCDecaux, the Hong Kong SAR representative office and Sinopec Chongqing Branch.

Master tenants: Future International's mall has historically operated on long-term leases with three master tenants. Two of them, New World Department Store and Huanledi, had leases expiring 30 Sep 2026.

Property buyers: Purchasers of residual units at Lion City Garden (residential/retail) and the Ying Li International Hardware and Electrical Centre (IEC), a wholesale and trade-mall complex.

End-markets: Chongqing consumer retail, Grade A office and parking. Exposure is 100% to the PRC.

Stated strategy (themes from the FY2024 and FY2025 Annual Reports and the 2H2025 and 1H2026 outlook statements, paraphrased):

1. Asset-heavy to asset-light. Re-orient towards property management services to reduce exposure to development-sector regulation.

2. Divest non-core and low-yield assets to improve capital efficiency and liquidity.

3. Explore growth outside real estate, in line with China's Five-Year Plan priorities: renewable energy, carbon neutrality, healthcare and cross-border trade, through a fund-management approach.

4. Strengthen core operations. Retain quality office tenants with more flexible workspace; refresh retail through new concepts and experienced external operators.

5. Risk control. Cost reduction, internal-control upgrades, safety (zero operational accidents reported in FY2024 and FY2025) and state-owned-asset compliance training.

6. Corporate values (FY2024 AR): "Foresight with Steady Progress, Advancement through Innovations."

Initiatives announced in the last 24 months (Oct 2024 – Oct 2026).

Cost programmes: No quantified targets disclosed. Results to date: administrative expense down 27.9% in 1H2026; marketing down 13.6% in FY2025.

Medium-term financial targets and guidance: Not publicly disclosed. The company states it has made no forecast or prospect statement to shareholders (1H2026 statements, item 3).

ESG commitments: No quantified emissions targets verified.

Property investment segment (completed, income-producing)

(a) Ying Li International Financial Centre (IFC) / Ying Li IMIX Park Jiefangbei (IMIX Park JFB)

• Location: Nos. 26 & 28 Minquan Road, Yuzhong District, Jiefangbei (Chongqing's traditional core CBD).

• Type: Grade A office tower plus retail mall plus car park.

• Specs: Land area 8,927 sqm. Total GFA 177,327 sqm (office 90,683; mall 56,589; car park/others 30,055). GFA owned by group: 93,182 sqm.

• Completed December 2011. Land use right (commercial) expires December 2044.

• Target customers: Financial and corporate occupiers (OCBC, JCDecaux, HKSAR representative office, Sinopec Chongqing Branch) and fast-moving retail and F&B brands (Nike, ASICS, Xiaomi, Starbucks).

• Pricing: Operating leases; rents not disclosed.

• Operations: From 1 Jan 2026 to 31 Dec 2026, mall operations are delegated to EBA (Shanghai) Commercial Management (ESCM), a CEL associate. The estimated fee is RMB5.154M, capped at RMB5.5M, with fixed and NOI-linked components. ESCM also manages the "IMIX Park" brand (EGM circular).

• Recognition: IFC was named a 2024 Top Ten Operation Management Landmark Building. IMIX Park JFB was named among the Top 30 Outstanding Commercial Real Estate Operations Projects in Southwest China (winshang.com, 2025) and was a 2018 National Green Mall (Ministry of Commerce). IFC and Zou Rong Plaza were rated Five-Star Office Buildings in 2017.

(b) Ying Li International Plaza / Ying Li IMIX Park Daping

• Location: No. 19 Daping Zheng Jie Road, Yuzhong District. Metro interchange connectivity.

• Type: Retail mall, Grade A office tower, SOHO tower and three residential towers.

• Specs: Land 28,226 sqm. Total GFA 408,645 sqm (residential/SOHO 117,957; office 82,489; mall 109,990; car park/others 98,209). GFA owned: 132,564 sqm.

• Completed December 2013. Land use right expires July 2050, the longest tenure in the portfolio.

• Positioning: Family, children and entertainment theme, with more service-based tenants (health and wellness, education, entertainment).

• Recognition: 2023 International Investment Promotion Office Building (Yuzhong District).

(c) Future International (retail podium retained)

• Location: No. 6 Guanyinqiao Pedestrian Street, Jiangbei District (Guanyinqiao CBD).

• Specs: Land 8,667 sqm. Total GFA 136,369 sqm (office 53,416; mall 60,501; car park/others 22,452). GFA owned: 81,918 sqm. Office floors fully sold; mall retained.

• Completed December 2006. Land use right expires March 2045.

• Historically operated on long-term leases with three master tenants. New World Department Store and Huanledi leases expired 30 Sep 2026.

• From 1 Oct 2026, Chongqing Chongbai Technology Group will run the roughly 47,380 sqm podium (B2–L5) under a 15-year-3-month commercial operations management contract.

  • The contractor was selected by open public tender run by Xiheng Engineering Consulting Group.

  • The winning bid of RMB155.68M is a benchmark based on operating revenue and NOI over the term. It is not a guaranteed fee.

  • Scope covers leasing agency, daily operations, marketing and supervision of renovation works.

  • The company does not expect a material impact on FY2026 NTA per share. Source: 2 Jul 2026 announcement.

• Valuation significance: Future International drove the FY2023 fair-value gain of RMB278.8M, per the company's March 2024 response to SGX queries.

(d) Legacy investment properties (partial ownership of older schemes)

Source: FY2025 Annual Report, investment properties portfolio.

Portfolio aggregates.

• Investment GFA exceeds 300,000 sqm: retail about 66%, office about 10%, car park and warehousing about 24% (as at 30 Jun 2026).

• Investment properties carried at RMB4,275.1M at fair value. Valuer: Knight Frank Petty Ltd, 31 Dec 2025.

• Level-3 valuation inputs (FY2025):

  • Comparable price RMB5,860–36,573 per sqm

  • Discount rates 5.0–7.5% (FY2024: 5.3–6.0%)

  • Occupancy 69–100% (FY2024: 64–100%)

  • Rental growth 4–9%

• Property-level valuations and occupancy are not publicly disclosed in the interim statements reviewed.

Property development segment

(e) San Ya Wan Phase 2 — Lion City Garden

• Location: Liangjiang New Area. Directly fronted by San Ya Wan station on Metro Line 10 (opened end-2017).

• Type: Residential townhouses, high-rise apartments and retail.

• Specs: About 134,000 sqm land; about 348,000 sqm GFA.

• Cumulative sales and contracted pre-sales: RMB899.0M as at 31 Dec 2025, unchanged from 31 Dec 2024.

• Phases 2A, 2B and 2C handed over 2015–2017. Phase 2D (about 50,000 sqm commercial) is at planning stage; timing is under evaluation.

(f) Ying Li International Hardware and Electrical Centre (IEC)

• Location: Shuangfu, Jiangjin District.

• Type: Build-to-order wholesale centre, retail, hotels, SOHO and logistics distribution centre. Developed with local trade associations to consolidate Chongqing's hardware and electrical trade.

• Specs: About 361,000 sqm land; about 639,000 sqm GFA.

• Cumulative sales and contracted pre-sales: RMB1,454M (31 Dec 2025).

• Phase 1A and 2A buyers have largely taken possession. About 200,000 sqm of GFA remains at planning stage.

• Designations: Chongqing Jiangjin–Guangxi Fangchenggang interregional cooperation demonstration project; Chongqing–ASEAN hardware export collection centre.

(g) Completed properties for sale (inventory)

• RMB782.5M of completed properties for sale and RMB122.4M of properties for development (30 Jun 2026).

• Write-downs: RMB27.0M (FY2024) and RMB0.9M (FY2025).

(h) Beijing New Everbright Centre, Tongzhou (fund investment)

• RMB559M invested at cost for 26% of the subordinated tranche of Shanghai Zhaoli Investment Centre (LLP). That vehicle invests through Shanghai Sheng Ke Investment Centre (LLP) in the project companies.

• Project specs: About 57,000 sqm land; about 770,000 sqm GFA.

• Progress: Phase 1 (four SOHO towers) complete. Phase 2 (two office towers and retail podium) complete; one tower sold, the remainder partly let. Phase 3 (premium office tower and podium) awaits a development and funding plan.

• Carrying value: Fully written down (fair value nil since FY2023). Write-downs were RMB148.0M (FY2021), RMB411.8M (FY2022) and RMB210.0M (FY2023), per company disclosures and S&P data.

Services

• No standalone third-party service products (property management for external owners, consultancy fees) are separately reported.

• The asset-light strategy has not yet produced a disclosed revenue line.